Barclays Names Interim Heads of Equities After Former Boss Jumped to Citi -- Financial News
May 22 2020 - 6:23AM
Dow Jones News
By Paul Clarke
Of Financial News
Barclays PLC turned to its two regional heads of equities to
temporarily co-head the unit globally following the abrupt
departure of former stock trading chief Fater Belbachir.
The U.K. lender named Paul Leech and Todd Sandoz as interim
co-heads of equities, according to a person familiar with the
matter.
The shuffle comes around a week after Financial News reported
that Mr. Belbachir was moving to Citigroup Inc after less than a
year in the job.
Mr. Leech only joined Barclays in January as head of European
equities after 25 years at JPMorgan. Mr. Sandoz led the U.K.
lender's Americas stock trading unit, having joined in 2018 after
leading Nomura's equities business.
Mr. Leech's hire in January reunited him with former JPMorgan
trader Mr. Belbachir, who joined Barclays last year to lead its
equities division globally. But Mr. Belbachir was poached by
Citigroup to lead its reshaped stock trading unit.
Barclays brought in Mr. Belbachir in June last year after the
U.K. lender shook up the leadership of its investment bank. Tim
Throsby--the Australian brought in to head up its corporate and
investment banking unit--left the bank in March, leading to the
promotion of former equities chief Stephen Dainton as head of its
entire markets business.
Barclays followed Wall Street rivals with a huge uptick in sales
and trading revenues in the first quarter thanks to market
volatility caused by the coronavirus crisis. Its equities business
posted revenue increase of 21% during the first three months of the
year, a figure dwarfed by the 106% rise within its fixed income
unit.
Website: www.fnlondon.com
(END) Dow Jones Newswires
May 22, 2020 06:08 ET (10:08 GMT)
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