Barclays reshuffles leadership to boost investment bank

Barclays has appointed Tim Main to lead its investment bank in Europe, the Middle East and Africa, as part of a broader reshuffle of senior bankers.

The London-based bank said on Tuesday that Main, who was hired under former Barclays chief executive Jes Staley in 2016, would replace Reid Marsh in the role.

Marsh is being made global chair of investment banking and will join a group of executives that focus on fostering relationships with the bank’s top global clients.

The leadership changes come as Barclays seeks to expand its corporate and investment banking business especially in Europe, and across healthcare and technology sectors, according to a person familiar with the matter.

It will also focus on growing its advisory business to generate high fees, and is planning to build further on its sustainable finance capabilities, as corporates shift capital from industries that exacerbate global warming.

“Expanding our Emea franchise is one of our clearest opportunities to grow our investment banking business globally — which is a strategic priority that underpins our delivery of sustainable growth in the corporate and investment bank,” said JF Astier, global co-head of investment banking.

He said the reshuffle “will enhance the seniority of our regional leadership, create more capacity for senior coverage of our client relationships and expand the resources for management of our franchise in the region.”

The move follows criticism of Barclays’ investment bank by activist investor Edward Bramson, who had tried to pressure management into scaling back the division to focus on retail banking, a failed pursuit that lasted for three years until 2021.

Barclays has since generated high returns from its investment banking business, although the market has had a tough year so far as dealmaking has slowed amid economic uncertainty.

The bank made a record £8.4bn profit last year, of which £5.8bn came from its corporate and investment banking unit, fuelled by fees and equities income.

Main, who is currently global co-head of the financial institutions group at the bank alongside Joel Fleck, joined Barclays in New York in 2016 from Evercore Partners, where he was a senior managing director.

Prior to Evercore, Main spent more than two decades at JPMorgan, where Staley also worked. Main ran the bank’s financial institutions group and worked on some of the bank’s biggest deals, including advising Wells Fargo on its acquisition of Wachovia.

He came under the spotlight at Barclays after it emerged that a whistleblower had highlighted to the board some of Main’s personal issues. Staley tried to identify the whistleblower, who accused him of covering up Main’s personal problems, leading to a £640,000 fine for Staley from the regulators.

Barclays also recently hired Arif Vohra from Bank of America. Vohra, who has more than two decades of experience in the industry, will succeed Main in the role as global co-head of the financial institutions group.