Barclays has restructured its investment banking unit with new hires in Asia, Europe and the US.
As part of the restructuring, Barclays has named Gary Posternack as its new global head of mergers and acquisitions, and hired Reid Marsh as co-head of investment banking in Asia-Pacific.
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Based in New York, Posternack will also join the bank’s executive committee for global investment banking. Posternack, who joined Barclays in 2008, has previously worked as head of mergers and acquisitions for the Americas.
In his new role, Marsh will be based in Hong Kong and will replace Matthew Ginsburg, who stepped down in May as head of the Asia investment bank.
Marsh previously served as vice chairman of investment banking and chairman of Barclays global industrials group. Prior to this, he has worked with Citigroup.
At the same time, Matthew Ponsonby, currently global chief operating officer of investment banking, will be replacing Mark Warham as head of mergers and acquisitions in the Europe, the Middle East and Africa.
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By GlobalDataAdditionally, Barclays is planning to cull about 7,000 jobs in the investment banking unit, or about a quarter of its staff, over the next three years in a move to boost profitability.
Furthermore, Barclays is planning to sell its natural resource-focused private equity unit for a deal worth between $1 billion and $1.4 billion.
