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Bob Diamond and Stephen Green play key roles at two major UK banks
One of the world's highest paid bankers, Bob Diamond, is to become chief executive of Barclays Bank.
The American, who has made about £100m as head of the bank's investment wing, will replace John Varley who steered the firm through the credit crunch.
BBC business editor Robert Peston said the move will reinforce a view that Barclays sees its future as a global investment bank.
HSBC chairman Stephen Green is also moving on to become a trade minister.
Our business editor said Mr Green's appointment by the coalition government "will doubtless be heralded as a coup by the prime minister" even though the record of business people in government has been "patchy".
He added that Mr Diamond's appointment would generate speculation that Barclays might voluntarily spin off its British retail operation.
Advisor to mayor
It is understood Mr Diamond will replace Mr Varley after he steps down next March following a seven-year stint as the bank's chief executive.
Mr Diamond currently serves as president and chief executive of Barclays Capital, which is the bank's investment arm.
He is also an adviser to Mayor of London Boris Johnson.
However, his appointment could prove to be controversial.
Business Secretary Vince Cable has made critical remarks about investment bankers in the past.
And, in April, Mr Diamond was criticised by the then business secretary, Peter Mandelson, as the "unacceptable face" of banking after reports of his annual pay emerged.
A spokesman for Barclays declined to comment on the reported changes at the top of the bank.
This article is from the BBC News website. ? British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.
Bob Diamond and Stephen Green play key roles at two major UK banks One of the world's highest paid bankers, Bob Diamond, is to become chief executive of Barclays Bank.
The American, who has made about £100m as head of the bank's investment wing, will replace John Varley who steered the firm through the credit crunch.
BBC business editor Robert Peston said the move will reinforce a view that Barclays sees its future as a global investment bank.
HSBC chairman Stephen Green is also moving on to become a trade minister.
Our business editor said Mr Green's appointment by the coalition government "will doubtless be heralded as a coup by the prime minister" even though the record of business people in government has been "patchy".
He added that Mr Diamond's appointment would generate speculation that Barclays might voluntarily spin off its British retail operation.
Advisor to mayor
It is understood Mr Diamond will replace Mr Varley after he steps down next March following a seven-year stint as the bank's chief executive.
Mr Diamond currently serves as president and chief executive of Barclays Capital, which is the bank's investment arm.
He is also an adviser to Mayor of London Boris Johnson.
However, his appointment could prove to be controversial.
Business Secretary Vince Cable has made critical remarks about investment bankers in the past.
And, in April, Mr Diamond was criticised by the then business secretary, Peter Mandelson, as the "unacceptable face" of banking after reports of his annual pay emerged.
A spokesman for Barclays declined to comment on the reported changes at the top of the bank.
This article is from the BBC News website. ? British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.