Barclays share price: Lender rejigs syndicate structure
Barclays (LON:BARC) is folding its debt syndicate function into its banking department, Reuters has reported, citing an internal memo. The new structure will see syndicate organised into two closely aligned global teams — investment-grade and non-investment-grade. According to Barclays, the change will “develop the client franchise and improve our financial returns”.
The move will see current head of global fixed income syndicate, Mark Bamford, leave the bank after 10 years. Barclays’ co-head of investment banking in the Asia-Pacific region is also reportedly leaving the firm, inside sources have told The Wall Street Journal. Patrick Kwan is expected to announce his departure as early as this week. Reid Marsh, the other co-head of investment banking in the region, will become the sole head of the division.
Barclays said last month that its investment bank would quit nine countries and would exit cash equities in Asia as part of a plan to focus on the firm’s most profitable businesses in the US and UK. The move will result in about 1,200 job reductions, on top of about 7,000 cuts in the investment bank in the last three years, which has reduced its headcount to about 17,000. CEO Jes Staley, who joined the lender at the start of December, is expected to outline his broader strategy when the bank reveals its annual results next month.
Barclays’ share price has recovered from morning slump, trading 0.30 percent higher at 165.70p. The lender was outperforming the FTSE 100 index, which meanwhile stood 0.7 percent down at 5,991.11 points.
As of 10:49 GMT, Tuesday, 23 February, Barclays share price is 165.53p.