Barclays replaces co-heads of equities as reshuffle continues (2024)

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Barclays replaces co-heads of equities as reshuffle continues? ›

LONDON, Feb 6 (Reuters) - Barclays' (BARC. L) , opens new tab co-heads of equities, Todd Sandoz and Paul Leech, have left the bank, a company spokesperson said on Monday, as the British firm continues a reshuffle of its investment bank's management.

Barclays is amongst several other major UK banks that are financially complicit in upholding illegal Israeli settlements. The 2023 Don't Buy Into Occupation report found that 776 European financial institutions are involved with 51 companies linked to illegal Israeli settlements.

The bank axed around 5,000 jobs in 2023 after dealmaking activities slumped across the industry. In November, Reuters exclusively reported the lender was working on plans to save up to 1 billion pounds by shedding a further 2,000 jobs, mainly in the British bank's back office.

Barclays appoints Cathy Leonhardt as Global Head of Retail within Investment Banking. Barclays today announces the appointment of Cathy Leonhardt as Global Head of Retail within Investment Banking. Ms. Leonhardt will be based in New York, and will report to Lowell Strug, Global Head of Consumer and Retail Group.

Barclays' new corporate structure is set to comprise five new divisions: Barclays UK, Barclays UK Corporate Bank, Barclays Private Bank and Wealth Management, Barclays Investment Bank and Barclays US Consumer Bank. Vim Maru, currently global head of consumer banking, has been appointed CEO of Barclays UK.

The closures continue a trend seen across the industry, with several major banks scaling back their high street presence in recent years. Barclays is closing branches across the UK as in-person banking continues to fall and more people go online.

Barclays also reported revenues fell 4% in its UK retail bank, as competition to lend intensified. "Among the culprits for the lower numbers were mortgage margin pressure and adverse deposit dynamics as customers sought higher rates elsewhere," said Richard Hunter, Head of Markets at interactive investor.

BlackRock's acquisition of 100% of Barclays Global Investors in a cash-and-share deal worth $15.2billion in 2009 changed its fortunes. In 2009, BlackRock's assets under management were $1.435 trillion. Barclays Global Investors' assets under management were around $1.85bn.

Barclays' CEO is Venkat Venkatakrishnan, appointed in Nov 2021, has a tenure of 2.83 years. total yearly compensation is £4.64M, comprised of 61.6% salary and 38.4% bonuses, including company stock and options. directly owns 0.021% of the company's shares, worth £6.76M.

Shareholders: Barclays PLC

The Vanguard Group, Inc. Solium Capital UK Ltd. Morgan Stanley Investment Management, Inc. DFA Australia Ltd.

Which bank replaced Barclays? ›

Absa Group Limited (2018-present)

Barclays Bank Plc in 2018 owned 14.9 percent of Absa Group Limited. In March 2018, Barclays Africa announced the group's name would revert to Absa Group Limited, effective 30 May 2018. The company underwent rebranding in 2018, inclusive of a new logo and slogans.

Barclays main competitors are Nomura Securities, BNP Paribas, and Moody's.

Our five Values – Respect, Integrity, Service, Excellence and Stewardship – are our moral compass; the fundamentals of who we are and what we believe is right.

Barclaycard is listed as the official payment partner for Download and campaigners have accused the bank of increasing its investment in arms companies that trade with Israel during the ongoing war in Gaza.

Barclays is also facing increasing scrutiny over its shareholdings in, and loans and financial services provided to, companies selling weapons to Israel. In October 2022, campaigners picketed dozens of Barclays branches across the UK, highlighting the bank's complicity in Israel's regime of military occupation.

“Our research has identified Barclays as a major financier of companies arming Israel,” the group said in a research report. “Barclays bank holds substantial financial ties with arms companies supplying weapons and military technology to Israel, used in its attacks on Palestinians.”

This May 2024 report by PSC, Campaign Against Arms Trade, and War on Want, details Barclays financial ties to companies producing weapons and military technology used in Israel's attacks on Palestinians.