Barclays deputy chairman Sir Michael Rake is set to leave the bank by the end of the year, according to people familiar with the matter, in the latest shake-up of the British lender’s top ranks.

Rake, who joined the board of Barclays in 2008 and became deputy chairman in 2012, is set to be announced as chairman of payments processing company Worldpay as early as Wednesday, one of the people said. Rake plans to stay on as Barclays deputy chairman for a few months to oversee a hand over to his successor, the person said.