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Barclays Fills Newly-Created COO Position

June 22, 2012
[ by Howard Haykin ] Barclays announced Friday the creation of a new position - Chief Operating Officer - and that it had promoted the firm's investment banking co-head to fill that position.  In his new role, Jerry del Missier, who's been with Barclays since 1997, will work with the heads of the bank's different units to streamline and improve computer systems and operations.  Rich Ricci, who ran Barclays' investment banking unit with Mr. del Missier, will become sole head of that business. The change comes as Barclays seeks to reduce costs and comply with stricter financial regulation in Britain that forces banks to separate their investment banking operations more clearly from those businesses that hold retail deposits. CEO Robert Diamond, Jr., said the appointment "brings even more management focus on accelerating" its priorities of improving its capital position and increasing returns. Before becoming co-head of investment banking operation in 2010, Mr. del Missier was responsible for the unit's technology and operations committee.   [Dealbook, 6/22/12]