Barclays nabs 7th JP Morgan senior executive
(7 September 2016 – United Kingdom) Barclays has poached another executive from rival JP Morgan to head its investment bank.
The UK bank appointed Tim Throsby, currently global head of equities at JP Morgan, as president of Barclays corporate and international (BC&I) and chief executive of its corporate and investment bank.
He will run the investment bank and fill the void left by the departure of Tom King in March. He will also be in charge of corporate banking, Barclays' UK and US credit cards, wealth management and the payments business.
Throsby, an Australian, is expected to join in January and will be based in London. He will join the executive committee and report to Staley.
Throsby joined JP Morgan in April 2010 as head of equity derivatives and was promoted to head of equities in September 2012.
He has held senior roles at a number of banks, including at Credit Suisse (LSE: 0QP5.L - news) and Macquarie before he joined Goldman Sachs in 1995 as co-head of equity derivatives for Asia and Japan. In 2002, he moved to Lehman Brothers to head the Asia and Japan equities division and then its global equities business in 2004, and in 2005 he joined US hedge fund Citadel, where he ran its Asian business from Hong Kong.
The appointment of Throsby effectively completes Staley's top team, at a time when his turnaround plan appears to be gaining traction but there are still considerable operational and strategic challenges ahead.
The bank has to separate its UK retail banking business by 2019 to shield depositors from any problems that could arise in its investment bank or other businesses.
The investment bank is being slimmed down, and Staley has quit some countries to pursue a transatlantic strategy focused on its two "home" markets of Britain and the US.
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