British bank Barclays has promoted Reid Marsh to head its banking activities for Europe, the Middle East and Asia-Pacific. The 7-year veteran of the London-based lender will be responsible for leading origination and supporting key banking clients in the EMEA region.
Marsh served most recently as the Barclays PLC’s co-head of investment banking in the Asia-Pacific region. His move follows Barclays’s decision in 2016 to scale back across Asia in a bid to slash costs and improve profitability.
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The bank has already shuttered its cash equities business in Asia, sold its wealth-management operations in Singapore and Hong Kong and exited operations in several countries in the region. Barclays said that it would refocus on British and US investment banking and would shed about 1,000 jobs, mainly in Asia.
Mr. Marsh came on board in 2010 as the Chairman of Barclays’ global industrial group before relocating to Asia in 2014. He joined the bank from Citigroup. At Citi, Mr. Marsh was Co-Head of Global Industrials. He previously worked at Salomon Smith Barney, Kidder and Peabody in various roles.
Marsh’s appointment is also consistent with Barclays’ continued commitment to growing its business in the EMEA as the bank aims to build on the progress it has made since its banking franchise in the region was established nine years ago.