Barclays Said to Review Brokers as Part of New Chairman’s Push

Barclays Plc is considering replacing its corporate brokers Credit Suisse Group SA and Deutsche Bank AG as new Chairman John McFarlane starts to review the lender, according to a person with knowledge of the matter.

Deutsche Bank and Credit Suisse have been invited to re-pitch for the advisory position, with Bank of America Corp., JPMorgan Chase & Co., Goldman Sachs Group Inc. and UBS Group AG also bidding, said the person, who asked not to be identified because the process is private. Credit Suisse has been a broker to Barclays for 25 years and Deutsche Bank won the role in 2011.

McFarlane, 67, replaced David Walker in April, vowing to speed up the lender’s overhaul introduced under Chief Executive Officer Antony Jenkins to improve profitability and investor returns. Brokers are a key part of this process, providing advice on strategy and helping communications with investors.

Barclays looking at brokers was earlier reported by CityAM.

The bank is also reviewing its auditor and will announce a decision in the next two months, the person said. The bank has been with PricewaterhouseCoopers LLP for more than 100 years.

Archana Achuthan, a London-based spokeswoman for Barclays, declined to comment on the bank’s auditor and broker. Spokesmen at Deutsche Bank and Credit Suisse declined to comment.

Corporate brokers advise companies and support their relations with investors for minimal fees, in the expectation of winning more lucrative business, such as arranging debt deals or initial public offerings.

Barclays own head of corporate broking, Alisdair Gayne, this month decided to stay at the British bank after it offered him more money. He was close to accepting an approach by UBS, which wanted him as chairman of its U.K. investment bank, a person with knowledge of the matter said earlier this week.