Is this man the next boss of Barclays?

The former head of JPMorgan Cazenove, Naguib Kheraj, has emerged as one of the frontrunners to succeed Bob Diamond as chief executive of UK bank Barclays.

According to a report in the Sunday Independent Kheraj said he will “unravel” his many charitable interests in an attempt to land the top job.

Kheraj, who is currently vice-chairman at Barclays, is said to be relishing the challenge of repairing the scandal-hit bank’s reputation.

Barclays was slapped with a £290m ($450m) fine from UK and US regulators.

The scandal has cost Diamond his job, while chairman Marcus Agius has also handed in his notice.

Shares have suffered a major sell-off, costing investors over 10% in share price terms so far.

Kheraj, who has also worked for Lazard International, left Cazenove in 2010 shortly after the the group’s £1bn merger with JP Morgan was finalised.

Rich Ricci, the sole boss of Barclay’s investment bank, is the bookmakers favourite to become the next chief executive of Barclays, while Standard Chartered finance director Richard Meddings has also been widely tipped for the role.

 

This article was first published on Investment Week

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