Barclays Names JPMorgan's Compton as Chief Operating Officerby
CEO Staley adds another executive from U.S. bank to top team
Paul Compton replaces Jonathan Moulds at British lender
Compton, who worked for the U.S. bank since 1997 and was most recently chief administrative officer, starts in May and will report to Chief Executive Officer Jes Staley, London-based Barclays said in a statement Tuesday. He replaces Jonathan Moulds, who’s leaving after just over a year at the company.
Staley, a former CEO of JPMorgan’s investment bank, has installed his own lieutenants in Barclays’s senior executive ranks since starting Dec. 1, hiring C.S. “Venkat” Venkatakrishnan as chief risk officer two weeks ago, also from JPMorgan. Staley has imposed a hiring freeze and is cutting jobs at the investment bank as he moves to reduce costs to improve profitability. The lender is due to present a broader strategic update with full-year results on March 1.
Compton’s responsibilities will include operations and technology, structural reform, cost cutting, sourcing and administration, and he will oversee the bank’s operating committee, according to the statement.
“For nearly 20 years Mr. Compton has served in a variety of senior operating roles,” Staley said in the statement. “His huge directly relevant experience will prove invaluable as we continue our strategic transformation and manage the required changes under structural reform.”
Compton will join at least four other members of the 12-person executive committee that also built their careers at JPMorgan. Staley spent 34 years at the New York-based firm, including stints running its asset-management and investment-bank divisions. Finance Director Tushar Morzaria joined Barclays from JPMorgan in 2013 and head of compliance Michael Roemer spent 23 years at the U.S. bank.
Moulds was asked to step aside as COO by Staley, who wanted to install his own choice in the role, according to a person familiar with the move, who asked not identified because they aren’t authorized to speak about the matter publicly. Staley “would have liked him to have stayed with the company in another capacity,” the CEO said in the statement.
Former CEO Antony Jenkins, who was fired in July, appointed Moulds, a 15-year veteran of Bank of America Merrill Lynch, in January 2015.
Compton served as co-CAO and chief financial officer of JPMorgan’s investment bank under Staley. He previously worked at Ernst & Young LLP, according to his biography on the website of the Deposit Trust & Clearing Corp., where he serves on the board of directors.
JPMorgan’s corporate technology group, which is run by Chief Information Officer Dana Deasy and had been overseen by Compton, will now report directly to COO Matt Zames, said Joe Evangelisti, a bank spokesman. Smaller staff groups that Compton led will report temporarily to Zames, Evangelisti said.
Barclays fell 4.7 percent to 156.25 pence in London on Tuesday, extending its decline this year to 29 percent. The stock also dropped about 10 percent in both 2014 and 2015.