Barclays new investment bank boss will be external hire

Barclays indicated it has ruled out internal candidates to lead its investment bank as Chief Executive Officer Jes Staley, himself an external hire, moves his search outside the firm.

“We will appoint a new head of corporate and investment banking externally,” Chairman John McFarlane said at the lender’s annual shareholder meeting in London on Thursday. A day earlier, Staley said on a call with reporters that the bank had "a slate of internal candidates and a slate of external candidates."

Bloomberg News reports that the CEO spent more than three decades at JPMorgan and has remade Barclays’s executive suite, hiring a raft of staffers from his old bank including including C.S. “Venkat” Venkatakrishnan as chief risk officer and Paul Compton as chief operating officer. The new head investment banker will succeed Tom King, who left on March 4 after six years at the bank and told colleagues he didn’t want to be subject to Britain’s senior managers regime, people with knowledge of the plans said at the time.

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Barclays Says Its Next Investment Bank Boss Will Be an Outsider

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