Barclays Combines Client Coverage With Merger Advisory Unit
Barclays Plc (BARC) combined investment- banking units that oversee corporate client coverage and merger advice in a bid to win bigger roles in deals.
Tom King and Ros Stephenson, who previously oversaw corporate finance, will be co-heads of the new division alongside Paul Parker, the former head of mergers and acquisitions, London-based Barclays said today in an internal memo obtained by Bloomberg News.
“One specific objective here is to secure more lead left financings and more transformational and ‘one stop’ M&A deals,” Hugh “Skip” McGee, the head of investment banking, said in the memo.
Kerrie Cohen, a spokeswoman for Barclays, confirmed the memo’s contents.
Barclays was the fifth-biggest merger adviser globally in 2011, working on $327 billion of transactions, according to data compiled by Bloomberg. The bank joined the ranks of the world’s top underwriters and merger advisers with the acquisition of Lehman Brothers Holdings Inc.’s North American investment banking business in 2008.
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