With its AGM safely out of the way, Barclays appears to be making some big changes to its under-performing trading business.
Sources say that Joe Corcoran, global head of markets and head of markets Americas is stepping down and becoming vice chairman. Tim Throsby, the head of the investment bank whom Barclays hired from J.P. Morgan in September 2016 is taking personal control of global markets himself.
At the same time, Barclays is understood to have hired Kristen Macleod, a Goldman Sachs MD in U.S. FX sales, and Filippo Zorzoli, the EMEA head of rates sales at Bank of America Merrill Lynch.
Corcoran declined to comment on the changes and Barclays didn’t immediately respond to a request for comment.
The moves follow a miserable quarter for Barclays’ fixed income and equities trading businesses. In the first three months of this year, the bank’s fixed income revenues fell 1% and its equities trading revenues fell 10% compared to the opening quarter of 2016. During the bank’s investor call CEO Jes Staley identified the U.S. rates business as a notably poor performer, saying “it didn’t do as well as I’d liked.”
A markets veteran, Corcoran joined Barclays from Lehman in 2008 according to FINRA. He was formerly head of global equities trading at Barclays and was promoted to run the markets business in 2015 after former head Eric Felder left within a year of being appointed. Throsby himself is also an ex-equities banker who needs to affect a fast turnaround of Barclays’ trading operation.
Both Macleod and Zorzoli look like big hires. Macleod spent 13 years at Goldman Sachs and made managing director in 2015. She’s understood to be on gardening leave. Zorzoli was also a former Goldman Sachs managing director and joined Bank of America from Goldman in June 2011 after being hired by fellow ex-Goldmanite Sanaz Zaimi. Zorzoli will be based in London.
Sources said Barclays is keen to improve the performance of its U.S. fixed income business after the dismal first quarter. Rates is understood to be a particular focus, with further senior hires expected in the coming weeks. A spokesman for the bank said it would be wrong to read too much into Barclays’ first quarter, which is being compared to an exceptionally strong start to 2016, ““No business is run based the results of a single quarter. These changes illustrate how we are positively investing and growing our business.”