Barclays, British multinational banking and financial services company headquartered in London is set to name JPMorgan banker Tim Throsby as the head of its Corporate and International division, ending the six-month search for the number two job under Chief Executive Jes Staley.
JPMorgan’s banker Tim Throsby to run investment banking business of Barclays :
Tim Throsby will also run Barclays’ investment banking business within that division, filling the gap left by the departure in March of Tom King.
Jes Staley has been running the division himself while the bank searched for a replacement.
Spokeswomen for Barclays and JPMorgan declined to comment because the announcement is not yet public.
King’s departure came as Staley announced the creation of Barclays’ corporate and international division as part of a new ‘transatlantic’ strategy focused on the United States and Britain.
The new strategy saw the bank divided into two units, Barclays UK and Barclays Corporate and International, to comply with ring-fencing regulations aimed at safeguarding its retail banking business from riskier operations.
Barclays’ shares are down 20 percent so far this year, after suffering their worst single-day drop on record following Britain’s vote to exit the EU on June 23.
Throsby joined JPMorgan in 2010 as global head of equity derivatives before being promoted to global head of equities in September 2012.
He joins a number of JPMorgan alumni recruited by Staley, who was himself CEO of the U.S. lender’s investment bank before joining Barclays in December last year.
Former JPMorgan bankers now in senior roles at Barclays include finance director Tushar Morzaria, chief information officer Mark Ashton-Rigby, chief operating officer Paul Compton, and chief risk officer CS Venkatakrishnan.
Source : Financial Express