Barclays Shakes Up Investment Banking Unit and Announces Hiring Spree
May 11 2017 - 1:05PM
Dow Jones News
By Max Colchester
Barclays PLC's corporate-and-investment banking chief Tim
Throsby has taken interim control of the bank's markets business
and launched a hiring spree as the British lender looks to bolster
returns at the unit.
Barclays will hire between 50 to 100 people across the
investment banking business, part of Mr. Throsby's efforts to
invest in the franchise, according to a person familiar with the
matter. In a memo sent to staff Thursday Mr. Throsby said Joe
Corcoran, who currently heads the markets business, will now take
on the newly created position of vice chairman of markets. In the
U.S., Joe McGrath, chief executive of the Americas division, will
also take on the role of global head of banking.
The rejig is the latest example of Mr. Throsby trying to revamp
returns at the investment bank. In April shares at Barclays dipped
when the bank reported weaker-than-expected returns at its markets
and bond trading businesses. Since taking on his role at the start
of the year Mr. Throsby has toured Barclays urging staff to take
more risk to bolster the unit's bottom line. Ensuring steady
returns at the Barclays International unit is a key plank in
Barclays Chief Executive Jes Staley's plans to turn around the
lender.
"Strategically investing in our global Corporate and Investment
Bank, in particular within Europe, is one of our top priorities,"
Mr. Throsby said in a memo to staff.
Sam Dean, who co-headed banking for Europe Middle East and
Africa, has decided to retire from the bank, the memo said.
Write to Max Colchester at max.colchester@wsj.com
(END) Dow Jones Newswires
May 11, 2017 13:50 ET (17:50 GMT)
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