Barclays has named Kathryn McLeland to run a newly merged treasury and investor relations division as part of an internal reorganization, according to sources at the bank in contact with IR Magazine.
McLeland, who has been head of investor relations for five years, now assumes the responsibilities of Dan Hodge, who is looking for another role within the bank. McLeland now reports to finance director Tushar Morzaria; she previously worked in the investment bank’s financial institutions capital markets team for 11 years.
Treasurers at British banks have grown in importance since the 2007-2008 financial crisis with the introduction of complex capital rules and stress tests designed to safeguard against another collapse in the system. Regulations have required the issuance of new types of debt, such as contingent convertible bonds, which can be converted to equity or written down to take in losses if there is another financial crash.
In addition, lenders are looking to revamp their corporate and capital structures ready for the introduction of ring-fencing rules at the beginning of next year. These legally separate the riskier investment banking activities from the retail operations.
Despite reports of redundancies at Barclays, the bank contacts stress that this move has nothing to do with any such rumors and is a separate strategic approach.