- REUTERS/Fred Prouser
- Barclays is seeking to turn arounds its fortunes this year, as the bank announced it appointed two new board members.
- Mohamed El-Erian who is the current chief economic advisor at Allianz and president-elect of Queens college Cambridge, is set to join the British bank in 2020.
- While Dawn Fitzpatrick, who is currently chief investment officer of Soros Fund Management, starts at the bank this week.
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Barclays, the British bank, hired two new board members – marquee hires in what has been a volatile year for the bank.
In a statement, Barclays said that it had made two new appointments: Dawn Fitzpatrick and Mohamed El-Erian, who will join the bank as non-executive directors this week and at the start of 2020, respectively.
Fitzpatrick joins the bank after previously being the chief investment officer for Soros Fund Management. Barclays in the statement said she oversaw $25 billion in assets under management, and prior to that spent 25 years at UBS.
El-Erian, who starts January 1 2020, is currently the chief economic advisor at Allianz, the parent of California asset management firm Pimco. El-Erian, who Barclays said is also president-elect of Queen’s College Cambridge, is also a regular contributor for Bloomberg and the Financial Times.
Barclays added that he previously chaired President Obama’s Global Development Council and was Deputy Director at the International Monetary Fund.
The new appointments come amid a tumultuous year for Barclays as it tries to ramp up profitability. The British bank in March shocked onlookers when it lost investment bank chief Tim Throsby. It has cut 3,000 jobs, fought off an activist investor, lost a slew of key senior execs, enacted a de-facto hiring freeze, and this year ranked among the 10 riskiest banks in Europe.