LONDON - Barclays said on Tuesday that it had named Tushar Morzaria, a JPMorgan Chase executive, as chief financial officer. He succeeds Christopher G. Lucas, who announced his plan to retire earlier this year.
Mr. Morzaria, 44, is the chief financial officer of corporate and investment banking at JPMorgan and will join Barclays in the autumn. He will become a member of the bank’s executive board at the beginning of next year and will formally take over from Mr. Lucas on Feb. 28.
Mr. Morzaria is joining Barclays at a time when its chief executive, Antony P. Jenkins, is seeking to restore the bank’s reputation and change its culture after some missteps that included a role in the rigging of a benchmark rate and mistakes in selling certain insurance products. Mr. Jenkins also pledged to improve the bank’s profitability by scaling back certain operations and cutting costs.
Mr. Jenkins said Mr. Morzaria “is an accomplished professional with first-class strategic financial management experience built up over 20 years, including the last four as a key leader in JPMorgan Chase’s corporate and investment bank.â€
Mr. Morzaria was born in Uganda and moved to Britain as a child in 1971. He has a British passport and is to move to London from New York to join Barclays, the bank said. Apart from JPMorgan, where he worked a total of 15 years, he also worked at Credit Suisse and SG Warburg.
“I am excited at the opportunity to be part of the leadership team which will deliver on the promised change in performance and culture,†Mr. Morzaria said in a statement.
Barclays plans to pay Mr. Morzaria an annual salary of £800,000 ($1.2 million), Barclays said. He will also be eligible for an annual bonus of no more than 250 percent of his salary and a long-term incentive plan of up to 400 percent of the salary.
