Middleton warning
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.SIR Peter Middleton, deputy chairman of Barclays and chairman of its investment bank Barclays de Zoete Wedd, has made clear that he will not be prepared to stay if the appointment of a new group chief executive erodes his own job, writes Peter Rodgers.
The current Barclays plan is to install a senior figure at a newly created level in the hierarchy immediately below Andrew Buxton, who would remain as chairman.
The difficulty of making the split without antagonising Sir Peter and other essential members of the top team has become the main obstacle slowing the reorganisation demanded by institutional shareholders.
Sir Peter has had a key role in developing group strategy, as well as chairing BZW. So if Mr Buxton's role is to be a full-time chairman and a chief executive is appointed beneath him, it could have a significant impact, since a chairman is expected to concentrate on the big strategic issues.
There are fears that Sir Peter would not be the only top man to quit if the new structure interposes too powerful a chief executive between Mr Buxton and the existing team.
Sir Peter is known to have had a series of potentially lucrative approaches from other companies, said to have been prompted by news reports about the crisis at the top of Barclays.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments