Mar 27, 2019

Barclays investment bank boss Tim Throsby abruptly steps down

Barclays said on Wednesday its investment bank head, Tim Throsby, has resigned after barely two years in charge of the closely watched division at the British lender. Chief executive Jes Staley was named head of the legal entity that houses Barclays' investment bank and non-UK businesses. Under Mr Staley, Barclays has made a big bet on investment banking, bulking up whilst most European rivals cut back operations in the area. The investment bank has been the target of an activist investor, Edward Bramson, who built up a 5.5 per cent stake in Barclays and wants to see the low-returning trading operations radically cut back. "Over the past two years has made a significant contribution to the progress of Barclays International," the bank said in a statement.

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