Barclays is set to announce that JPMorgan Chase & Co.’s executive Tim Throsby will become head of its Corporate and International division at the end of the year, ending a six-month search for the job, according to anonymous sources familiar with the talks.
Chief Executive Jes Staley has been running the Corporate and International division, the bank’s biggest income generator, himself since Tom King’s departure in March.
Earlier this year, Barclays was shaken up after Staley announced the bank would be divided into two units; Barclays UK and Barclays Corporate and International. The transatlantic strategy was introduced to comply with ring-fencing regulations aimed at protecting its retail banking from riskier operations.
Barclays UK runs the retail and consumer banking operations and Barclays Corporate and International runs its investment and wealth management operations, in addition to international wealth and its Germany-based and U.S.-based credit card businesses.
Throsby joined JPMorgan in 2010 and was appointed global head of equities two years later in 2012. Prior to joining JPMorgan, Mr. Throsby worked in equities with a range of banks including Macquarie Group and Goldman Sachs.
His appointment at Barclays is likely to be announced in the next few days, said anonymous sources.
Spokespeople for Barclays and JPMorgan declined to comment.
Barclays’ shares have plummeted 20 percent so far this year after the worst single-day drop on record after the EU referendum result on June 23.
However, there are signs of recovery in Britain’s services industry post-Brexit as sterling jumped to a 7-week high against the dollar on Monday, having dropped earlier this summer due to the Brexit vote.
Sterling went up to $1.3375, its highest since mid-July and up by 0.6 percent on the day and was trading at $1.3330 immediately before the data.
The Markit/CIPS Purchasing Managers’ Index (PMI) for the services sector jumped to 52.9 in August from July’s seven-year low of 47.4. This marks the largest gain in one-month in the 20-year history of the survey. It also surpassed all predictions in a Reuters poll.
Gilt futures slumped by over 10 ticks, while Britain’s blue chip stock index, which often benefits from a weaker pound, extended losses following the release of the survey.