Barclays Strengthens Top Ranks of Consumer Investment Bank Team
(Bloomberg) -- Barclays Plc has shuffled the leadership of its investment banking team covering the consumer retail sector, where many companies remain under pressure from the impact of the coronavirus pandemic.
Barclays has promoted Jamshed Kakalia to run its consumer coverage in Europe and the Middle East, it said in a statement on Monday. He will relocate from New York to London for the role.
The British bank has also hired John Muncey from Panmure Gordon & Co. to serve as vice chairman of its broader consumer retail group for Europe and the Middle East. Muncey's investment banking career spans more than 30 years including a decade at JPMorgan Chase & Co., where he led its consumer, retail, leisure and health-care banking businesses.
Barclays also hired Barrett Frankel as a managing director in the consumer retail group in New York, the statement shows. Frankel joined Barclays in May after 20 years at JPMorgan, having most recently run the U.S. firm's consumer banking team in North America, according to the statement.
Retailers across the world have been hard hit by Covid-19, with major economies only just beginning to ease lockdowns put in place to counter the spread of the virus. Consumer spending on non-essential goods like clothing has fallen as a result of high street shutdowns.
“These are unprecedented times for our consumer and retail clients,” Lowell Strug, head of Barclays's consumer retail group, said in a statement.
The value of mergers and acquisitions in the consumer sector has fallen 54% this year to around $357 billion, according to data compiled by Bloomberg. Barclays ranked fifth on deals in the industry, having worked on transactions valued at $35.3 billion, the data show.
Sector bankers could get a boost from potential disposals by the likes of Unilever, which is planning to sell its tea business, and Royal Philips NV, which has said it's considering divesting its kitchen appliance division.
©2020 Bloomberg L.P.
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