By Caitlin Ostroff

 

Mohamed El-Erian, the former chief executive of bond firm Pacific Investment Management Co., is joining Barclays PLC (BARC.LN) as a non-executive director.

One of the best known names in global fund management, Mr. El-Erian currently serves as chief economic adviser at Allianz SE (ALV.XE), the corporate parent of Pimco.

He previously chaired former President Barack Obama's Global Development Council, an advisory committee on development policies. He was also deputy director at the International Monetary Fund and ran Harvard University's endowment fund.

Barclays also appointed Dawn Fitzpatrick, the chief investment officer of Soros Fund Management LLC, as a non-executive director.

"These appointments reflect Barclays' commitment to the strengthening of its board through the addition of further high quality and highly respected individuals possessing a wide and deep knowledge of the group's markets and businesses," the bank said.

Ms. Fitzpatrick joined the board Wednesday. Mr. El-Erian will join Jan. 1, 2020.

They join Barclays at a challenging time for the U.K. lender which cut 3,000 jobs in the second quarter and is planning to clamp down further on costs. Chief Executive Jes Staley has been trying to convince investors that the bank's mix of consumer, business and investment banking can produce stable returns and provide resilience in a downturn.

 

Write to Caitlin Ostroff at caitlin.ostroff@wsj.com

 

(END) Dow Jones Newswires

September 26, 2019 06:07 ET (10:07 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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