The chief operating officer at Barclays PLC, which has recorded $3.18-billion (U.S.) in writedowns from the global credit crisis, will step down later this year, the bank said in a surprise statement yesterday. Barclays, Britain's third largest bank, denied media reports of a rift between senior executives at the bank and COO Paul Idzik, saying he is leaving to seek new challenges. Mr. Idzik, who joined the bank in 1999, played a key role changing the bank's culture and management with chief executive John Varley. Analysts have speculated that Barclays will follow HBOS PLC and Royal Bank of Scotland Group PLC in announcing new shares to raise capital to offset losses from the U.S. subprime crisis. BARC (London) rose 11 pence to & 4.76 ($9.57 Canadian).
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