Barclays delivers a bombshell as investment-banking head Tim Throsby steps down

Reuters

• Tim Throsby, head of Barclays' international division and investment bank, is leaving after little more than two years.
• The bank outlined a broad swathe of management moves, was an explosive one for a company already grappling with activist revolt.

Tim Throsby, head of Barclays' international division and investment bank, is leaving the UK bank after little more than two years.

The company's statement, which outlined a broad swathe of management moves, was an explosive one for a company aleady grappling with activist revolt. Throsby was brought in with great fanfare from bigger US rival JPMorgan in 2017.

Ashok Vaswani, who heads Barclays UK, "will take on a newly created role within the Group as Global Head of Consumer Banking & Payments, reporting to Group CEO, Jes Staley," the company said.

Vaswani's role "oversees the execution of plans for the group's consumer banking and cards & payments businesses in the UK and internationally."

Throsby left "as a consequence of the changes announced today," according to the firm.

Barclays CEO Jes Staley said in the statement: "We are grateful to Tim for his stewardship of Barclays International and BBPLC, and for his service to the Group more broadly. We wish him well for the future."

The other management changes included:

• "The Corporate & Investment Bank will be managed as three distinct, though connected, units - Global Banking; Global Markets; and the Corporate Bank - all reporting directly to the Group CEO, Jes Staley."
• "Global Banking will comprise Barclays' Advisory, DCM, and ECM businesses. It will be led by Joe
  McGrath, the Global Head of Banking."
• "Stephen Dainton, currently Global Head of Equities, will act as interim Global Head of Markets,
  while Barclays conducts an internal and external search for a permanent appointee to this crucial
  role."
• "Alistair Currie will lead Barclays' Corporate Bank as Head of Corporate Banking."
• "All three will report to Jes Staley, and join the Group Executive Committee, effective April 1, 2019."

All of the moves are subject to regulatory approval, the company said.