LONDON (Reuters) - Barclays (BARC.L) said that Hugh ‘Skip’ McGee, one of the British bank’s highest earners, 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. operations of foreign banks. The bank said that, 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.
McGee, 53, was awarded nearly 9 million pounds ($15 million) of shares last month under bonus plans from prior years, the highest payout among the bank’s executives. His full pay details are not disclosed.
Former Lehamn Brothers banker McGee joined Barclays when it bought the U.S. arm of Lehman when the investment bank collapsed in 2008. He became Barclays’ U.S. head in March 2013.
He said that, after 21 years at Lehman and Barclays, he is looking forward to his next challenge but did not specify what that would be.
The Texan has spent most of his career advising investment banking clients in the energy sector. ($1 = 0.5950 British Pounds)
Reporting by Steve Slater; Editing by Matt Scuffham and David Goodman