(Adds details on appointments, rankings)
By Steve Slater
LONDON, July 8 British bank Barclays Plc
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
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 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
Barclays has grown its M&A advisory and equities businesses
since the Lehman deal, and has said its cuts will be limited in
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)