A man on a mission.
Barclays' investment-banking boss, Tim Throsby, says he plans to reignite “commercial zeal” within the firm’s worst-performing unit, ending five years of risk-averse retrenchment that’s left traders trailing U.S. rivals.
Bloomberg News reports that when he arrived at Barclays from JPMorgan Chase in January, Throsby found it was “very clear” staff had lost “a suitable focus on opportunities to deploy risk,” according to remarks he made at Bank of America Corp.’s financial conference in London on Tuesday. “Risk taking as a positive element of servicing our client base should always be central.”
Throsby’s comments signal a change in tone at Barclays, which since losing former CEO Bob Diamond due to the Libor-rigging scandal in 2012 had been keen to emphasize the less controversial and more profitable consumer parts of its business. Current CEO Jes Staley, also a former JPMorgan dealmaker, faced down calls from investors to spin off the investment bank early in his tenure, embarking on a recruitment drive from his former employer, and recently hiring high-profile hedge fund traders.
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