Rake out of running for the 
top job 
at Barclays

The decision by Sir Michael, which was announced by airline easyJet where he is chairman, helped to send shares in Barclays down 3.8 per cent yesterday morning, the biggest losers in the FTSE 100 index, having touched their lowest since November.

Sir Michael – currently deputy chairman of Barclays – would have had to give up his chairmanships of easyJet and telecoms company BT Group to take the job.

Barclays is now expected to look for external candidates to fill the roles of chairman and chief executive, also vacant following the departure of Bob Diamond.

In a statement to the London Stock Exchange, easyJet said: “Sir Mike has informed the easyJet Board that he has formally informed the chairman of Barclays that he does not wish to be a candidate for the chairmanship of Barclays.

“The board takes the opportunity to repeat its support for Sir Mike.”

The next Barclays chairman faces a stiff challenge.

The bank was fined three weeks ago for manipulating Libor, the interbank lending rate which sets an international financial benchmark, and the scandal has unearthed deep problems in its relations with regulators, who have accused it of frequently being too aggressive.

The job will attract intense scrutiny – and possibly interference – from UK authorities, which have been criticised for not doing more earlier to rein the bank in.

Sir Michael’s retreat followed protests by several top shareholders who were determined the next chairman should come from outside Barclays, the Financial Times reported yesterday.

Barclays’ top three executives – chairman Marcus Agius, chief executive Bob Diamond and chief operating officer Jerry del Missier – have all resigned amid the fallout from the rate-rigging scandal.

Mr Agius, chairman for five and a half years, is remaining in his post until a replacement is appointed.

Headhunter Stuart Spencer is helping Mr Agius in the search for a CEO and Ana Mann’s MW is helping John Sunderland, a non-executive director at the bank, run the chairman search.

Possible CEO candidates include former Barclays finance director and current advisor Naguib Kheraj; Anthony Jenkins, head of its retail business; and Bill Winters, former co-head of JP Morgan’s investment bank.

Candidates for chairman include former top civil servant Gus O’Donnell and Glen Moreno, the former Lloyds Banking Group deputy chairman.