Toucan

A senior Barclays executive is stepping down from his role amid rumours of a boardroom rift.

Paul Idzik has resigned as Barclay's chief operating officer and reports have suggested the reason for his sudden departure is tensions between Mr Idzik and other senior executives.

Chief executive John Varley said: "I would like to thank him for the considerable work, energy and enthusiasm he has provided to Barclays over the last decade and in particular the counsel and support he has given to me."

Barclays denied a boardroom rift and said Mr Idzik was looking for the next challenge.

However, the Financial Times said the move is a "sign of the simmering tensions" at the top level of Britain's third-biggest bank.

Mr Idzik has been with Barclays since 1999, and was one of the key players in the bank's overhaul.

Reports have suggested he became frustrated by tensions between Mr Varley and Bob Diamond, who heads the bank's investment arm.

Mr Idzik has also denied these claims, saying that he has done the job he was brought in to do.

Barclays is currently considering its options to strengthen the bank's capitalisation. Profits have fallen at the bank since the credit crunch hit and Mr Varley has quashed rumours of a rights issue at the bank's recent AGM.

Instead, Barclays may attract investment from sovereign wealth funds to raise extra cash.

© Adfero Ltd