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Bloomberg
Barclays Plc’s Asia-Pacific Chief Executive Officer Andy Jones is stepping down, according to a memo obtained by Bloomberg.
Jaideep Khanna and Reid Marsh will replace Jones as co-heads for the region, the memo showed. Jones, who will return to the U.K. in the first half of this year, will take on a temporary role as vice chairman, according to the document. A spokesman for the bank confirmed the contents of the memo.
Jones’s move follows Barclays’s decision early last year to shutter its cash equities business in Asia and exit operations in several countries in the region.
It also sold its wealth-management operations in Singapore and Hong Kong to Oversea-Chinese Banking Corp.
Vikesh Kotecha, who was named as head of Europe and Middle East equities trading in October, resigned from the bank before he was due to relocate from Asia to take up the new role, people with knowledge of the matter said last month.
He was hired by UBS Group AG to head its equity derivatives operations in the region, people said.
Khanna, who joined Barclays in 2001, retains his role as chief executive and country head for India, according to a biography provided by the bank. Marsh is currently Barclays’s head of banking for the Asia-Pacific region, based in Hong Kong, as well as vice chairman for investment banking.
Jones joined Barclays in London in 2000, and was named sole chief executive officer for the Asia-Pacific region in March last year.
The Financial Times reported the management changes earlier.