When Staley presented a dismal set of third-quarter results for Barclays on October 26, he doubled down on his strategy of trying to rebuild market share and revenue growth for the firm’s investment bank and went into unusual detail on who he expects to deliver a Lazarus-style rebound.
Around £20 billion ($26.2 billion) of risk-weighted assets will be recycled and an additional £50 billion of balance sheet capacity will be deployed across markets financing to give the business a boost.
Staley singled out three markets pros who were hired recently by Barclays as he tried to sell the story of future recovery on a call with analysts to discuss those third-quarter earnings.
He mentioned that Stephen Dainton, formerly of Credit Suisse, has been appointed head of equities; Michael Lublinsky has arrived from hedge fund Brevan Howard as head of macro; and Guy Saidenberg, a former Goldman partner, has become head of sales.
These three will join existing head of credit Adeel Khan to make up the four key markets subordinates to Tim Throsby, a former JPMorgan equities head who was hired last year by Staley to run investment banking at Barclays.
