Barclays has beefed up its Corporate and Investment Bank (CIB) division to execute on the digitalisation of its Markets business, as part of the UK bank's overall focus on digitalisation announced by Jes Staley at the end of 2017.
A Barclays spokesperson said that since Tim Throsby's (pictured) appointment in January 2017, Barclays International (and within that CIB) 'has been focused on reinvestment for growth in people and technology to increase returns'.
The three new senior appointments will be responsible for executing on the digitalisation of the bank's markets business. Nas Al-Khudairi (right) has been promoted to oversee electronic trading platform. Al-Khudairi will expand his current equities responsibilities as global head of electronic equities and head of cash equities, Europe, Middle East & Africa (Emea), and assume oversight of the bank's global markets electronic product offering.
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Mauricio Sada-Paz will join Barclays in London in July as global head of eFICC product and distribution. In this newly-created role, Sada-Paz will lead the execution of Barclays' global eFICC strategy across credit, foreign exchange and rates. Sada-Paz will work closely with his trading and technology partners. He joins from Bank of America Merrill Lynch where he spent eight years, most recently global head of eFX sales & head of eFICC sales for Emea. Prior to that he spent 12 years at Goldman Sachs.
In addition, Brett Tejpaul (below) has also been promoted to head of digital strategy and client strategy for markets to lead digital strategy for markets, alongside his existing markets client strategy role.
'With advancements in technology rapidly disrupting the status quo, our digital strategy is instrumental for us to defend our business and pursue new revenue opportunities,' stated the spokesperson. 'We can create further client value and bring efficiencies to our business by having our electronic teams working closer together across macro (rates & fx), credit and equities.'
The bank's recent push has seen its markets division adding close to 25 new managing directors throughout 2017 and into 2018 including Stephen Dainton, as head of equities in September 2017; Guy Saidenberg, head of distribution & structuring in November 2017; Michael Lublinsky, as head of macro in November 2017; and Naseer Al-Khudairi, as global head of electronic equities and head of cash equities, Emea, in February 2018.
At the end of 2017 Dainton, Saidenberg, and Lublinsky, together with Adeel Khan the bank's head of credit, were confirmed as co-heads of markets reporting to Throsby, president, Barclays Bank and CEO of Barclays International.
YTD Barclays is the fastest growing equities business globally with first quarter income up 28% vs Q1 2017 (up 48% on a USD basis). Barclays' equities business reported first quarter 2018 income up 28% year on year (up 43% on a USD basis). In global revenues Barclays beat both Deutsche Bank and Credit Suisse for the first time since the Lehman acquisition in 2008.
SRP data shows that in 2017, Barclays was the sixth most active bond provider in the structured products market globally (US$8bn). Year to date, Barclays is the third most active bond provider (US$2.9bn) in the US structured products market and the seventh most active distributor of structured notes (US$1.2bn). However, the bank's activity and market share in Europe and Asia-Pacific is far from the top ten issuers and distributors.
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