Art Mbanefo, the deputy of former Barclays investment banking chief Tim Throsby, is leaving the British bank, according to a person familiar with the matter and confirmed by a Barclays spokesman.
Throsby left Barclays last week in a surprise move as part of a broader management shakeup. Barclays continues to fend off pressure from activist investor Edward Bramson who is pushing to shrink the investment bank.
Mbanefo headed of one of the bank’s most important units, the Firmwide Resource Management group, or FiRM, and was chief investment officer of Barclays International.
The Wall Street Journal has said that “Mbanefo’s job is to squeeze capital out of the unit that can be redeployed to juice up returns.”
Mbanefo was not present last week at a town hall to calm staff shocked by the departure of Throsby, Business Insider previously reported.
The bank said last summer that Mbanefo would expand his role to oversee business managers and the office of the CEO. Insiders said that some of those duties would now go under Paul Compton, the chief operating officer.
“Art lost half his empire,” an insider said.
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