A top management reshuffle at Barclays
With the arrival of a new boss who wants to bounce back hard from the dismal performance in the initial quarter, Barclay is undergoing some serious changes in the top management for its investment bank.
Tim Throsby who is the former head of equities at JPMorgan was hired by Barclays last year to lead the corporate and banking operations. He is replacing Joe Corcoran, as the interim head of the marketing department. Meanwhile, Joe Corcoran has been moved up as the vice-chairman of markets.
Given the recent upsetting records of Barclays, the investors were not at all expecting the performance to be below par and the recent shuffle has been credited as a welcome move. However, the drops in US rates trading and a tough comparison with a strong performance in 2016 are to be blamed, according to Barclays’ spokespersons.
50-year-old Mr Throsby has stated that the investment bank will now move its business out of survival phase and into flourishing phase. As a part of his assault strategy, he is looking forward to hiring anywhere around 50 to 100 people on a global scale to redirect the bank’s focus on important areas like rate trading, foreign exchange and equities.
Looking into Barclays’ trading department, the income from its market business fell by 4 percent to 1.35 billion pounds ($1.75 billion) in early months of the year, this was in correspondence to a macro income fall of 14 percent because of a weaker performance by its U.S. rates business in specific.
Barclays did, actually fare well in advisory and underwriting, thus reporting one of its best performance in debt capital markets in terms of market share.
Elongating the chain of better performance, the banking fees for Barclays’ jumped by 51 percent to 726 million pounds, exceeding an average 33 percent rise across the U.S. banks.
Jes Staley’s hiring of Tim Throsby since taking over the seat of chief executive of Barclays in 2015 makes Tim one of the many past associates at the US bank.
Many of the Barclays’ insiders were quick to deny the changes were being made due to the bitter performance and instead said it was obvious for a new head of division to make certain changes after spending few months.
With the closure of its non-core business, Barclays is aiming to turn new leaves with its restructuring plans in coming June. This step will take it closer to competing with the American rivals and therefore, is on a lookout for senior level hires.
Many significant changes involve hiring Joe McGrath as the global head of banking, who will be responsible for hiring the head of Europe and Middle East banking. Sam Dean is expected to retire as the head of corporate finance for Europe and Jean-Francois Astier will be the head of Barclay’s global capital markets business.