(Bloomberg) -- Barclays said Hugh "Skip" McGee will step down as chief executive officer of its Americas unit, almost six years after the British bank bought the operation from the bankrupt Lehman Brothers Holdings.

McGee, 54, will be replaced by Joe Gold, global head of client capital management, the London-based bank said in a statement today. Barclays said it’s making the change as the Dodd-Frank Act requires it to set up a U.S. holding company, forcing managers to focus on regulation and compliance matters.

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