Barclays Africa retail banking CEO Moganwa leaves amid shake-up

Barclays Africa - [Google Images]

Barclays Africa Group Chief Executive Officer of Consumer Banking Jan Moganwa is leaving as the South African lender’s retail and business banking division embarks on a reorganisation of its top management.

The announcement was made in a notice to staff seen by Bloomberg News and confirmed by Johannesburg-based Barclays Africa spokesperson Songezo Zibi. Moganwa will pursue other interests after five years at the unit, which he joined as head of products and customer solutions for business banking, Arrie Rautenbach, the head of RBB, said in the memo.

Barclays Africa’s biggest division is said to be busy with a process that may result in the reduction of top roles to 12 from 27 to flatten its management structure. The lender is reverting to the Absa Group name and revamping its strategy after Barclays Plc cut its controlling stake to below 15% to trim back its international operations.

CEO Maria Ramos is embarking on a second round of top management changes after announcing in April that she is refocusing the company around four main divisions – retail and business banking, corporate and investment banking, rest of Africa, and wealth management and insurance.

RBB is the first to start with the process of creating a more “agile” bank as Ramos seeks to claw back market share among South African consumers and double revenue from its subsidiaries in the rest of the continent.

Moganwa’s departure comes about a week after that of Craig Bond, the CEO of partnerships, joint ventures and strategic alliances, who is leaving the organisation to take early retirement.