Barclays Shakes Up Investment Banking Unit and Announces Hiring Spree

By Max Colchester Features Dow Jones Newswires

Barclays PLC's corporate-and-investment banking chief Tim Throsby has taken interim control of the bank's markets business and launched a hiring spree as the British lender looks to bolster returns at the unit.

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Barclays will hire between 50 to 100 people across the investment banking business, part of Mr. Throsby's efforts to invest in the franchise, according to a person familiar with the matter. In a memo sent to staff Thursday Mr. Throsby said Joe Corcoran, who currently heads the markets business, will now take on the newly created position of vice chairman of markets. In the U.S., Joe McGrath, chief executive of the Americas division, will also take on the role of global head of banking.

The rejig is the latest example of Mr. Throsby trying to revamp returns at the investment bank. In April shares at Barclays dipped when the bank reported weaker-than-expected returns at its markets and bond trading businesses. Since taking on his role at the start of the year Mr. Throsby has toured Barclays urging staff to take more risk to bolster the unit's bottom line. Ensuring steady returns at the Barclays International unit is a key plank in Barclays Chief Executive Jes Staley's plans to turn around the lender.

"Strategically investing in our global Corporate and Investment Bank, in particular within Europe, is one of our top priorities," Mr. Throsby said in a memo to staff.

Sam Dean, who co-headed banking for Europe Middle East and Africa, has decided to retire from the bank, the memo said.

Write to Max Colchester at max.colchester@wsj.com

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(END) Dow Jones Newswires

May 11, 2017 13:50 ET (17:50 GMT)