Skip to content
Search

Latest Stories

Barclays CEO in bid to stem US talent flight

Barclays slipped to 14th place in Refinitiv’s Americas mergers and acquisitions league table

Barclays CEO in bid to stem US talent flight

BARCLAYS chief executive C S Venkatakrishnan held a virtual town hall this week to address management changes that have led to about two dozen US investment bankers fleeing in the last few weeks, people familiar with the matter said.

The bankers have left for rivals including Citigroup, UBS Group and Jefferies Financial Group. Venkatakrishnan's intervention underscores the pressure that the British bank is under to protect its US investment banking franchise.


Barclays slipped to 14th place in Refinitiv's Americas mergers and acquisitions league table in the first quarter of 2023 from sixth a year earlier, even as it jumped from ninth to fifth in the Europe, Middle East and Africa league table, as its US dealmakers struggled to preserve market share amid a slowdown in transactions.

Venkatakrishnan promised during the meeting to invest in the investment banking business to boost morale, the sources said.

While he did not name bankers by name, Venkatakrishnan addressed management changes that led to former Credit Suisse Group investment banking and capital markets co-head Cathal Deasy and former Morgan Stanley global capital markets co-head Taylor Wright taking over in January as Barclays global co-heads of investment banking.

The elevation of these newcomers to the bank bypassed tenured Barclays bankers that had been seen as possible successors, including those popular with their colleagues such as Marco Valla, who subsequently joined UBS, the sources said.

Barclays in January had said it was in talks with Deasy and Wright's predecessors, John Miller and Jean-Francois Astier, about new roles. Miller left Barclays to join Jefferies last month, while Barclays announced a new role for Astier this week, naming him global head of financial sponsors. In February, Astier had been appointed global chair of the investment bank.

Venkatakrishnan said the changes were part of a succession plan and reflected the bank's strategic focus on covering big clients and the smart use of its balance sheet when it comes to financing the deals of private equity firms.

Responding to a question from one of the attendees at the meeting about compensation, Venkatakrishnan said this would reflect each employee's value and performance.

Barclays declined to comment on the meeting.

It was the second such meeting that Venkatakrishnan has held with bankers in recent weeks. The first was a shorter 10-minute call last month where he did not take any questions, according to one of the sources.

Barclays has also been seeking to replenish talent, hiring five managing directors in the US and another five around the world this year. Last year, the bank brought in Jim Rossman as global head of shareholder advisory from Lazard Ltd and this year it hired Christopher Ludwig from Credit Suisse to work on shareholder advisory.

(Reuters)

More For You

Keir-Starmer-Getty

Keir Starmer’s communications chief has resigned after nine months in Downing Street. (Photo: Getty Images)

Getty Images

Starmer’s communications chief Matthew Doyle resigns after nine months

KEIR STARMER’s communications chief, Matthew Doyle, has resigned after nine months in Downing Street. Doyle, a Labour veteran who previously worked for Tony Blair, joined Starmer’s team as communications director four years ago when the party was in opposition.

His departure follows that of Sue Gray, Starmer’s former chief of staff, who left in the autumn. Doyle’s exit is expected to lead to the promotions of James Lyons to director of communications (strategy) and Steph Driver to director of communications (delivery), according to the BBC.

Keep ReadingShow less
Leicester leaders push for major expansion amid local government shake-up

Leicester’s population is expected to grow from 372,000 now to just over 600,000 by 2028

Leicester leaders push for major expansion amid local government shake-up

Hannah Richardson

LEICESTER leaders have named the areas they want to be incorporated into the city amid a shake-up of local government structures. The massive expansion plan would see a number of towns and villages at the city’s edges brought inside Leicester’s boundary.

Leicester City Council is looking to take part of Blaby and Harborough districts, and part of Oadby and Wigston and Charnwood boroughs. Among the communities being eyed up are Glenfield, Oadby, Wigston, Blaby, Whetstone, Syston, Anstey, Leicester Forest East, Birstall, Kirby Muxloe, Thurmaston and Countesthorpe.

Keep ReadingShow less
Lakshmi-Mittal-Getty

Mittal, who built his steel business over five decades, moved to the UK in 1995. (Photo: Getty Images)

Getty Images

Lakshmi Mittal may leave UK after non-dom tax abolition: report

STEEL tycoon Lakshmi Mittal is considering leaving the UK following the government’s decision to abolish the non-domiciled tax status. The move would make him one of the most prominent entrepreneurs to leave due to the tax reform.

Mittal, who has lived in the UK for three decades, has informed associates that his departure is likely due to Labour’s decision to end the non-dom regime, which allowed certain residents to avoid paying UK tax on foreign income.

Keep ReadingShow less
Benji Madden Says He Has a "Healthy Fear" of Cameron Diaz

The couple continues to celebrate milestones in their marriage

Getty

Cameron Diaz's husband Benji Madden: "I have a healthy fear of her"

Joel Madden, who is married to fashion designer and reality TV star Nicole Richie, also shared insights into his relationship on the podcast. The couple has been married since 2010 and are parents to two children: daughter Harlow, 17, and son Sparrow, 15. Joel spoke candidly about the way his wife "runs the show" in their household, while also stressing that they are equal partners.

“I don't know if I ever thought someone could keep me,” Joel admitted. “I don't know how I felt about it. I was a relationship guy, but then I met Nicole, and she absolutely runs the show, but we are partners.”

Keep ReadingShow less
Sofia Carson’s ‘The Life List’ Has Viewers Rethinking Their Relationships

Sofia Carson in The Life List – The Netflix rom-com that’s making viewers rethink their relationships

Instagram/netflixfilm

Sofia Carson’s new Netflix rom-com 'The Life List' is making viewers dump their partners

Sofia Carson’s latest romantic comedy, The Life List, is doing more than just entertaining audiences. In fact, it’s making them question their love lives. The Netflix film, set to release this Friday, has reportedly led several test viewers to break up with their partners after watching it.

Directed by Adam Brooks and based on Lori Nelson Spielman’s novel, the story follows Alex Rose, played by Carson, a woman at a turning point in her life. When her mother, portrayed by Connie Britton, passes away, Alex discovers an unusual condition in her will. To claim her inheritance, she must first complete the childhood bucket list she wrote at 13. The list includes challenges like performing stand-up comedy and diving into a mosh pit, but one task proves far more difficult: finding true love!

Keep ReadingShow less