Barclays (LON:BARC) has hired Riaz Ladhabhoy, an investment banker from Deutsche Bank to be the co-head of internet banking in the Americas, Reuters has reported. The move comes ahead of a wave of initial public offerings (IPOs) in the sector expected this year.
Barclays’ share price closed deep in the red in the previous session, giving up 3.19 percent to close at 156.42p, underperforming the broader market selloff which saw the benchmark FTSE 100 index end trading 1.11 percent lower at 7,093.58 points. The group’s shares have lost just under a fifth of their value over the past year, as compared with about a 2.6-percent fall in the Footsie.
Barclays poaches DB banker
Reuters reported last night that Barclays had hired Riaz Ladhabhoy, an investment banker from Deutsche Bank to be the co-head of internet banking in the Americas. He will be based at the UK lender’s Menlo Park, California office and will start in the spring. Ladhabhoy will report to Laurence Braham and Greg Dalvito, co-heads of Technology Banking.
Reuters notes that Barclays is beefing up its internet banking division, with the year expected to be a record-breaking one for tech IPOs, with Uber and Lyft having filed confidentially for offerings and Pinterest having hired banks for an IPO.
Analysts on FTSE 100 group
Numis Securities initiated coverage of Barclays with a ‘hold’ rating and a price target of 160p this week, while Morgan Stanley, which is ‘neutral’ on the London-listed lender, set a valuation of 200p on the shares. According to MarketBeat, the blue-chip group currently has a consensus ‘buy’ rating and an average price target of 214.06p.
Barclays is scheduled to update investors on its full-year performance on February 21.