Barclays' Japan chief Nakai to resign later in year, memos say

[TOKYO] Barclays Plc's Japan chief executive officer Eiji Nakai will resign later this year, according to internal memos obtained by Bloomberg.

Mr Nakai, 52, who is also the firm's Asia Pacific co-CEO, will leave the bank on June 30, according to one of the memos, while another showed that a replacement will be announced in "due course". The contents of the memos were confirmed by Kyota Narimatsu, a Tokyo-based spokesman for Barclays.

Mark Dearlove, head of markets in Asia Pacific, will become Japan country manager from March 31, alongside his existing responsibilities, according to the memos. Nakai's departure will leave Andrew Jonesas sole CEO for the Asia-Pacific region, they showed.

Mr Nakai was the executive who broke the news to employees in a January town hall meeting that the bank will close its cash-equity operation in Japan and focus on derivatives, prime brokerage and electronic trading, people familiar with the situation said at the time. Eighty employees in Tokyo were fired and the bank has been in talks over severance packages with some of them who hadn't accepted the dismissals.

Mr Nakai joined Barclays in 2004 to lead the bank's Japanese brokerage unit. Previously he worked for Goldman Sachs Group Inc after graduating from the University of Tokyo.

Tetsuya Kodama, deputy chairman at Barclays Securities Japan Ltd, will become chairman from March 31, according to the memos.


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