Sir Gerry Grimstone said to be in talks over top Barclays role

Sir Gerry Grimstone, a former privatisation adviser to Margaret Thatcher, is reportedly in talks to join the board of Barclays as it prepares for a shake-up under new chairman John McFarlane.

According to Sky News, the bank has approached Grimstone about becoming deputy chairman and senior independent director when Sir Mike Rake steps down next year.

Barclays is currently in the process of looking for a chief executive after Antony Jenkins was outsted by the bank in the summer.

Barclays has been on the hunt for a new deputy chairman since Rake signalled that he would become chairman of payments processor Worldpay, which is due to list on the London Stock exchange in the next few weeks.

Sky said Grimstone would bring a heavyweight presence to the Barclays boardroom at a time when many shareholders remain unconvinced by the bank's strategy or the pace at which it is being implemented.

At 1533 BST, Barclays shares were up 0.6% at 256.25p.