- Mahon moves from non-core unit to run Europe, Asia operations
- Joe McGrath adds oversight of the U.S. business to duties
Barclays Plc named Joe McGrath head of its operations in the U.S. and put John Mahon in charge of investment banking in Europe and Asia as part of Chief Executive Officer Jes Staley’s revamp of one of the firm’s two main divisions, according to a person familiar with the appointments.
McGrath is now head of Barclays Corporate and International Americas and global head of capital markets, said the person, who asked not to be identified because the changes aren’t public. Mahon, previously co-head of the bank’s non-core unit, will manage investment bankers outside the Americas, a region the bank now calls EMEAPAC. Richard Taylor, formerly co-head of banking, has been named chairman of the global corporate and investment bank.
The changes come after Staley restructured the company in March to comply with British rules requiring the separation of consumer and investment-banking arms, splitting it between Barclays Corporate and International -- which houses the investment bank, most of wealth management and the U.S. and German credit-cards businesses -- and the ringfenced retail-focused Barclays U.K.
The most important role at the Corporate and International division remains vacant. Staley is directly responsible for the unit, with Joe Gold serving as deputy CEO, until he names a permanent chief. Earlier this year, Staley indicated he’s ruled out internal candidates and is recruiting for the role externally. Previous investment bank chief Tom King left in March after six years at the bank.
A spokesman for Barclays declined to comment on the appointments.
Within the division, the corporate and investment bank is split into four units: a trading business, a capital markets unit that does underwriting and loans, a banking group that includes merger advisers, and research.
Art Mbanefo has been put in charge of the trading unit in the EMEAPAC region, including debt and equity trading desks. He reports to Joe Corcoran, who remains global head of markets and runs trading in the Americas.
Mahon’s counterpart leading investment bankers in the Americas is John Miller. Mahon’s appointment leaves Harry Harrison as sole head of the non-core unit, which now houses 42 billion pounds ($55 billion) of the lender’s toxic or unwanted assets, down from 115 billion pounds when it was created in May 2014. Staley has said the unit will be closed by the end of next year.