Top Barclays executive steps down amid boardroom tension

| May 2, 2008 | 0 Comments
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Paul Idzik, a senior executive at Barclays, has resigned which has triggered talk of boardroom tensions at Britain’s third-largest bank.

However, a spokesperson for Barclays has denied talk of a rift between senior executives and said Mr Idzik ‘felt it was the right time to look for his next challenge‘.

Mr Idzik, who has been with the bank since 1999, was tasked in 2004 with restructuring the bank into two parts — investment banking and commercial banking.

It is believed he has since become frustrated with boardroom tensions as well as the bank’s bureaucracy and ailing IT system.

Mr Idzik, who is American, has been described as eccentric and was rumoured to have snapped a colleague’s pen because it had the Royal Bank of Scotland logo on it.

In a statement, chief executive John Varley said I would like to thank him for the considerable work, energy and enthusiasm he has provided to Barclays over the last decade and in particular the counsel and support he has given to me.

Mr Idzik’s resignation comes at a challenging time for Barclays as it is under observation by shareholders over its sharp decline in profits, as a result of the credit squeeze.

There are rumours that Barclays could be forced to raise extra funds from its investors as the credit squeeze presents a challenging time for financial institutions.

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