Barclays to name new man to run investment bank

Bloomberg

Barclays Plc is close to naming JPMorgan Chase & Co.’s Tim Throsby to run the corporate and international division, including overseeing the investment bank, which will fill the final vacancy on Chief Executive Officer Jes Staley’s top management team, according to two people with knowledge of
the talks.
Barclays may announce the appointment over coming days, said one person, who asked not to be identified before the hire is finalized. Throsby, 50, joined JPMorgan in 2010 and was named global head of equities two years later, running the business from
London.
Before joining Barclays in December, Staley spent more than three decades at JPMorgan and has recruited extensively from the U.S. firm as he reshapes his senior management team. Throsby would join other senior alumni on the executive committee including Chief Risk Officer C.S. “Venkat” Venkatakrishnan and Chief Operating Officer Paul Compton, who joined earlier this year.
Throsby didn’t immediately return a call to his mobile phone.
The investment bank has been without a head since Tom King left in March, when Barclays was split in two to comply with British rules requiring the separation of banks’ consumer and trading operations.
As head of the new corporate and international division, Throsby will also oversee the wealth management and U.S. and German credit-card businesses. Staley has been directly responsible for the securities unit since King’s departure, with New York-based Joe Gold serving as deputy chief. Ashok Vaswani leads the ringfenced retail unit, Barclays U.K.
The bank filled a number of positions at the securities division over recent months, appointing Joe McGrath head of operations in the U.S. and John Mahon was made his counterpart across Europe and Asia. Richard Taylor, formerly co-head of banking, has been named chairman of the global corporate and investment bank.
Throsby, who is Australian and attended the universities of Sydney and Oxford, England, started his career at Macquarie Group Ltd. and worked at Goldman Sachs Group Inc., Lehman Brothers Holdings Inc. and Citadel LLC before joining JPMorgan as global head of equity derivatives.