Barclays Plans to Find Replacement for Lucas by Year-End

Barclays Plc (BARC), the U.K.’s second-largest bank by assets, plans to have found a replacement for Finance Director Chris Lucas by the end of the year, Chairman David Walker said.

“We are working now on our shortlist,” Walker said in an interview on the sidelines of the Conference of Montreal today. “I’d be very disappointed if the new person isn’t in place by the end of the year.”

Barclays began a search to replace Lucas, 52, in February when it announced his retirement plans and those of General Counsel Mark Harding. Lucas was one of four past and present employees investigated by the Financial Services Authority about whether the bank adequately disclosed fees paid to the Qatar Investment Authority when it raised money from the sovereign-wealth fund during the banking crisis.

Separately, Walker also said he didn’t foresee that Sumitomo Mitsui Financial Group Inc. (8316)’s decision to cut its stake in Barclays would trigger sales by other shareholders. The banking unit of Japan’s second-largest financial group by market value last week sold 84.5 million shares in Barclays at 308.5 pence apiece.

“For a long time Sumitomo had indicated that it was their intention at the right time to reduce their stake,” said Walker. “I don’t think it has any implications for anyone else.”

To contact the reporters on this story: Howard Mustoe in London at hmustoe@bloomberg.net; Frederic Tomesco in Montreal at tomesco@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

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