Barclays Equities Executive Beebe Leaving to ‘Take a Break’By and
Beebe had global role after leading EMEA equities at Barclays
Barclays’ equities unit among smallest of global banks
Jonathan Beebe, who helped lead equities trading at Barclays Plc, has left the bank after four years.
Beebe, 43, who joined in 2012 to help run the stock-trading business in Europe, is departing to “take a break from the industry” and spend more time with his family, according to an internal memo obtained by Bloomberg News. Beebe’s latest role was head of global equities liquid markets, according to his LinkedIn page, and the lender didn’t name a replacement for him in the memo.
Beebe was hired from Bank of America Corp. four years ago as then-Chief Executive Officer Robert Diamond tried to push into European equities. The lender has struggled to boost market share in the stock-trading business, ranking last by revenue among the nine largest investment banks, according to data from Bloomberg Intelligence.
“Jonathan told me of his decision last year and we both believe now is the right time for him to step down,” Barclays’ head of markets Joe Corcoran wrote in the memo. Beebe exits with the business “in a strong position to deliver on its goals,” he wrote.
Beebe didn’t immediately respond to emailed requests for comment. The contents of the memo were confirmed by Andrea Colvile, a spokeswoman for London-based Barclays.
Barclays generated $3.06 billion of revenue from equities trading in 2015, a 9 percent drop from a year earlier, according to Bloomberg Intelligence. The bank is scheduled to report second-quarter results this week.
— With assistance by Stephen Morris