Exclusive: Barclays rejigs global investment banking team, seeks new hires

Thu May 11, 2017 11:43am EDT
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By Anjuli Davies and Lawrence White

LONDON (Reuters) - Barclays (BARC.L: Quote) reshuffled its senior global investment bank management on Thursday and is seeking to hire between 50 to 100 people to boost the division under new chief Tim Throsby, according to sources with direct knowledge of the plans.

Throsby will become interim head of the bank's markets division while Joe Corcoran, who previously held the role, will move to the newly created position of vice chairman of markets, the sources said as the bank looks to take on Wall Street rivals.

Joe McGrath will be the new global head of banking at Barclays and John Miller will become the head of global industry coverage banking, reporting to McGrath.

A spokesman for Barclays confirmed the changes.

CEO Jes Staley has stressed that investment banking is a key pillar of the bank's growth strategy and in September appointed former JPMorgan (JPM.N: Quote) colleague Throsby to head the international division that houses Barclays' investment bank.

The British bank worried investors in April when first quarter results showed a weak performance at its markets business, missing out on a bond trading boom enjoyed by Wall Street rivals in the first three months of 2017.

Staley attributed the poor showing to weakness in the bank's U.S. rates business and a tough comparison with the previous year, saying it would be wrong to start questioning the business based on one quarter's performance.

Since taking up his role in January, 50-year-old Australian Throsby has stressed that the investment bank is trying to shift the business from survival mode to flourish mode, according to a person familiar with the matter.   Continued...

FILE PHOTO: A Barclays sign is seen outside a branch of the bank in London, Britain, February 23, 2017.   REUTERS/Stefan Wermuth