LONDON, Sept 5 (IFR) - Barclays has poached another
executive from JP Morgan to head its investment bank, leaving
the British bank with seven of its most senior bankers as alumni
of its US rival.
Barclays on Monday named Tim Throsby, currently global head
of equities at JP Morgan, as president of Barclays corporate and
international (BC&I) and chief executive of its corporate and
He will run the investment bank and fill the gap left by the
departure of Tom King in March. He will also be in charge of
corporate banking, Barclays' UK and US credit cards, wealth
management and the payments business.
It fills the last major senior appointment by Jes Staley
since he joined as chief executive in December 2015.
Throsby, an Australian, is expected to join in January and
will be based in London. He will join the executive committee
and report to Staley.
Throsby adds to a bulging group of former JP Morgan bankers
at Barclays, including Staley himself, who used to run its
They include finance director Tushar Morzaria; chief
operating officer Paul Compton; and chief risk officer CS
Mark Ashton-Rigby, its chief information officer, and Emily
Portney, chief financial officer for corporate and
international, have also previously worked at JP Morgan, which
prides itself on having a deep bench of talented bankers.
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. JP Morgan ranked
third for global equities revenues last year behind Morgan
Stanley and Goldman Sachs, according to analysis firm Coalition.
Throsby joined JP Morgan in April 2010 as head of equity
derivatives and was promoted to head of equities in September
He has held senior roles at a number of banks, including at
Credit Suisse and Macquarie before he joined Goldman Sachs in
1995 as co-head of equity derivatives for Asia and Japan. In
2002, he moved to Lehman Brothers to head the Asia and Japan
equities division and then its global equities business in 2004,
and in 2005 he joined US hedge fund Citadel, where he ran its
Asian business from Hong Kong.
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.
The bank has to separate its UK retail banking business by
2019 to shield depositors from any problems that could arise in
its investment bank or other businesses.
The investment bank is being slimmed down, and Staley has
quit some countries to pursue a transatlantic strategy focused
on its two "home" markets of Britain and the US.