18 August 2005 Banking giant Barclays has named its new chief information officer as Dominic Trotta.
Trotta will take over from interim CIO, Mike Foley, who will move to the position of chief administrative officer. Both will report to Barclays’ chief operating officer, Paul Idzik.
In a statement Idzik said: “We have tremendous confidence that he will drive our technology organisation to the next level. He is a world class executive, and we are delighted to welcome him to Barclays.”
Barclay’s last permanent CIO was David Weymouth, who vacated the position at the end of 2004 to lead the banking group’s corporate responsibility unit.
Unlike Trotta, Weymouth had little in the way of technical background, once commenting: “If there is such a thing as a traditional IT director, I am not it.”
Trotta was previously the chief technology officer for the North American and international retail division of financial services giant Citigroup, which he joined in 2000.
From Citigroup, Trotta will bring experience of managing massive outsourcing contracts. As well as being an outsourcing partner for many businesses, Citigroup outsources many of its own processes, often to offshore destinations, to reduce operational costs.
In June 2004, Barclays Bank announced it had signed a six-year IT outsourcing contract with consultancy firm Accenture worth over £400 million.