The UK lender has hired Mike Joo to serve as co-chief executive at its investment bank, while Adeel Khan will be promoted to co-chief executive of the investment bank as part of the reshuffle. 

Mr Joo will be responsible for leading the team, while Mr Khan will continue in his role leading global markets having been in his role as co-head of that division since 2021.

The Financial Times reports the firm wrote in a memo: “Mike has built a strong reputation for delivering results and leading through periods of change and growth. He is widely recognised as a culture carrier with a deep commitment to collaboration, integrity and developing talent.”

Mr Joo will be based in New York and will take up the new role in February subject to regulatory approval. As part of his appointment, he will also sit on Barclays’ executive committee alongside Mr Khan. The investment banker also owns a minority stake in the Buffalo Bills American football team.

He previously ran Asia debt capital markets at Credit Suisse after he started his career as an analyst at Goldman Sachs. Mr Joo’s appointment is part of Barclays’ attempt to simplify its investment bank’s leadership structure.

The bank is ranked sixth globally for investment banking fees this year, and has generated an estimated $2.7bn between the start of this year and mid-August, but it is still trying to break into the top tier of the US market, lagging behind Wall Street giants such as JPMorgan and Goldman Sachs.

The change marks an end to a leadership structure introduced in 2024, which placed the bank under the leadership of four co-heads. 

The reshuffle has created uncertainty over the future of Taylor Wright and Cathal Deasy, who were tasked with improving the performance of the unit, as the group reduced the amount of capital it had been allocated. Stephen Dainton, who was one of the four co-heads, announced last month of his intention to retire.

The memo noted that Mr Wright and Mr Deasy will remain in their positions until Mr Joo officially takes up his role next year.

Mr Joo’s arrival follows the hiring of Alex Ham, the former co-chief executive of mid-market UK broker Numis (which was acquired by Deutsche Bank in 2023). Mr Ham was appointed global chair of investment banking to help Barclays win market share in mergers and acquisitions and IPOs.

C.S. Venkatakrishnan, Barclays group chief executive, said: “Since 2023, our Investment Bank has delivered a strong performance, growing revenues and returns and driving a more integrated service for clients. As we enter the next stage of our strategy and reflecting the ambition we have for our Investment Bank, Adeel and Mike will form a strong partnership to deliver an even stronger, more integrated service to our clients.”