Barclays renews its corporate banking in less than three years
Barclays is overhauling its investment banking leadership just three years after its last shake-up. It is a latest attempt by the British bank to compete with its larger Wall Street rivals. According to an internal memo, the bank has hired Mike Joo, one of Bank of America's most senior bankers, to act as co-head of its investment banking arm.
Barclays is overhauling its investment banking leadership just three years after its last restructuring, as the British bank tries to compete with its larger Wall Street rivals. The bank has hired Mike Joo, a top banker from Bank of America, as co-head of its investment bank, alongside Adeel Khan who takes on the role with responsibility for global markets.
Joo will join Barclays in February, subject to regulatory approval, and will be based in New York, also joining the bank's executive committee. The changes come as Barclays trails behind US giants such as Goldman Sachs and JPMorgan in investment banking fees.
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