Barclays is looking to appoint a former director of collapsed mortgage lender the Prudential Regulation Authority (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 Bradford & Bingley (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.
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.