Barclays poised to replace Sir Mike Rake as he heads for exit

Sir Mike Rake, deputy chairman of Barclays, today said his successor would be appointed “in the not too distant future”.

Rake, who was asked to stay on at the bank after the ousting of chief executive Antony Jenkins in the summer, said it “can really build something in investment banking” under new chief executive Jes Staley.

The role of deputy chairman is poised to go to Sir Gerry Grimstone, the former Treasury mandarin who is chairman of savings and insurance giant Standard Life.

Rake, who is also chairman of BT and recently took on the same role at Worldpay ahead of its £3.5 billion stock-market flotation, said Staley “will bring a lot of knowledge and confidence” to Barclays.

Regulators asked Rake to delay his departure after Jenkins left in order to ensure there was not too much power solely held by then executive chairman John McFarlane.

But with the appointment of Staley, who will start at the bank next month, he has now been cleared to depart.