In the wake of Barclays’ surprise firing of its CEO Antony Jenkins‚ Maria Ramos is expected to keep her job at the top of the Barclays Africa Group.
Ramos now has an opportunity to meet the banking group’s financial targets and deepen its expansion into the rest of the continent.
Ramos has so far managed to keep her job in an environment in which Barclays has replaced two CEOs in three years.
Jenkins’s predecessor‚ Bob Diamond‚ resigned three years ago over the Libor interest rate-rigging scandal.
Libor is the London Interbank Offered Rate, a benchmark rate that some of the world’s leading banks charge each other for short-term loans.
It serves as a first step to calculating interest rates on various loans throughout the world.
In an internal memo Barclays executive chair John McFarlane‚ who is replacing Jenkins while the bank finds a new CEO‚ said no other changes were planned.
“I am not planning any change in the responsibilities of the group executive committee‚ who will now report directly to me.
“Since arriving at Barclays I have been very impressed by the calibre and dedication of all the colleagues I have met‚ and I look forward to working with you all in what should be a new and exciting journey‚” McFarlane said in a memo to staff.
Ramos is a member of the Barclays group executive. Asked specifically about Ramos’s future‚ Barclays spokesman Will Bowen said that with no expectation of executive changes‚ “Maria will remain in place”.
McFarlane was in Johannesburg recently on a visit to the Barclays Africa operations.
There is an expectation Ramos and her team should achieve a return-on-equity target of 18%-20% by next year.
In the year ended December last year Barclays Africa posted a return on equity of 16.7% compared with 15.5% the previous year.
Barclays Africa wants its rest-of-Africa operations – which include banking and wealth‚ investment management and insurance – to contribute 20% to 25% of group revenue next year.
In the year ended December last year Barclays Africa said the rest of Africa’s revenue accounted for 19% of the group’s total.
Ramos is the longest-serving CEO of the “big four” banks in SA‚ having been appointed in March 2009.
Compared with its big-four peers‚ Barclays Africa’s share price has underperformed since March 2009.
Its stock is up 130%‚ while Standard Bank has risen 151%‚ Nedbank’s share price has grown 234% and FirstRand has risen 439% in the same period. — BDlive
Ramos to stay on as Barclays head
Ramos now has an opportunity to meet the banking group’s financial targets and deepen its expansion into the rest of the continent.
Ramos has so far managed to keep her job in an environment in which Barclays has replaced two CEOs in three years.
Jenkins’s predecessor‚ Bob Diamond‚ resigned three years ago over the Libor interest rate-rigging scandal.
Libor is the London Interbank Offered Rate, a benchmark rate that some of the world’s leading banks charge each other for short-term loans.
It serves as a first step to calculating interest rates on various loans throughout the world.
In an internal memo Barclays executive chair John McFarlane‚ who is replacing Jenkins while the bank finds a new CEO‚ said no other changes were planned.
“I am not planning any change in the responsibilities of the group executive committee‚ who will now report directly to me.
“Since arriving at Barclays I have been very impressed by the calibre and dedication of all the colleagues I have met‚ and I look forward to working with you all in what should be a new and exciting journey‚” McFarlane said in a memo to staff.
Ramos is a member of the Barclays group executive. Asked specifically about Ramos’s future‚ Barclays spokesman Will Bowen said that with no expectation of executive changes‚ “Maria will remain in place”.
McFarlane was in Johannesburg recently on a visit to the Barclays Africa operations.
There is an expectation Ramos and her team should achieve a return-on-equity target of 18%-20% by next year.
In the year ended December last year Barclays Africa posted a return on equity of 16.7% compared with 15.5% the previous year.
Barclays Africa wants its rest-of-Africa operations – which include banking and wealth‚ investment management and insurance – to contribute 20% to 25% of group revenue next year.
In the year ended December last year Barclays Africa said the rest of Africa’s revenue accounted for 19% of the group’s total.
Ramos is the longest-serving CEO of the “big four” banks in SA‚ having been appointed in March 2009.
Compared with its big-four peers‚ Barclays Africa’s share price has underperformed since March 2009.
Its stock is up 130%‚ while Standard Bank has risen 151%‚ Nedbank’s share price has grown 234% and FirstRand has risen 439% in the same period. — BDlive
Would you like to comment on this article?
Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Trending Now
Latest Videos