Barclays, a UK-based financial services firm, is witnessing an exodus in its investment banking unit as three more officials resigned recently following the resignation of the bank’s Americas chief Skip McGee.
The developments come at a time when the chief executive Antony Jenkins is intending to restructure the unit by divesting its assets to create a so-called "internal bad bank."
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The departures include British bank’s global mergers-and-acquisitions department head Paul Parker and two other senior officials, reported The Wall Street Journal.
It has also been reported that over a dozen senior executives have left the British lender over the past two years, with majority of them being from the investment-banking business.
The company’s investment banking unit was heavily staffed after the 2008 purchase of Lehman Brothers Holdings out of bankruptcy, however, the regulatory and political pressure in the US has irked the bankers, according to reports.
Commenting in favor of the bank, Jenkins claimed that the lender offers competitive compensation in a bid to retain top executives.
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By GlobalDataEarlier in February 2014, Barclays reported 10% rise to £2.4bn in its remuneration pool in 2013 despite 32% fall in pretax profit.
Meanwhile, Barclays global investment banking chairperson and founder of Lehman’s global private-equity advisory and financing group Ros Stephenson has offered her resignation on the same day as bank’s Asia chief Robert Morrice announced his retirement to the management.
Ms. Stephenson is expected to join Swiss bank UBS as global chairman of corporate client solutions and head of the advisory and capital-markets business in the Americas.
