Barclays Taps Amazon Exec to Lead UK POS Finance Unit

Barclays has appointed Amazon Europe payments head Antony Stephen as CEO of its point-of-sale (POS) finance division and its legal entity, Clydesdale Financial Services Ltd (CFSL), effective Oct. 4, the bank announced in a Thursday (Sept. 23) press release.

Stephen has over 25 years of experience in payments and financial services and is currently the director and general manager at Amazon Europe, a role he’s had for over three years. During his tenure, he led a $50 billion portfolio of payment products — credit cards, installment loans, and a financial services marketplace.

Prior to that position, Stephen was the CFO of Amazon’s global payments division for two years. He also served as the managing director for stress testing and competitive analytics at JPMorgan Chase for nearly two years, and as a senior vice president at Capital One for a decade.

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“This is an incredibly exciting time for point-of-sale finance – while the core business model has existed for a long time, it has surged in popularity and prominence in recent years, thanks to advancements in technology and changes in customer behavior, Stephen said in the announcement.

“With its unrivaled network of both consumers and major retailers, Barclays recognizes the fantastic opportunity it has to lead the market,” he added.

As CEO, Stephen will work to scale the POS finance business in the U.K. and extend senior leadership guidance to Barclays Cubed, the bank’s next-generation commerce platform. He will report to Ruchir Rodrigues, head of Barclays Cubed and Consumer Bank Europe.

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Rodrigues said Stephen’s experience with Amazon and “his passion for customer centricity” will steer the business into the future.

“His vision and leadership will add immense value to the team as we continue to create tangible value for the consumers and merchants that we serve.”

Barclays Cubed uses advanced digital and data technology to create a “value-exchange ecosystem” between the bank’s customers and its SME and corporate clients. The division was a central component of the bank’s first-quarter 900 million pound income growth opportunity in payments.