May 2 (Reuters) - Barclays Plc’s head of mergers and acquisitions is expected to quit, which would take to four the number of top executives the British bank has lost in the week before it unveils a strategic revamp, the Financial Times reported, citing people familiar with the bank.
Paul Parker, who was the M&A head at Lehman Brothers before its U.S. arm was bought by Barclays in 2008, was eased out as part of management changes to be announced next week, the newspaper reported. (r.reuters.com/cun98v)
Barclays will announce next week the creation of a bad bank portfolio of assets it deems non-core that it intends to sell or run down as part of a streamlining of its investment bank, Reuters reported on Tuesday, citing a person familiar with the matter.
Parker, one of the world’s most senior M&A bankers, is advising Valeant Pharmaceuticals International Inc on its near $50 billion bid for Botox maker Allergan Inc and Comcast Corp’s $42 billion takeover of rival cable group Time Warner Cable Inc, the Financial Times said.
A Barclays spokeswomen declined to comment.
Last week, Hugh ‘Skip’ McGee, one of Barclays’ highest earners, quit as head of its Americas business. The bank had said he did not want to oversee the task of establishing a new holding company required under tougher U.S. rules.
Barclays named Andrew Jones and Eiji Nakai on Friday as co-chief executives for Asia Pacific, replacing the retiring Robert Morrice, who oversaw the bank’s expansion in the region following the 2008 financial crisis. (Reporting by Neha Dimri in Bangalore; Editing by Kirti Pandey)