Sources with knowledge of the matter told Bloomberg today that Barclays was set to appoint Tim Throsby, global head of equities at JPMorgan, to run the corporate and worldwide division, including overseeing the investment bank. As well as corporate and worldwide, there is also Barclays UK, which includes the lenders retail banking and consumer credit card businesses.
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Throsby, 50, will also run Barclays’ investment banking business within that division, filling the gap left by the departure of Tom King who retired from the bank in March.
It fills the last major senior appointment by Jes Staley since he joined as chief executive in December 2015.
Subject to regulatory approvals, Throsby is expected to take up his new role in January. He will join the executive committee and report to Staley. “With a leading corporate and investment bank and world class payments business at its core, the business is well-positioned to continue providing outstanding service to our customers and clients, and contribute to the future growth of the Barclays Group”.
Paul Compton and CS Venkatakrishnan jumped ship earlier this year to become Barclays’s chief operating officer and chief risk operator respectively, as Mr Staley opted to hire from his old employer rather than make internal promotions.
Throsby is well regarded at JP Morgan for helping strengthen its equities business and expand its electronic trading platform, people familiar with the matter said. He is now global head of equities at the USA bank and his departure is a blow to the American firm, which has lost a number of senior bankers to Barclays since Mr Staley took over as chief executive. He was then promoted to global head of equities in September 2012. He has had an extensive career in banking and private equity, working for Credit Suisse and Macquarie before joining Goldman Sachs in 1995 as a Managing Director and Co-Head of Equity Derivatives Asia and Japan.
The appointment of Throsby effectively completes Staley’s top team, at a time when his turnaround plan appears to be gaining traction but there are still considerable operational and strategic challenges ahead.
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King’s departure came as Staley announced the creation of Barclays” corporate and worldwide division as part of a new “transatlantic’ strategy focused on the United States and Britain.
