Barclays fills equities gaps in Korea and India

MS Kho and Neel Shahani will take over equities sales and trading businesses in the two countries.

Barclays continues to restructure its equities business in Asia. Neel Shahani and Myung Seop Kho are being promoted to run the equities sales and trading businesses in India and Korea, respectively.

Kho joined Barclays in 2011 as head of domestic equities distribution in Korea and will now take over the role previously held by John Chang, who the bank promoted to head of Asia-Pacific equities distribution earlier this month.

Shahani, who was previously head of equities sales trading, replaces Bhavtosh Vajpayee, who has taken over as head of equity research for Asia ex-Japan.

“They are among the most experienced and well-regarded equities professionals in their markets and have deep relationships with our key clients and stakeholders so we have every confidence that they will continue the steady growth we have seen in our India and Korea equities businesses,” said Chang in a statement, reiterating Barclays’ new focus on bankers with strong client relationships.

Shahani has 22 years of experience in equities markets and joined Barclays in 2011 from IIFL, where he was head of sales trading. He previously worked at CLSA, HSBC and JM Financial.

Kho has 23 years of experience in equities sales and joined Barclays from Deutsche Bank, where he was head of domestic equity sales. He previously worked at Societe Generale, HSBC and Ssangyong Investment.

They both report to Chang and Vikesh Kotecha, regional head of equities trading.

The changes are part of yet another strategic review at Barclays. This time the bank is aiming to cut 7,000 jobs during the next three years — more than a quarter of its headcount — and to shift its energies towards client-focused origination, as well as trading businesses that are not capital intensive, such as cash equities.

Barclays has lost some key executives during the past few weeks. Robert Morrice, chairman and chief executive of Barclays in Asia Pacific, announced his retirement earlier in May, after 17 years at the bank, 12 of which he spent as regional CEO.

Morrice will leave the bank at the end of June and be replaced by Andrew Jones and Eiji Nakai, who will become co-CEOs on July 1, subject to regulatory approval.

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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