Barclays's investment bank head to step down

Barclays's investment bank chief Tom King announced he would retire next month, the lender confirmed on Friday.

New Barclays boss Jes Staley said: "While sad to see him leave Barclays I understand and respect Tom’s decision to retire.”

It followed months of speculation about his possible departure after King, now 55, threatened to leave last July following a row with then chief executive Antony Jenkins.

“After nearly 25 years in my career, and having now seen the investment bank through a period of extraordinary change and on to a solid footing for the future, I feel the moment is right for me to pass the baton,” King said.

Some observers linked King's decision to leave to possible rules in the UK which would seek to hold senior managers to account.

The invesment bank was in the midst of a slimming-down that may see 1,200 job positions slashed.

King was the third latest top manager to exit Barclays since Staley's arrival.

As of 15:09 shares in Barclays were edging higher by 0.40% to 162.4p.