British bank Barclays PLC (BSC) appointed Robert Diamond Jr. as CEO, according to The Wall Street Journal.

Diamond is currently the head of Barclay's investment banking business. He will replace John Varley, who will step down on March 31, The Journal reported.

Diamond, 59, has overseen the development of Barclay's investment banking business, including the purchase of the Lehman Brothers' U.S. business in 2008. Diamond will take on the title of deputy group CEO on Oct. 1.

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