The former head of Barclays’ European financial institutions group, who switched to take charge of the investment bank’s strategy in October, has been handed a wider brief overseeing strategic initiatives across the UK group.
Ben Davey has been appointed chief strategy officer for Barclays, according to a person familiar with the appointment. He reports to group finance director Tushar Morzaria and Paul Compton, a former JP Morgan banker who joined Barclays as its chief operating officer in May 2016.
In the new role, Davey will oversee the implementation and development of Barclays’s strategy, including special projects and cost initiatives, according to the person.
A former lawyer who worked at Rothschild as an M&A banker, Davey joined Barclays in 2010 as co-head of FIG for Europe, the Middle East and Africa. He became sole head in October 2014.
In June 2015, Peter Mason and Mike Lamb took over as co-heads of the Emea FIG team, and Davey was officially named chief strategy officer for the investment bank in October.
Plans for the investment bank remain a focal point of Barclays’ group strategy. In January 2016, Staley said he was “accelerating” the strategy mapped out for the division by his predecessor Antony Jenkins back in 2014, which entailed focusing on its businesses in the UK and US and closing offices in nine countries across Emea, Asia and the Americas.
In March, the head of the investment bank, Tom King, left Barclays and Staley formed a new corporate and international division housing its investment banking, large UK corporate, international corporate and wealth businesses, as well as the group’s non-UK Barclaycard operations.
During the first quarter of 2016, revenues across the corporate and investment bank dipped 4% year-on-year to £2.6 billion. Speaking at the bank’s annual meeting in April, Staley flagged up the need to “continue to improve the returns in our corporate and investment bank” as a priority.