Barclays names investment banking bosses for Asia, M&A: source
LONDON (Reuters) - British bank Barclays Plc (BARC.L) has appointed Reid Marsh as co-head of investment banking in Asia-Pacific and promoted Gary Posternack to global head of mergers and acquisitions, a person familiar with the matter said on Tuesday.
Mark Warham, head of M&A in the Europe, Middle East and Africa (EMEA) region, is leaving the bank, the source said.
Matthew Ponsonby will lead EMEA M&A coverage, in addition to his role as co-chief operating officer of investment banking.
The moves follow the appointment of Tom King as head of Barclays' investment bank in April and the departure of several high-profile bankers in recent months.
Barclays is slimming down its investment bank and will cut about 7,000 jobs in the business, or about a quarter of its staff, over the next three years in an effort to improve profitability.
Many investment banks are rethinking their strategy as tougher capital rules force them to hold more capital against their trading operations, hurting the returns they can deliver.
Marsh takes the seat left by Matthew Ginsburg, Barclays' most senior investment banker in Asia, who quit in May. Marsh joined Barclays in 2010 from Citigroup (C.N) and is currently the London-based vice chairman of investment banking and chairman of its industrials group. Marsh's co-head is expected to be appointed from the Asia business, the source said.
Posternack will replace Paul Parker, who left in May, soon after the departure of Skip McGee, the head of the bank's Americas unit, and other senior U.S. bankers.
Posternack, who will remain based in New York, joined Lehman Brothers in 1995 and Barclays when the British bank took over Lehman's U.S. operations in 2008. Many of his past deals have been in the natural resources industry, including for Shell and Chevron.
Barclays has grown its M&A advisory and equities businesses since the Lehman deal, and has said its cuts will be limited in those areas.
Barclays ranked as sixth in estimated revenue from announced M&A deals in the first six months of this year, up from 8th in the first half of 2013, lifted mainly by a strong showing in its U.S. business, according to Thomson Reuters data. The top five firms were all U.S. banks.
Most of Barclays' cuts are expected to be in fixed income, currencies and commodities, where revenues have slumped in the past year as clients have cut activity.
(Editing by Anjuli Davies/Ruth Pitchford)