Barclays reshuffles leadership to strengthen investment bank

Barclays has appointed Tim Main to head its investment bank in Europe, Middle East and Africa as part of a wider restructuring of senior bankers.

The London-based bank said on Tuesday that Main, hired in 2016 under former Barclays chief executive Jes Staley, would replace Reid Marsh in the role.

Marsh will be named Global Chair of Investment Banking and will join a group of executives focused on nurturing relationships with the bank’s key global clients.

The leadership changes come as Barclays looks to grow its corporate and investment banking businesses, particularly in Europe and in the healthcare and technology sectors, according to a person familiar with the matter.

It will also focus on expanding its advisory business to generate high fees and plans to further expand its sustainable finance capabilities as companies shift capital away from industries that exacerbate global warming.

“Expanding our Emea franchise is one of our clearest opportunities to grow our investment banking business globally – a strategic priority that underpins our sustained growth in corporate and investment banking,” said JF Astier, Global Co-Head of Investment Banking.

He said the reshuffle “will enhance the seniority of our regional leadership, provide more capacity for executive coverage of our client relationships, and expand the resources to manage our franchises in the region.”

The move follows criticism of Barclays’ investment bank by activist investor Edward Bramson, who had tried to pressure management to downsize the division and focus on retail banking, a failed endeavour, which lasted three years to 2021 .

Barclays has since delivered strong returns from its investment banking business, though the market has had a difficult year so far as deal completion has slowed amid economic uncertainty.

The bank posted a record £8.4 billion in profit last year, of which £5.8 billion came from its corporate and investment banking unit, buoyed by fees and equity income.

Main, who currently serves as global co-head of the bank’s Financial Institutions group alongside Joel Fleck, joined Barclays in New York in 2016 from Evercore Partners, where he was a senior managing director.

Prior to Evercore, Main spent more than two decades at JPMorgan, where Staley also worked. Main led the bank’s Financial Institutions Group and worked on some of the bank’s largest deals, including advising Wells Fargo on its acquisition of Wachovia.

He came under the spotlight at Barclays after it emerged that a whistleblower had highlighted some of Main’s personal issues to the board. Staley attempted to identify the whistleblower who accused him of covering up Main’s personal troubles, resulting in Staley being fined £640,000 by regulators.

Barclays also recently hired Arif Vohra from Bank of America. Vohra, who has more than two decades of industry experience, will succeed Main in the role as global co-head of the Financial Institutions Group.

https://www.ft.com/content/41cdc7e9-e0eb-4aa7-8e18-4681f4fa2a23 Barclays reshuffles leadership to strengthen investment bank

Adam Bradshaw

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