Barclays announced Tom King, the CEO of its Investment Bank, will retire on March 4, 2016.

“While sad to see him leave Barclays, I understand and respect Tom’s decision to retire. He has made a significant contribution in the time he has been with Barclays, first in our banking division, and then for the past three years as CEO of the Investment Bank,” said group chief executive Jes Staley. “Tom’s work in particular in leading the change in our Investment Bank strategy before and since May of 2014 has been very important to ensuring Barclays’ future success. Tom’s trademark has always been his focus on the needs of clients and colleagues, and we are grateful to him for his stewardship.”

Commenting on his decision to retire, King said: “After nearly 25 years in my career, and having now seen the Investment Bank through a period of extraordinary change and on to a solid footing for the future, I feel the moment is right for me to pass the baton. I am so proud of what we have achieved together at Barclays through what has been a hugely challenging period, and I shall leave the firm with fond memories of great clients and great colleagues.”