Barclays is planning to appoint a former director of retail mortgage lender Bradford & Bingley ( B&B ) as the first chairman of its new board . The banking giant is creating a new retail bank in order to comply with stringent ring - fencing rules . The appointment of Sir Ian Cheshire could be justified in the new regulation , subject to the approval of the Prudential Regulation Authority ( PRA ) . The ring - fencing rules mandate that firms separate their retail and investment banking businesses . This will help to prevent crises like the credit crunch that hit B&B in 2008 .
Barclays is looking to appoint a former director of collapsed mortgage lender Bradford & Bingley (B&B) as the first chairman of its new subsidiary. The banking giant is creating a new retail bank in order to comply with stringent ring-fencing rules. The appointment of Sir Ian Cheshire could be confirmed in the new year, subject to the approval of the Prudential Regulation Authority (PRA). The ring-fencing rules mandate that firms separate their retail and investment banking businesses. This will help to prevent crises like the credit crunch that struck B&B in 2008.