(Updates with confirmation of appointment by Barclays)
By Lawrence White
LONDON, Sept 5 Britain's Barclays has
hired JPMorgan banker Tim Throsby to head its Corporate
and International division, ending a six-month search for the
number two job under Chief Executive Jes Staley.
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.
Subject to regulatory approvals, Throsby is expected to take
up his new role in January, Barclays said. Staley has been
running the division himself while the bank searched for a
King's exit had been rumoured for some months prior to his
departure. The investment bank chief threatened to quit last
summer during a row with the then CEO Antony Jenkins over the
future of the division, people familiar with the matter told
Reuters at the time.
King's departure came as Staley announced the creation of
Barclays' corporate and international division as part of a new
strategy focused on the United States and Britain.
This saw the bank divided into two units, Barclays UK and
Barclays Corporate and International, to comply with
ring-fencing regulations aimed at safeguarding its retail
banking business from riskier operations.
Income from Barclays' investment banking division fell 5
percent in the first six months of this year, as it suffered
from industry-wide problems including declining client trading,
increased regulatory costs and persistently low interest rates.
Barclays ranked 7th among banks worldwide advising on
mergers in the first half of the year, according to Thomson
Reuters data, 4th for debt deals and 9th for equity financing.
The bank's shares are down 20 percent so far this year,
after suffering their worst single-day drop on record following
Britain's vote to exit the EU on June 23.
Throsby, an Australian, joined JPMorgan in 2010 as global
head of equity derivatives before being promoted to global head
of equities in September 2012. He has also worked for Credit
Suisse, Macquarie, Citadel Asia and Lehman Brothers.
He joins a number of JPMorgan alumni recruited by Staley,
who was himself CEO of the U.S. lender's investment bank before
leaving JPMorgan in 2013 and joining Barclays in December last
Former JPMorgan bankers now in senior roles at Barclays
include finance director Tushar Morzaria, chief information
officer Mark Ashton-Rigby, chief operating officer Paul Compton,
and chief risk officer CS Venkatakrishnan.
(Editing by Louise Heavens and Alexander Smith)