Barclays (BARC) Plc named Patrick Kwan and Reid Marsh co-heads of investment banking for the Asia-Pacific region to lead the division following departures and job cuts.
Kwan, who joined the U.K.’s second-largest bank in 2001, is the Asia-Pacific head of its global finance and risk solutions and distribution units, according to an internal memo obtained by Bloomberg News. Marsh joined the firm in 2010 from Citigroup Inc. and is vice chairman of investment banking and executive chairman of its global industrials group, the document showed. He will relocate to Hong Kong from London next month.
They replace Matthew Ginsburg two months after he stepped down to consider senior posts outside of the region. Barclays is cutting hundreds of jobs at its investment bank, with about 100 of those reductions in Asia, people with knowledge of the matter said in June. The eliminations are part of the 7,000 jobs Chief Executive Officer Antony Jenkins said the investment bank will pare by 2016 as he tries to revive profitability.
Timothy Cuffe, a Hong Kong-based spokesman at Barclays, confirmed the contents of the memo. Reuters reported the appointments earlier.
Andrew Jones, who has been interim head of investment banking for Asia-Pacific in the past two months, will now focus on his role as co-CEO for the region, according to the memo.
Ginsburg’s former bosses including Robert Morrice, Asia-Pacific chairman and CEO, and Hugh “Skip” McGee, global head of investment banking, left the London-based bank earlier this year.
David Campbell was named interim head of Asia-Pacific distribution to replace Kwan, a separate memo obtained by Bloomberg News showed. Samson Yip, previously head of investor solutions for Asia excluding Japan, was appointed head of North Asia distribution, reporting to Campbell, the document showed.
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