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Barclays rejigs investment banking structure

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Barclays has amended its investment banking structure by appointing regional heads and merging its equities and fixed income businesses into one single markets unit.

According to the FT, former fixed-income boss Eric Bommensath will head the markets business, with equities boss Jerry Donini appointed chief operating officer.

Skip McGee will become America’s chief executive, with Patrick Clackson responsible for Europe, Middle East and Africa. Robert Morrice will continue in his role heading up the Asia region.

In a letter to staff, Barclay’s head of corporate and investment banking Rich Ricci says: “The evolution of client demands and regulatory change means that we need to provide a greater degree of regional leadership and co-ordination.”

Tom King has been appointed as the head of the investment banking advisory business, while John Winter – who had earlier moved from the investment bank to head Barclays’ corporate bank – will join the executive committee.

Barclays has also created a 14-member executive committee for the combined corporate and investment bank.

In June, Barclays was fined £290m by US and UK regulators for manipulating Libor. The scandal saw chief executive Bob Diamond and chairman Marcus Agius resign from their roles. Diamond has since been replaced by Antony Jenkins, who has promised a detailed strategic review of the business in the first quarter of 2013.

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