Barclays, the 300-year-old British financial institution, is
doubling down on investment banking in the US.
The organisation finished 2016 ranked fifth in the US for fees from
advising on acquisitions and equity and debt deals excluding
self-led transactions, where banks lead a bargain to issue their own
debt, according to Dealogic.
That represents an alleviation on 2015, when it finished sixth,
and delivers bragging rights. Barclays is the top-ranked
non-US-domiciled investment bank in the US market, and it is
going toe-to-toe with the big-five American banks.
But John Miller, who is conduct of Barclays’ corporate and
investment bank in the Americas, wants to embankment that line for a
simpler, some-more candid one.
“Our account needs to be: ‘We are a top, fifth-ranked organisation in
the US’ investment banking marketplace — period,” he recently told
“The Americas is super critical — it’s a outrageous cube of the
wallet that we all play for. For Barclays in sold we rely
heavily on this market, so therefore it is a must-win marketplace for
About 2 1/2 years ago, Barclays’ US investment-banking team
embarked on a client-tiering exercise, with every product and
attention organisation conduct identifying the many critical clients they
indispensable to browbeat to enter the top 5 in price share in their
They then compared records to safeguard that the whole organization
was operative together to support those clients — from risk
solutions to lending to vital advice.
Miller and his organisation have also been strategically employing star
bankers in the US. In his view, employing smart people translates
directly into price share gain.
The organisation has finished some-more than a dozen big hires in the past two
years opposite MA, retail, financial institutions, financial
sponsors, healthcare, industrials, and tech, media, and telecom
Tony Whittemore, Tim Main, Christopher Turner, and Peter
In some cases, that’s already started to compensate off. Barclays was
the lead sell-side confidant on Mars
Inc.’s Jan bargain for VCA Animal Hospitals, a role the firm
announced 18 months after employing the medical landowner Todd
Richter from Bank of America Merrill Lynch. He has had a
attribute with VCA’s arch executive, Bob Antin, for 30 years,
“The employing that we’ve finished evidences the support that we’ve
gotten for the business from the CEO,” Miller said.
Barclay’s CEO is Jes Staley, a Boston-born investment landowner who
spent some-more than 3 decades at JPMorgan, eventually becoming
CEO of the investment bank, before holding over as Barclays’ chief
executive in 2015 after a brief army at a sidestep fund.
Miller pronounced Staley has been a pivotal player in the investment bank’s
“The expansion of this business has been underway for some period
of time,” Miller said. “The disproportion is when you have a CEO
sitting at the top of the business who really understands what
you do and can pronounce to the troops and the press and the
regulators and the clients in an lawful and unchanging way
about his bargain and appreciation for what the business
In fact, Staley even joins comparison bankers in pitching business to
clients, Miller said.
“Jes understands that business [Americas banking]; he understands
how to attract and keep talent in that universe and he loves the
client business, so he is on the margin with us — out in front of
clients on a unchanging basement — and has really been a partial of our
story,” Miller said, adding that Staley is peaceful to help at a
“I can literally call Jes at 2 — and we have by the way — in the
afternoon on a Sunday and have him on the phone with a CEO at 4,”
Staley worked in corporate finance, equity collateral markets,
private banking, and item government via his some-more than
3 decades at JPMorgan before joining the sidestep fund
BlueMountain Capital in 2013.
With an softened register of top bankers and a CEO behind him,
Miller and his organisation are environment their sights on their rivals.
“We are totally set up where we wish to be — it’s all about
holding share now,” Miller said, adding that distinct some of his
firm’s European rivals, which are restructuring right now, “We
His strategy, now, is flattering straightforward:
“You’ve got to have a organisation that is cohesive, that’s been together
for a prolonged time, that trusts one another, and has weave together a
informative fabric opposite the platform, opposite product, across
industry, and opposite embankment … And you’ve got to have an
classification where the organisation care gets it and wants to
commission that organisation to win. And then it’s just all about using a
unchanging play with the clients.”