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Barclays Appoints Former Senior US Fed, JP Morgan Figure As Non-Exec Director

Tom Burroughes

7 January 2014

UK-listed Barclays has appointed Stephen Thieke, a former senior official at the US Federal Reserve and a divisional head at JP Morgan, as a non-executive director with immediate effect.

Thieke has four decades of experience in financial services, both in regulation and investment banking.

His appointment comes at a time when banks have been put under the regulatory spotlight due to scandals such as rigging of interbank interest rates; Barclays itself was one of the first major banks to be punished for this and the affair saw the departure of its high-profile CEO, Bob Diamond, later replaced by Antony Jenkins.

In a statement, Barclays said Thieke worked for the Federal Reserve Bank of New York for 20 years, where he held several senior positions in credit and capital market operations and banking supervision. He became a non-executive director at the UK’s Financial Services Authority, the former financial regulator now replaced by the Financial Conduct Authority.

He has also held senior roles in investment banking and risk management with JP Morgan, where he spent ten years. Thieke was head of the bank’s fixed income division, co-head of global markets, president and chairman of JP Morgan Securities, and head of the corporate risk management group, retiring from JP Morgan in 1999.

He has spent seven years as a director of Risk Metrics Group, where latterly he served as chairman of the board, and nine years on the board of PNC Financial Services Corp.