Barclays said last week that its investment banking unit had completed integrating Lehman Brothers’s North American capital-markets business, just three months after buying them out of bankruptcy.
In a statement on Friday, Bob Diamond, president of Barclays, said: “Our clients now have the benefit of a fully integrated investment bank able to offer the full array of risk management, financing and advisory products. We are now operating as one firm using our business principles to manage risk, manage costs and stay close to our clients. As we said, we targeted break even for the acquired businesses in 2008, and in fact they are already contributing to the bottom line.”
As part of the integration of Barclays and Lehman, which involved reducing back-office personnel, the combined company has enlarged its executive committee with eight new additions: Ivan Ritossa, head of foreign exchange, prime services and global markets – trading (Asia Pacific); Benoit de Vitry, head of commodities, emerging markets, and global markets – trading (Europe); Eric Bommensath, head of fixed income, DCRM, and global markets – trading (Americas); Guglielmo Sartori di Borgoricco, head of global distribution; Skip McGee, head of investment banking; Iain Abrahams, legal, compliance, credit and market risk; Patrick Clackson, chief financial officer; and Gerald Donini, head of equities.