Barclays has appointed Jerry del Missier to the newly-created role of chief operating officer, which includes IT responsibilities.
Del Missier will work with the heads of Barclays’ businesses and functions to lead all operations and IT activities across the bank, including those that are part of support functions.
The new appointment will help the bank meet new regulatory requirements, such as those related to ring-fencing, according to Barclays. After the fallout of the global economic crisis, from 2019 banks will have to run their retail and investment arms as completely distinct operations, in the hope that if the investment side of the business fails, the retail side will remain protected.
Del Missier has been co-chief executive of Barclay’s corporate and investment banking division since 1 October 2010. He takes up his new role immediately, and will remain as part of the bank’s executive committee.
Meanwhile chief executive Rich Ricci will continue heading up the investment banking division.
Barclays chief executive Bob Diamond said: “This appointment brings even more management focus on accelerating [our strategic priorities], as well as our progress in making Barclays resolvable and eventually complying with UK requirements on ring-fencing.
“Jerry has an outstanding track record, and long history of engagement in operations and technology.”
Last year, del Missier was revealed to be the highest paid senior executive at Barclays, earning a salary and bonus of £14.3 million in 2010. Including shares, his pay package was worth £47.3 million in total.
He joined Barclays Capital in 1997, prior to which he held senior technology, finance and front office positions at the Bank of Boston and the Bank of New England.