He will take the new responsibility from the autumn of 2013, and will also join the executive committee, reporting to group chief executive Antony Jenkins.
As an executive director, Morzaria will join the board with effect from 1 January 2014, so that a methodical transfer of responsibilities from Chris Lucas to Morzaria can be ensured. He will take up his responsibilities in full by 28 February 2014.
Presently, the Barclays designated group finance director is serving as chief financial officer, corporate and investment banking at JP Morgan Chase.
Previously, he worked with Credit Suisse and SG Warburg in different management positions.
Managing operations in 50 nations with the help of 140,000 staff, Barclays offers personal banking, credit cards, corporate and investment banking and wealth and investment management services in Europe, the Americas, Africa and Asia.
