Barclays Names Lehman Veteran Wieseneck to New Strategy Role
Barclays Plc (BARC) named Larry Wieseneck to a new role of chief strategy officer for corporate and investment banking and said John Langley and Joe McGrath will take over the capital markets unit that Wieseneck ran.
Wieseneck, 46, who led or co-led the underwriting business of Lehman Brothers Holdings Inc. (LEHMQ) and then Barclays since 2003, will assume his new duties immediately and report to Jerry del Missier and Rich Ricci, co-heads of the London-based bank’s securities unit, according to an internal memo from del Missier and Ricci obtained by Bloomberg News. Mark Lane, a spokesman for Barclays in New York, confirmed the memo’s contents.
“Barclays is operating in an environment of significant regulatory and market change, and we must remain disciplined and coordinated as we continue to gain momentum,” they said in the memo. The strategy team led by Reto Kohler will report to Wieseneck, who will also assume Justin Bull’s responsibilities for managing del Missier and Ricci’s office and acting as their chief of staff.
Langley, based in London, and McGrath, in New York, will report to Hugh “Skip” McGee, head of global investment banking, and will join that division’s executive committee, according to a company statement.
Langley, 43, who has a background in interest-rate and currency derivatives, joined Barclays from Merrill Lynch & Co. in 2006 and had been head of global risk solutions since early 2011. McGrath, 48, head of global leveraged finance since 2010, joined the bank in 2006 from Goldman Sachs Group Inc.
In their role as co-heads of the global finance and risk- solutions business within investment banking, Langley and McGrath will oversee equity capital markets, debt capital markets, leveraged finance, loans and risk solutions, according to the company’s statement.
Barclays ranks fourth this year in managing corporate bond sales, sixth in managing sales of high-yield debt globally and ninth in worldwide equity and equity-linked offerings, according to data compiled by Bloomberg.
Barclays, the second-biggest U.K. bank, expanded its securities unit with a 2008 acquisition of parts of Lehman Brothers in the U.S.
Wieseneck, who joined Lehman in 1997, had overseen equity capital markets before his business merged in 2003 with debt capital markets run by Jeffrey L. Weiss. The two ran those operations together until 2007, when Weiss became head of the financial institutions group within investment banking. Barclays said last week that Weiss, 51, plans to leave the bank in June.
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