Barclays’ APAC co-head to depart
(23 February 2016 – Asia) Barclays co-head of investment banking in the Asia-Pacific region, Patrick Kwan, will be departing, sources have told reporters.
His departure this week will leave Reid Marsh, the other co-head of APAC investment banking in the as the sole head of the division.
Kwan joined the Bank in 2001 and has retained senior positions across equity and debt capital markets businesses, as well as risk management and equity derivatives. He was appointed co-head of the Asia-Pacific investment bank along with Marsh in 2014.
Marsh transferred to Hong Kong in 2014 from the bank’s London headquarters, where he held the position of vice chairman of investment banking and executive chairman of the global industrials group.
Kwan’s exit comes as the London-based bank seeks to realign its regional operations. It has recently announced that it would cut around 1000 jobs, predominantly in Asia, as well as look to refocus on its investment banking operations in Britain and the US.
Barclays is withdrawing from Australia, South Korea, Taiwan, Indonesia, Malaysia, the Philippines and Thailand. It is also is closing its cash equity research, sales and trading and convertible-bond trading businesses in Asia.
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