Barclays 'bad bank' chief to retire later this year

LONDO: British bank Barclays Plc's non-core business head Eric Bommensath will retire and leave later this year after 17 years at the institution, according to a report by Sky News.

Eric Bommensath, formerly the co-head of Barclay's investment bank, was put in charge of "bad bank" when it was set up in May 2014 to house assets the bank does not want - including its retail banking operations in Italy, France, Spain and Portugal

Bommensath's exit is expected to be announced on Wednesday, the report said. Two other executives within the bank's non-core unit, John Mahon and Harry Harrison, will be appointed as his replacement, it said.

Barclays could not be immediately reached for comment outside regular UK business hour- Reuters