- Davey also joins executive committee of securities unit
- Said to replace Wieseneck, who left Barclays last year
Barclays Plc appointed Ben Davey chief strategy officer of the investment bank in London, according to an internal memo seen by Bloomberg, as Britain’s second-largest lender seeks to bolster returns at the unit.
Davey will join the Investment Bank Executive Committee and report to Tom King, chief executive officer of the securities unit, Barclays said in the memo sent to staff on Friday. He was most recently head of the financial institutions group for banking in Europe, the Middle East and Africa, according to the memo. Aoife Reynolds, a spokeswoman for Barclays in London, declined to comment.
“Ben will focus on the ongoing development and execution globally of the strategic agenda for the investment bank,” King said in the memo. “He will also lead the investment bank’s input to Barclays’ structural reform programme.”
Chairman John McFarlane, 68, has pledged to focus investment on the U.K. and U.S. and boost the debt and equity capital markets businesses since firing CEO Antony Jenkins in July. Barclays has been shrinking and refocusing the investment bank, which had the lowest returns of any of its units last year.
The last person to hold the chief strategy officer role was Larry Wieseneck, who left the bank in June 2014, according to a person with knowledge of the matter, who asked not to be identified because the matter is private. Mike Lamb and Peter Mason replaced Davey as co-heads of FIG EMEA in June, the person said.
Davey started his career as a barrister in London before joining Rothschild as a merger and acquisitions banker, according to the memo. At Barclays, he advised Deutsche Bank AG on its 6.8 billion-euro ($7.7 billion) rights issue, Friends Life Group Ltd. on its 5.6 billion-pound ($8.6 billion) merger with Aviva Plc, and ran the initial public offerings of Virgin Money Holdings UK Plc and OneSavings Bank Plc.
“He has extensive experience advising FIG clients globally on strategic issues, as well as on mergers and acquisitions, capital restructurings and capital raisings,” King said in the memo. “Since 2010, Ben has acted as an adviser to Barclays with his roles including the 2014 strategic review of the Investment Bank.”