E*Trade Financial has appointed former Barclays COO Paul Idzik as its new chief executive officer.
Idzik served 10 years at Barclays before quitting unexpectedly in May 2008, reputedly after a run-in with Barclays Capital chief Bob Diamond.
Considered something of an eccentric among Barclays staff, Idzik oversaw all key functional units, including information technology and operations, HR, corporate communications, sourcing and procurement.
The 51-year old, who was most recently group CEO of DTZ Holdings in London, moves to E*Trade as the company rebuilds its business in the aftermath of the 2008 subprime mortgage crisis. The company has been steadily offloading most of its international business units, including its UK brokerage operations, over the past few years, to concentrate on its core US market operations.
At E*Trade, Idzik steps into the shoes of chairman Frank Petrilli, who has been acting as interim CEO since August. Idzik was also named president of E*Trade Bank.
Of his appointment, Idzik says: "E*Trade has great strengths, from its iconic brand to its industry-leading technology and its world-class product and service offerings. These will serve the company well as we work to grow the franchise and deliver value to shareholders."