Barclays has united its trade and export finance businesses under the helm of Baihas Baghdadi, who recently took over from Dan Roberts as global head of trade and working capital.
After making most of its senior ECA finance team – including its head, Nick Stockdale – redundant at the end of January, the bank is hoping to align its trade and export finance offerings to enhance its service to clients requiring both.
Stockdale had replaced Gabriel Buck in the job in the second half of 2015, and GTR understands the redundancies came as a surprise to everyone involved, despite talks of the restructuring of the division having gone on for some time.
Now the ECA business will be the responsibility of Baghdadi’s trade and working capital team, alongside documentary trade, working capital solutions and related products to support trade activity. Baghdadi joined Barclays in 2008 and was most recently head of trade and working capital Emea, based in Dubai. He has relocated to London for his new role.
He explains: “We’ve made big strides in our trade finance business over the past few years as our investment programme has delivered. I look forward to building on these strengths as we take the business forward. By aligning our trade capabilities into a single trade and working capital product proposition, I’m confident we can continue to find new and innovative ways to help all our clients finance their trade operations and support growth in the global economy.”
Roberts has been appointed to a new role managing capital and liquidity for corporate banking, and has also joined the Barclays corporate banking executive committee.
“I’m pleased to be handing over leadership of trade and working capital to Baihas. He brings a wealth of experience in this sector to the role and has demonstrated in his time at Barclays an unwavering commitment to providing the best service possible to our clients,” he says.
Barclays announced on January 21 that it planned to cut 1,200 investment banking jobs worldwide and close its offices in Australia, Taiwan, South Korea, Indonesia, Malaysia, Thailand, the Philippines and Russia in a bid to reduce costs.
There is also unconfirmed speculation that the bank is reviewing its involvement in Africa through its 62% stakes in South Africa-based Barclays Africa Group.
Barclays is scheduled to give a strategic update to stakeholders on March 1.