LONDON, Jan 17 (IFR) - Barclays has expanded the responsibilities of Kathryn McLeland to running treasury and investor relations as part of an internal reorganisation, according to people familiar with the matter.
McLeland has been head of investor relations for five years and has been named group treasurer too, with immediate effect. Dan Hodge, who has run treasury for the past four years, is now considering another role within the bank, the people said.
McLeland reports to finance director Tushar Morzaria. She previously worked in Barclays’ investment bank for 11 years, within its team that deals with financial institutions.
Treasurers deal with financing and liquidity and have taken on greater importance as tougher capital, liquidity and reporting regulations have been introduced in recent years. Barclays and other UK banks are also in the process of a complex restructuring that requires the “ring-fencing” of their UK retail banking operations.
Morzaria announced the changes as he wants to streamline the group finance director functions, one of the people said.
IFR reported last week, citing sources, that Barclays is planning to make wide and deep cuts to staffing in its investment bank in the coming weeks. One of the sources said there could also be cuts in other areas, such as investor relations.
It is the latest push by Barclays to cut costs in an effort to get returns back above its cost of equity. (Reporting by Steve Slater)