LONDON – Barclays said on Friday that it had named its investment banking co-head, Jerry del Missier, to the newly created position of chief operating officer.
In the new role, Mr. del Missier will work with the heads of the bank’s different units to streamline and improve computer systems and operations, Barclays said in a statement. Rich Ricci, who ran Barclays’ investment banking unit with Mr. del Missier, will become sole head of the business.
The change comes as Barclays is seeking to reduce costs and comply with stricter financial regulation in Britain that forces banks to separate their investment banking operations more clearly from those businesses that hold retail deposits.
Robert E. Diamond, Jr., the chief executive of Barclays, said the appointment “brings even more management focus on accelerating” its priorities of improving its capital position and increasing returns.
Mr. del Missier said he was looking “to ensure that we continue to exceed our customers’ and clients’ expectations at every instance, while delivering on our commitments to our shareholders, regulators and broader stakeholders.”
Mr. del Missier joined Barclays in 1997. Before becoming co-head of the investment banking operation in 2010, Mr. del Missier was responsible for the unit’s technology and operations committee.