LONDON, Might 23 (Reuters) – Barclays (BARC.L) has appointed a Morgan Stanley veteran Scott McDavid as its new world head of equities, the British financial institution stated on Tuesday, the most recent in a sequence of high-profile hires at its funding financial institution in New York.
The financial institution additionally stated it had appointed Ronnie Wexler as world head of equities distribution.
McDavid will be part of Barclays in September and report back to Adeel Khan, co-head of World Markets. He labored at Morgan Stanley for nearly 20 years and was most just lately co-head of equities buying and selling for the Americas.
Wexler joins in June and can report back to Stephen Dainton, the financial institution’s different World Markets chief.
The appointments observe a string of administration adjustments on the high of Barclays’ funding financial institution earlier this yr, as Chief Govt C.S. Venkatakrishnan seeks to interrupt Wall Road rivals’ maintain on the highest 5 world rankings.
“We imagine we’re the one financial institution that may really problem the U.S. banks to be high 5 in markets,” Dainton informed Reuters.
McDavid and Wexler’s job “can be to speed up the expansion of our equities enterprise” to crack these high 5 ranks, Dainton stated. “That can be their mission.”
Dainton had been holding the interim head of equities function pending the announcement on Tuesday, after the earlier co-heads of equities, Todd Sandoz and Paul Leech, left in February.
The financial institution at the moment stated it could search a sole head of the enterprise versus co-heads.
Barclays’ funding financial institution has carried out strongly prior to now few years because it capitalised on frenzied shopper buying and selling amid risky markets brought on by the COVID-19 pandemic and Russia’s invasion of Ukraine.
However current outcomes have been extra blended, as excessive rates of interest and inflation sapped company bosses urge for food for dealmaking.
Reporting By Sinead Cruise in London and Lananh Nguyen in New York, modifying by Iain Withers
: .