Barclays May Still Have An Investment Bank, But It No Longer Has A Head Of Investment Banking - Dealbreaker

Barclays CEO Jes Staley hasn’t been terribly amenable to the argument that his investment bank is an embarrassing black hole, the less of which, the better, the elimination of which: the best. In fact, he’s rather fond of poking holes in it, pointing proudly to the tiny increases in market share Barclays has enjoyed. Still, some people, like activist hedge fund manager Edward Bramson, would at the very least like the I-bank to shrink. Well, Jes Staley has finally obliged (although not on the whole board representation thing), and the unit is shrinking by one.

Barclays PLC announced the surprise departure of investment-banking head Tim Throsby in a reshuffle that puts Chief Executive Jes Staley directly in charge of the embattled unit of the British lender.

Barclays said Mr. Throsby decided to leave after it stripped away his role overseeing the bank’s global markets, global banking and corporate banking businesses….

Mr. Staley said Wednesday’s reorganization will “bring oversight and accountability for the performance of the Corporate & Investment Bank much closer to me as the Group CEO.”

Which seems like a hell of a gamble for said Group CEO, but what can we say? Jes Staley is really feeling himself these days.

Barclays Investment Bank Boss Steps Down as Part of Broad Restructuring [WSJ]

Related

(Getty Images for Yahoo Finance)

Layoffs Watch ’19: Barclays Wants To Be More Like Credit Suisse

And unfortunately for Edward Bramson and the 3,000 of you without jobs, it’s not in the “deemphasize the investment bank” kind of way.

(Getty Images for Yahoo Finance)

Bonus Watch ‘20: Barclays I-Bankers

Jes Staley loves you guys, he just doesn’t love paying you guys.

(Getty Images for Yahoo Finance)

Guy Who Thinks Barclays’ I-Bank Is Governance Failure Thinks The Same About Hiring Jeff Epstein’s Buddy As CEO

You might think they’re not related issues, but to Edward Bramson it’s like the big reveal in the DaVinci Code, a book I have not read.

(Getty Images for Yahoo Finance)

Jeffrey Epstein’s Banker Screws Over Jeffrey Epstein’s Bank

Jes Staley, who once bought a hedge fund with Epstein’s help, is taking his piece of Deutsche Bank’s prime brokerage.

(Getty Images for Yahoo Finance)

Not-So-Local Man Decides Not To Add Jes Staley To Unemployment Rolls For Now

But Edward Bramson would love to see a long-dated pink slip with the Barclays CEO’s name on it.

(Getty Images for Yahoo Finance)

Jes Staley High On Investment Banking, Low On General Future Of Britain

This is problematic, given that he runs a British bank.