Hugh McGee, CEO of Barclays Americas, is to step down from his role and from the Barclays group executive committee, as the bank prepares for a “significant transition" in the US, the firm said today.

Hugh McGee, chief executive of Barclays Americas, will tomorrow step down from his role and from the Barclays group executive committee, as the bank prepares for a “significant transition” involving the establishment of an intermediate holding company in the US, the firm said today.

As a result of Section 165 of the Dodd-Frank Act - which aims to impose the same regulations on foreign banks’ US divisions as those faced by domestic lenders - Barclays will be required to incorporate all of its US subsidiaries by July 1, 2016.

Joe Gold, currently global head of client capital management, will be appointed on May 1, 2014, to a restructured role as CEO of the Americas, reporting to co-CEOs of the corporate and investment bank: Tom King and Eric Bommensath.

Gold will become a member of the corporate and investment bank executive committee, and as well as leading the transition to an intermediate holding company, will also lead the governance of all of Barclays’ American businesses, and oversee the implementation of Barclays’ Group strategy in the region.

The transition will require “a great deal of management focus over the next two years on regulatory relations, compliance, and the very significant legal and operational ramifications associated with the creation of the new entity,” Barclays said in a statement.

“Our Americas operations are a successful and important part of the Barclays Group,” said Antony Jenkins, group CEO at Barclays.

“Joe Gold is a proven leader and has a track record of strong execution, having led the strategic development of a number of key businesses while at Barclays. He understands the rapidly-changing regulatory landscape and will ensure that our American interests are well-positioned to deliver great solutions for our clients and customers, as well as improved returns for shareholders in an evolving market environment,” Jenkins added.

McGee joined Barclays in September 2008 as head of the global investment banking division and assumed his current role in May 2013, having assumed a number of other roles in between. Prior to Barclays, he was head of the global investment banking division at Lehman Brothers, a position he held since 2002.