Tim Throsby, the head of Barclays’ international division and investment bank, is leaving the UK bank after a little more than two years.
A statement from the bank on Wednesday outlined a broad swathe of management moves, explosive for a company already grappling with an activist-shareholder revolt. Throsby was brought in with great fanfare from JPMorgan, a bigger US rival, in 2017.
Ashok Vaswani, who heads Barclays UK, “will take on a newly created role within the Group as Global Head of Consumer Banking & Payments, reporting to Group CEO, Jes Staley,” the company said.
Vaswani’s role “oversees the execution of plans for the group’s consumer banking and cards & payments businesses in the UK and internationally,” it said.
Throsby left “as a consequence of the changes announced” on Wednesday, according to the firm.
Staley said in the statement: “We are grateful to Tim for his stewardship of Barclays International and BBPLC, and for his service to the Group more broadly. We wish him well for the future.”
When he joined Barclays, Throsby vowed a new era of competitive vigor to match that of big bulge bracket rivals. Last year, he led an overhaul of the investment bank, slashing about 100 senior staff.
When the bank announced a new class of MDs earlier this year, insiders said the cuts allowed room for promotions for hungry and ambitious juniors.
The company on Wednesday said the other management changes including:
- “The Corporate & Investment Bank will be managed as three distinct, though connected, units — Global Banking; Global Markets; and the Corporate Bank — all reporting directly to the Group CEO, Jes Staley.”
- “Global Banking will comprise Barclays’ Advisory, DCM, and ECM businesses. It will be led by Joe McGrath, the Global Head of Banking.”
- “Stephen Dainton, currently Global Head of Equities, will act as interim Global Head of Markets, while Barclays conducts an internal and external search for a permanent appointee to this crucial role.”
- “Alistair Currie will lead Barclays’ Corporate Bank as Head of Corporate Banking.”
- “All three will report to Jes Staley, and join the Group Executive Committee, effective April 1, 2019.”
All the moves are subject to regulatory approval, the company said.
from Declare News https://ift.tt/2TDx7cP
0 Comments