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Barclays adds former HSBC banker Moses and L&G chair Kingman to its board

Barclays adds former HSBC banker Marc Moses to its board
Barclays adds former HSBC banker Marc Moses to its board Copyright Thomson Reuters 2023
Copyright Thomson Reuters 2023
By Reuters
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LONDON - Barclays has appointed former HSBC banker Marc Moses and L&G chairman John Kingman to its board, replacing two directors coming to the end of their tenure, the British bank said on Monday.

The pair replace Mike Ashley and Crawford Gillies, who will step down from the Barclays board after they complete the standard nine-year term at the bank's annual shareholder meeting in May this year.

Moses worked at Barclays' rival HSBC from 2005 to 2019, most recently serving as its chief risk officer, and before that worked at PWC and JPMorgan. Since leaving HSBC in 2019 he has worked as a strategic adviser to financial technology company Orenda, according to media reports.

Kingman, who will succeed Gillies as chairman of the bank's ring-fenced UK retail bank, has previously worked at Britain's finance ministry where he was heavily involved in the response to the 2007-8 financial crisis.

He worked on dealing with the collapse of failed lender Northern Rock and the bailouts of Lloyds and Royal Bank of Scotland, before going on to head UK Financial Investments Ltd, which managed the country's stakes in the rescued banks.

The two appointments will do nothing to improve female representation on Barclays board, which while at 38% is above a self-imposed target of 33%, lags the national average for financial firms, according to research from accounting firm EY.

The current gender split of board members across British financial services firms stands at 43% female and 57% male, EY said on Jan.9, at a time when investors are increasingly demanding greater gender balance on boards. 

The new board members join as Barclays works to reassure investors of its financial risk oversight, following a trading blunder last year that saw it fined and report heavy losses after it sold more securities than permitted in the United States.

Despite the fallout from that error, the bank has reported robust results in recent financial quarters, thanks in part to a boom in trading of fixed income products.

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