Barclays Plc has embarked on a strategic move to bolster its executive team in India even as it implements significant job cuts across its global corporate and investment banking divisions, resulting in the elimination of 300 positions. This approach underscores the bank’s commitment to maintaining a strong presence in the Indian market.
Two seasoned professionals from Credit Suisse, Srikanth Chakka and Sameer Sood, will join Barclays’ advisory business in India by the end of the year. This recruitment signals Barclays’ determination to revitalize its talent pool in the wake of Ashish Jhaveri’s departure, who previously served as the head of mergers and acquisitions for the bank in India and has now moved on to Jefferies Financial Group Inc.
Advertisement
Barclays is actively pursuing additional hires in the investment banking sector within India, showcasing its confidence in the region’s growth potential. Over the past two years, the bank has played a pivotal role as an advisor in high-profile deals, including billionaire Gautam Adani’s acquisition of Holcim Ltd.’s India operations and JSW Energy Ltd.’s acquisitions in the renewable energy sector. These successes have solidified Barclays’ position as a trusted partner in India’s dynamic business landscape.
In terms of revenue, India ranked fourth among Barclays’ global units last year. It trails only behind the United Kingdom, the United States, and Ireland. This remarkable performance is indicative of India’s growing significance within the bank’s international operations.
Barclays’ presence in India:
Over nearly a decade, the bank’s turnover in India has experienced exponential growth, surpassing the performance of key Asian markets. In the same period, the India business segment outperformed the combined size of Singapore’s and Japan’s operations.
Barclays’ commitment to India is further underscored by the presence of Jaideep Khanna, the bank’s head of Asia Pacific. This strategic placement allows Barclays to maintain strong ties with India’s burgeoning community of corporate giants and affluent individuals.
Furthermore, Barclays has demonstrated its focus on strengthening its leadership team in India with key appointments. Nitin Singh is the new head of the private bank in Asia, overseeing India and Singapore operations under his purview. In addition, Vijay Santhanam is the corporate banking head, while Chintan Thattey is the Risk Solutions Group for the country.
