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Barclays hired a new financial sponsors MD after cutting a female incumbent last month

Barclays has been trimming investment bankers. And yet, as is often the way, it's also hiring them. Upgrading appears to be occurring.

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As we reported last month, Barclays parted company with Olga Tavolzhanskaya, a financial sponsors-focused managing director (MD) who'd been there nearly 15 years and had, we understand, been edging towards the door for a while. 

It seems that someone is joining to replace her. Carlo De Carlo, a UK-based financial sponsors MD from Bank of America announced today that he's joining Barclays. The FCA Register shows that De Carlo left BofA in January, less than a year after being promoted to MD there. 

De Carlo's arrival comes after Barclays has been strengthening its financial sponsors team globally. Last year it recruited Michael Del Giudice from Citi as chairman of the financial sponsors group in New York and hired Christian Oberle from JPMorgan as head of the Americas financial sponsors group and Tom Vignon from Credit Suisse for the EMEA financial sponsors group. In April, Barclays appointed Asim Mullick, a paper and packaging banker who'd been there 15 years, head of EMEA financial sponsors M&A and declared that it was an important role in light of "growing demand from sponsor clients."

Barclays has been losing senior M&A bankers, particularly in the US, to UBS and elsewhere. Last month, Ihsan Essaid, its new global head of M&A left to join businessman Brad Jacobs at his new acquisitive building products distribution company, QXO.

Barclays' bankers are under pressure to deliver revenues. If they don't, CEO C.S. Venkatakrishnan has said the bank will need to cut up to £1.7bn more from costs. 

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AUTHORSarah Butcher Global Editor

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