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Barclays Said to Name Bommensath to Oversee ‘Bad Bank’

Barclays Plc is planning to move its commodities division into a so-called bad bank of unwanted assets and units to be overseen by Eric Bommensath, according to a person familiar with the plan.

Tom King, 53, co-head of the corporate and investment bank with Bommensath, will become its sole leader, the person said yesterday, asking not to be identified because the change hasn’t been made public. Bommensath will oversee businesses that the London-based firm previously designated as part of its “exit quadrant,” according to the person.