Geoffrey Belsher, a veteran investment banker, has been appointed as Chairman and Country CEO for Canada by Barclays (LON:BARC), with the effective start date being Monday, October 16, 2023. This appointment is pending regulatory approval. The announcement comes as Barclays continues to view Canada as a key market in its American expansion strategy. Barclays, with a Market Cap of 28138.8M USD as provided by InvestingPro, is a prominent player in the Banks industry and has consistently raised its dividend for the last three consecutive years, which is one of the valuable InvestingPro Tips.
Belsher's new role will be based in Toronto, and he will report to Richard Haworth, CEO of the Americas, as well as Cathal Deasy and Taylor Wright, the Global Co-Heads of Investment Banking at Barclays. His primary responsibility will be to implement Barclays' Canadian strategy in line with its regional and global objectives. This is particularly relevant as Barclays has been trading at a low P/E ratio relative to near-term earnings growth, another insightful tip from InvestingPro.
Belsher's appointment follows a series of high-profile departures to Jefferies Financial Group’s Canadian unit, including former CEO Bruce Rothney and financial services analyst John Aiken. These changes were initially reported by the Globe and Mail. An unauthorized source suggests that Belsher may utilize these departures as an opportunity to shape his own team within Barclays.
With over 25 years of experience in investment banking and a rich network of client relationships, Belsher is expected to strengthen Barclays' Corporate and Investment Bank (CIB) platform in Canada and the broader Americas franchise. His previous leadership roles include serving as Managing Director and Global Co-Head of Wholesale Banking for CIBC (TSX:CM) from 2009-2015, and President of Lehman Brothers Canada and Barclays Capital's Canadian operations between 2006-2008.
Under Belsher's guidance, Barclays aims to maintain its position among the top five across all services in Canada and even break into the top three. The bank has had a presence in Canada for over a century and anticipates that its team will greatly benefit from Belsher's leadership. The company's next earnings date is set for October 24, 2023, as per InvestingPro data, which will offer further insight into the company's financial health and performance under Belsher's leadership. According to InvestingPro, Barclays has been profitable over the last twelve months, and analysts predict the company will continue to be profitable this year.
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