Barclays has announced its Finance Director, Chris Lucas, and Group General Counsel, Mark Harding, are to retire, Reuters has reported.
The bank confirmed both men will remain in their roles until successors can be found.
Barclays, though, said the process is likely to take considerable time.
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The announcement was hailed as a "momentous step" that will help families facing financial stress as they come to terms with their loss.
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The decision was met with outrage and anger by UK cities which were on the shortlist for the prestigious award.