Ex-Barclays boss Varley 'out of running' for BoE top job

Former Barclays chief John Varley is no longer in the running for the top job at the Bank of England, Investment Week understands.

Varley was previously tipped as a frontrunner in the race to succeed Mervyn King as Governor when he retires next June, completing his second term in the post. Treasury officials are drafting up a shortlist of candidates and will begin making formal approaches this autumn, with the ultimate decision on who will replace King in the hands of the Chancellor George Osborne and the Prime Minister. The bookies have placed the banker - who was in charge of Barclays for almost seven years after becoming chief executive in September 2004 - as third favourite to take the top job at the UK’s cen...