Barclays is shaking up its investment bank’s top leadership less than three years after its previous changes as it seeks to compete with larger US banks, the Financial Times has reported.

According to an internal memo seen by the paper and confirmed by Barclays, the British lender has hired Mike Joo, current co-head of global investment banking at Bank of America, to be co-chief executive of its investment bank.

After the change, Joo will be responsible for leading investment banking, while current head of global markets Adeel Khan will be promoted to co-chief executive with responsibilities for global markets.

In the memo, sent by Barclays chief executive CS Venkatakrishnan on Monday, the chief executive said: “Mike has built a strong reputation for delivering results and leading through periods of change and growth. He is widely recognised as a culture carrier with a deep commitment to collaboration, integrity and developing talent.”

The paper reported that Joo will take up his role in February, subject to regulatory approval, and will be based in New York. He will also sit on the bank’s executive committee.

The FT added that the move raises questions about the future of some of the top executives who were brought in to improve the investment bank’s performance, which has been a source of disagreement among Barclays executives and investors since its acquisition of Lehman Brothers in 2008.

The reshuffle ends the structure brought in by Venkatakrishnan in 2024 under which the investment bank was governed by four co-heads. Two of its current co-heads, Taylor Wright and Cathal Deasy, had been tasked with improving performance within the bank and will remain in post until Joo joins, the memo said.

Stephen Dainton, another of the four co-heads appointed by Venkatakrishnan, announced he would retire from the bank last month, shortly after moving to a role as chief client officer.

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