Barclays' Asia M&A vice-chairman leaves

Jason Rynbeck, Barclays’ vice-chairman of M&A Asia-Pacific, has left the bank for another firm.

Jason Rynbeck, Barclays’ vice-chairman of mergers and acquisitions for Asia-Pacific, has left the bank for another firm, according to a person familiar with the matter.

The move adds to the turmoil at the UK bank following the announcement of large job cuts this month and key senior departures over the past few weeks.

Rynbeck has presided over Barclays’ rise in the M&A league table rankings since joining six years ago.

In one landmark deal for the firm, Barclays advised Smithfield on its sale to China’s WH Group. Rynbeck’s expertise on food security was leaned upon during the deal process.

Barclays also helped Chinese internet firm Ten Cent with its $2 billion purchase of a stake in and advised Indosat on the $406 million sale of towers to Tower Bersama.

Rynbeck decided to leave before the recent strategy changes at the British bank were announced and were not connected, according to the person familiar with the matter. “He had an opportunity that was too good to pass up,” the person said. Rynbeck officially left on May 8.

He was named vice-chairman of M&A Asia-Pacific in 2010 after Matthew Ginsburg brought in Ed King from Morgan Stanley as head of M&A Asia-Pacific.

Rynbeck was part of a team of ABN Amro bankers that Barclays hired in 2008 to kick-start its corporate finance business. Barclays was ranked a lowly 43rd in the league tables at the time.

He joined Barclays from Royal Bank of Scotland, where he was also head of M&A in Asia.

A spokesman for Barclays declined to comment.

Turbulent times

Last week Barclays confirmed it would cut 7,000 investment banking jobs by 2016 and create a bad bank of unwanted assets, including non-core commodities.

Following a strategic review, the UK bank said it would cut a total of 19,000 jobs over the next three years and dramatically slim down in an effort to improve results.

Barclays announced a 41% fall in revenues at its core fixed income trading business. On top of this, Barclays has lost some key executives over the past few weeks.

Robert Morrice, chairman and chief executive of Barclays Asia-Pacific, announced his retirement this month, after 17 years at the bank, 12 of which he spent as regional CEO.

Under Morrice, 51, Barclays built up its investment banking and cash equities business in Asia, part of a global expansion following the purchase of Lehman Brothers’ US assets.

Hugh “Skip” McGee left his position as head of Barclays Americas last month. Ros Stephenson also quit as global chairman of investment banking to join UBS.  

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