Exodus at Barclays continues

Departure

Movement of the people.

UBS hired Ros Stephenson from Barclays to be global chairman of corporate client solutions, reporting to Andrea Orcel, the investment bank CEO.

Bloomberg News reports that Stephenson will join the executive committees of the investment bank and the Americas starting in September, according to a statement from the company. She joined Barclays when the bank acquired the U.S. operations of Lehman Brothers, where she helped start the financial sponsors group, which advised private-equity firms such as KKR & Co.

Stephenson is the latest senior manager to leave Barclays as CEO Antony Jenkins reshapes the investment bank amid pressure to cut costs and boost profit. Her departure follows that of Hugh 'Skip' McGee, one of the most senior dealmakers to join Barclays when it acquired Lehman in 2008, who stepped down as CEO of the Americas division at the end of April, and Robert Morrice, the Asia-Pacific chairman and CEO who is retiring after 17 years. 

In the meantime, The Financial Times reports that Barclays’ head of mergers and acquisitions is expected to quit, which would take to four the number of high-level bankers it has lost in the week before it unveils a strategic revamp.

One insider said Parker, who was head of M&A at Lehman Brothers before its US arm was bought by Barclays in 2008, had been eased out as part of management changes to be announced next week. But his departure will add to analysts’ concern that it faces an exodus of top executives.

On Friday, Robert Morrice announced his retirement as Barclays’s Asia-Pacific chairman and chief executive after 17 years at the bank and 12 years in charge of its Asian operations.

Barclays's Stephenson Leaves for UBS as Departures Mount 

Barclays head of M&A to quit ahead of shake-up

 

Best place to workThe Best Firm of the Last Decade is...

Register for Financial Markets News Alerts