Barclays
Top unit
Top unit
Barclays: The bet that paid off
Since Jes Staley took charge of Barclays at the end of 2015, he has faced constant questions over his ability to reposition the firm as a credible force in investment banking. Sticking to his guns in the face of activist shareholder pressure, he now looks vindicated, but growing from here presents a new challenge.
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Many banks could press strong claims to be western Europe’s best investment bank for the first year of Covid – when all issuers desperately needed financing, corporations and sovereigns sought strategic advice and investors required ideas and liquidity to rapidly adjust market exposures. -
A new group at the top of the investment bank’s coverage effort is another indication of where its priorities now lie.
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Barclays has long wanted to rebuild the European ECM franchise it got rid of in 1997 with the sale of BZW, but has often struggled to do so. With a foundation of corporate broking in the UK and hiring in continental Europe, it’s finally making some progress.
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Barclays has rediscovered its appetite for its markets business under CEO Jes Staley. Macro head Michael Lublinsky says there are now encouraging opportunities in emerging markets and corporate FX.
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Two years ago, Barclays began to build a dedicated sustainable investment banking coverage group. Aimed at emerging growth companies, as well as the bank’s mature large cap clients, it’s a big element of a wider collaboration effort at Barclays.
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Barclays’ Asia investment bank is rebuilding after a traumatic restructuring in 2016. After a few years of steady growth, a more focused approach could make it more efficient than before.
