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Ex-Santander CFO Stephen Jones approached about top bank lobbying post

A former chief financial officer of Santander UK (LSE: 44RS.L - news) has been approached about heading the new body charged with steering Britain's banking industry through Brexit.

Sky News has learnt that Stephen Jones is being courted to become the chief executive of UK Finance - which is being formed from the merger of the British Bankers' Association (BBA), Council of Mortgage Lenders (CML) and four other trade associations.

Mr Jones, who left the Spanish-owned lender in 2015, is said to be the preferred candidate for the role, although it was unclear on Thursday whether he planned to accept it if offered to him.

A decision could be made about the appointment of UK Finance's chief executive as soon as next week, according to banking industry sources.

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Mr Jones, who could not be reached for comment, would be a heavyweight choice for the job of Britain's top bank lobbyist.

He now works as a senior adviser to Cerberus Capital Management, the investment firm that bought a £13bn portfolio of Northern Rock mortgages two years ago.

The likelihood of an external candidate landing the top job at UK Finance increased this week when Anthony Browne, the BBA chief executive, confirmed that he would leave later this year .

City figures regard the role of UK Finance as being especially important with Brexit looming in 2019.

There remains significant uncertainty about the scope of new trade arrangements between Britain and the European Union, the nature of which will have a profound effect on the UK banking sector.

Mr Browne's resignation came five years after he joined the BBA in the midst of an unfolding crisis over the Libor rate-rigging scandal, which sparked calls for the body's abolition.

The BBA, which was responsible for administering the scandal-hit benchmark interest rate, saw its revenues plunge in the wake of the Libor affair.

UK Finance is to be chaired by Bob Wigley, a former member of the Court of the Bank of England.

A number of banks have been campaigning for the former Labour Treasury minister Chris Leslie to put his name forward for the chief executive's post, although he had told Sky News prior to June's General Election being called that he was not interested in the role.

A review led by Ed Richards, the former boss of media regulator Ofcom, concluded last year that the BBA, CML, Payments UK, the UK Cards Association and two other bodies should merge in order to reduce costs and create a more effective dialogue with policymakers.

The BBA will remain in existence, but only as a legacy body responsible for dealing with a series of class action lawsuits over the Libor rate-rigging scandal.

UK Finance is understood to be preparing to adopt a streamlined cost structure that will involve significant job losses from the ranks of the existing trade bodies.