Leaked memo details the new power structure in Barclays sales and trading division - capping a dizzying few months of an executive shakeup

Barclays

Stephen Dainton, head of global markets at Barclays

• Barclays' new head of global markets, Stephen Dainton, outlined the organizational structure of the division in a memo to staff.
• Dainton named a 12-member executive committee that includes heads of assets classes, while new equities head Fater Belbachir will also oversee cross-asset structuring.
• The memo, seen by Business Insider, signals dust is settling after the shock departure of investment bank chief Tim Throsby kicked off a tumultuous few months.
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Barclays' new head of global markets, Stephen Dainton, is building out his team after a shakeup at the bank jolted employees earlier this year.

In a memo to staff, global equities head Dainton outlined the new organization, signaling the bank is drawing a line under a dizzying shakeup triggered by the surprise departure of investment banking boss Tim Throsby earlier this year.

In the memo, seen by Business Insider, Dainton said that the markets division will be divided into four asset classes: credit, equities, macro, and securitized products. He also named a 12-member executive committee, or "ExCo," comprised of various leaders including new head of equities Fater Belbachir.

The new committee "will work alongside me to lead our business, drive business strategy, and set the priorities and goals for markets," Dainton wrote in the June 14 announcement. "Each member will have global oversight and accountability for ensuring we execute on our plans."

The committee members are:

• Nas Al-Khudairi, head of electronic
• Fater Belbachir, head of equities
• Rich Cunningham, head of SRM
• Mark Dearlove, head of markets Asia
• Scott Eichel, head of securitized products
• Andrew Kellner, head of Financial Resource Management (FRM)
• Adeel Khan, head of credit
• David Lohuis, head of financing
• Michael Lublisky, head of macro
• Jeff Meli, head of research

Barclays

Fater Belbachir, head of equities, is a JPMorgan alum who joined Barclays in June

Belbachir, a JPMorgan alum who joined Barclays in June, will also head cross-asset structuring "following a review of our cross-asset solutions business," the memo said.

Dainton has had a meteoric rise at the bank - the Credit Suisse alum joined Barclays as head of equities in 2017 and was promoted to global markets chief earlier this month. Belbachir joined in the middle of the flux, as several senior execs were following their their boss Throsby out the door.

The turmoil has led to at least one division being dismantled and reabsorbed: The Financial Resource Management unit, or FiRM, which Throsby had tasked with allocating capital and delivering Barclays' lofty annual return goal, has been rebranded FRM and is now under the markets umbrella.

FiRM, now FRM, which was headed by Throsby's deputy Art Mbanefo, will now be headed by Andrew Kellner, the memo said.

Two members of the committee are six-month rotating positions, designed to "invite diversity of thinking and skills into our key decision making forum." (Those two temporary committee roles are also the only ones held by women.)

One of them is Asita Anche, whose career caught attention in London finance circles during her stints as a quant trader at hedge funds Citadel Securities and Millennium Capital, and as an MD at Goldman Sachs. Her title at Barclays is head of systematic market making and head of data science.

LinkedIn

Asita Anche, a Goldman Sachs alumna, is head of systematic market making

The other temporary committee member is Mimi Rushton, head of corporate FX, North America.

Nas Al-Khudairi, head of the electronic franchise, will expand his role to include the oversight of the digital strategy, That includes oversight of Beacon, a financial software development platform that was headed by Guy Saidenberg, former global head of distribution and structuring. Saidenberg officially left Barclays on May 1.

The research business reports to Paul Compton, the memo said. Compton earlier this month stepped down as Barclays' Chief Operating Officer and CEO of Barclays execution services, a source told Business Insider.

A Barclays representative said of the memo: "The markets ExCo is an internal construct. It's just a natural continuation of the business as you'd expect under Stephen's leadership." The rep declined to comment further.

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