LONDON, July 22 Michael Rake, deputy chairman of
Barclays Plc, has ruled himself out of contention to be
its new chairman, striking a blow to the UK bank as it hunts for
new leadership to steer it through its interest rate-rigging
Rake, who was considered favourite for the job, is not
interested in the role, three people familiar with the matter
said on Sunday.
The next Barclays chairman faces a stiff challenge. The bank
was fined $450 million three weeks ago for manipulating Libor
interest rates, and the scandal has unearthed deep problems in
its relations with regulators, who have accused the bank of
frequently being too aggressive.
The job will also attract intense scrutiny -- and possibly
interference -- from UK authorities, who have been criticised
for not doing more earlier to rein the bank in.
Rake would have been forced to give up his chairmanship
roles at telecoms firm BT Group and budget airline
easyJet to take the job.
He could not immediately be reached for comment.
Marcus Agius, chairman for 5-1/2 years, will step down once
a replacement is found.
Barclays is also searching for a chief executive. Bob
Diamond, who was CEO from the start of 2011, quit with immediate
effect a week after the Libor settlement, following a political
and public backlash. When he left, Agius took on the top
The fallout from the scandal is expected to overshadow the
bank's half-year results on Friday, which should show it made an
underlying profit of 3.8 billion pounds ($5.94 billion),
according to the average of analysts polled by the bank.
Rich Ricci, head of Barclays' investment banks, is not
interested in being chief executive, a person familiar with him
said. He was not seen as a likely replacement for Diamond
anyway, as he had been his key lieutenant for many years.
Barclays is expected to look for external candidates to fill
Headhunter Spencer Stuart is helping Agius in the search for
a CEO and Ana Mann's MW is helping John Sunderland, a
non-executive director at the bank, run the chairman search.
CEO candidates include former Barclays finance director and
a current advisor Naguib Kheraj; Antony Jenkins, head of its
retail business; and Bill Winters, former co-head of
J.P.Morgan's investment bank.
Candidates for chairman include former top civil servant Gus
O'Donnell and Glen Moreno, the former Lloyds Banking Group
deputy chairman who runs Pearson, the Sunday Times
Anthony Sal, a veteran city lawyer, is expected to be picked
this week to lead an investigation into the Libor scandal that
the bank has pledged to conduct as it seeks to rebuild its