BARCLAYS promoted 116 employees across the bank to its managing director ranks.
The investment bank took the largest share of the promotions, according to a source familiar with the matter, who asked not to be identified discussing non-public information. That division has been aided by the volatility roiling markets this year, which has spurred client activity.
Across Wall Street, the managing director title often comes with a bigger paycheck over time and more prestige.
Women make up about 28 per cent of this year’s class, chief executive officer CS Venkatakrishnan said in a memo to staff seen by Bloomberg. Employees from an under-represented race or ethnic background account for about 7 per cent of the promotions, he said.
Three-year plan
At Barclays, the number of people promoted to the rank this year was slightly smaller, the source familiar with the matter said. Exact comparisons are difficult due to a restructuring of divisions: the bank is making a three-year push to boost returns by ploughing more capital into its UK operations and focusing on more profitable businesses and clients in its investment bank.
Barclays shares have risen about 90 per cent over the past year to their highest since 2015.
The investment bank has benefited from a surge in debt underwriting fees so far this year as well as a 17 per cent increase in equities trading revenue. Advisory revenue has climbed 12 per cent to £472 million (S$806 million) during that time.
“As one of our most senior leaders, each will play a crucial role in inspiring our teams to strive for the highest standards and execute on our strategy,” Venkatakrishnan said in the memo. BLOOMBERG
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