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Pin to quick picksBarclays Share News (BARC)

Share Price Information for Barclays (BARC)

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Share Price: 206.90
Bid: 206.90
Ask: 207.00
Change: 4.55 (2.25%)
Spread: 0.10 (0.048%)
Open: 204.25
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Low: 204.10
Prev. Close: 202.35
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UPDATE 1-Barclays' Asia investment bank head steps down amid global shake-up

Thu, 15th May 2014 07:52

* Departure part of reshuffle amid global cutbacks ininvestment banking

* Ginsburg hired in 2009 Asia Pacific expansion plan

* Barclays only once in top 25 Asia equity underwriters inpast 5 years (Adds context of global cutbacks, background on otherdepartures)

HONG KONG, May 15 (Reuters) - Barclays' topinvestment banker in Asia Pacific has stepped down from hispost, the bank said on Thursday, the latest in a raft ofregional management changes at the British lender as it shrinksits investment bank globally.

Matthew Ginsburg is the most senior banker to leave BarclaysAsia Pacific this month as the lender scaled back its investmentbanking business to focus instead on U.S. and British clients aswell as advising on deals and selling products such asgovernment bonds..

Ginsburg, who is considering jobs at Barclays outside Asia,will be replaced in the interim by Andrew Jones, according to aninternal memo seen by Reuters. Jones was named co-chiefexecutive for Asia Pacific alongside Eiji Nakai on May 2.

A spokesman for Barclays declined to comment.

Barclays had hired Ginsburg from Morgan Stanley in 2009 asit expanded its investment banking business in the region afterthe financial crisis. His exit comes a few days after topdealmaker Jason Rynbeck, who joined Barclays in 2008 from RoyalBank of Scotland Group, left.

Marc Benton, Barclays' head of oil and gas coverage, alsoleft last month, according to a filing with Hong Kong'sSecurities regulator.

Robert Morrice, the British bank's chairman and CEO for AsiaPacific and who oversaw that expansion in the region, retiredfrom Barclays earlier this month.

Barclays has also seen a series of high profile departuresin the United States, including Hugh 'Skip' McGee, the head ofits Americas business.

Barclays has enjoyed mixed fortunes in building its businessin Asia Pacific since Ginsburg and other senior hires werebrought on in 2009.

In debt capital markets, its traditional strength, it hasperformed well, finishing sixth last year in Asia pacific bondunderwriting, according to Thomson Reuters data.

But the lender has not succeeded as well in other areas,such as advising on stock offerings. Barclays only figured onceamong the top 25 equity underwriters in Asia Pacific in the pastfive years, ranking 15th in 2012, according to Thomson Reutersdata. (Reporting by Lawrence White, additional reporting by ElzioBarreto and Umesh Desai; Editing by Miral Fahmy)

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A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
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*

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