Barclays Securitized Products Head Tom Hamilton Leaving Role
Barclays Plc (BARC) executive Tom Hamilton, who oversaw the second-ranked underwriter of structured-finance deals, is leaving his position.
Hamilton, who joined the bank in 2004 and helped build the London-based firm’s U.S. mortgage-bond business, decided to move from his role as head of securitized products and municipals to become a senior adviser, according to an internal memo dated today and obtained by Bloomberg News. The contents of the memo were confirmed by Kerrie Cohen, a spokeswoman for the bank in New York, who declined to comment further.
“We will be sharing more detail on the structure and management of the markets business, including securitized products and municipals, in the near future,” Eric Bommensath, who the bank said this month will head a restructured division, said in the memo.
Hamilton is departing his position as investment-banking chief, Rich Ricci, combines part of the lender’s fixed-income and equities operations in his first overhaul since taking sole control in June. Hamilton didn’t return a telephone message seeking comment.
Barclays managed $26.9 billion of structured-finance deals in the first half of this year, or 11.6 percent of the worldwide total, according to newsletter Asset-Backed Alert. JPMorgan Chase & Co. was the top underwriter with $33.6 billion of transactions.
The bank promoted Skip McGee to chief executive of corporate and investment banking in the Americas and Jerry Donini was named chief operating officer of corporate and investment banking, according to an internal memo earlier this month. The trading and distribution teams in fixed income, commodities, currencies and equities will be put into a single markets business led by Bommensath.
Chief Executive Officer Antony Jenkins, who succeeded Robert Diamond in August after the bank was fined a record 290 million pounds ($468 million) for manipulating the London interbank offered rate, is reviewing which parts of the company will be sold or shrunk as the bank seeks to boost profitability and overhaul its culture.
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