Chris Lucas had tendered his resignation early as Barclay's Finance Director. Lucas would be leaving his post on Friday, citing health reasons. Coincidentally, Lucas' reason to leave may point to the firm's current balance sheet. The firm has called for shareholders to help plug GBP12.8 billion through a cash call in compliance with The Bank of England. Group Financial Controller Peter Estlin will be filling in until Tushar Morzaria takes over on October 15.
Though an industry observer notes that the vacation of the finance director post is untimely, the GBP5.8 billion (or USD9 billion) rights offering shows no signs of cancellation. Current Barclays CEO Anthony Jenkins is not apologetic over the cash call decision in his quest to manage the struggling firm, according to British newspaper 'The Guardian'. The cash call will be held in September this year. Other anonymous sources also disclosed that the company is also mulling over selling its retail banking operations in the United Arab Emirates (UAE).
Barclays stock traded at a 0.1% increase with 283.85 pence per share today. Striving to hurdle the effects of the banking crisis, the company shows positive signs of recovery as shares increased by 8.2% this year.
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