April 29, 2014 / 12:21 PM / 3 years ago

Barclays says U.S. head McGee quits

LONDON, April 29 (Reuters) - British bank Barclays Plc said Skip McGee has quit as head of its U.S. business because he does not want to oversee the task of establishing a new company required under tougher U.S. rules.

Barclays has to establish an intermediate holding company by July 2016, which imposes more stringent rules on the U.S. arms of foreign banks. The bank said given the amount of time and focus on regulations, compliance and legal and operational issues for the next two years McGee had decided to step down.

Joe Gold, currently head of client capital management, will become CEO of the Americas from May 1. Barclays said the role has been restructured and Gold will report to the co-CEOs of the corporate and investment bank, Tom King and Eric Bommensath. (Reporting by Steve Slater; Editing by Matt Scuffham)

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