Barclays is to appoint Bob Diamond as its new chief executive in a shake-up at the British lender.
Mr Diamond, who heads the group's investment banking arm Barclays Capital, will take over from John Varley at its annual meeting on March 31st, 2011.
The 59-year-old investment banker, who will relocate to London from New York, is to become deputy chief executive of Barclays on October 1st, and take up his new post in April next year. In a statement today, he said the bank was facing the future with confidence.
Mr Varley will remain a senior advisor on regulatory matters to Mr Diamond and the board until September 30th 2011.
Barclays chairman Marcus Agius said Mr Varley had made an "extraordinary contribution" to Barclays and welcomed Mr Diamond as his successor. Mr Agius said the appointment ensured continuity in management and strategy.
Additional reporting: Reuters