British banking giant Barclays has replaced its co-heads of equities, Todd Sandoz and Paul, as part of the business overhaul, Reuters reported citing a spokesperson for the bank.

The news comes as the bank continues to reshuffle the management of its investment business. 

According to the spokesperson, Stephen Dainton, who has previously led the unit, has taken over as interim global head of equities

Dainton will also continue in his existing position as co-head of global markets.

“The current strategy and client proposition for equities were set by Stephen when he previously ran the business and will not change,” the bank’s internal memo read, which was confirmed by the spokesperson.

The memo stated that the bank now requires a single leader for the business to boost market share and returns. Barclays said that it is looking for a long-term manager for the equity business.

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By GlobalData

Last month, Barclays said it has named Taylor Wright and Cathal Deasy as the co-heads of its investment banking operations. 

In their new role, which takes effect from 27 March 2023 Wright and Deasy will jointly control the unit’s various coverage and product groups, besides maintaining relationships with clients and initiating dealmaking activities across the globe.

Barclays Corporate & Investment Bank (CIB) global head and Barclays Bank president Paul Compton will supervise Wright and Deasy, who will also join the CIB management team. 

In early December, Barclays appointed Jim Rossman as the global head of the group’s shareholder advisory business.