Barclays Investment Bank poaches Goldman Sachs man Phil Shelley
Barclays has poached Phil Shelley from Goldman Sachs to work in its investment arm in a senior UK banking role.
In his job as managing director at Goldman, Shelley worked on IPOs last year including Saga and Virgin Active. He was also previously a joint-head of corporate broking at UBS. However, it is thought his new role will be less narrowly focused.
Having advised clients such as Wizz Air and John Laing on IPOs this year, Barclays' investment arm took the number two spot in Dealogic's UK Cash Fee 2014 league tables, up from third place in 2013, and was ranked fifth in UK M&A, having advised Deutsche Telecom on its disposal of EE.
However, Barclays' investment bank has shrunk over recent years, with earnings falling 46 per cent in the first half of last year. Barclays is planning to cut 7,000 jobs in its investment arm, some 25 per cent of its work force.
Last year the bank was also the subject of a lawsuit filed by the New York Attorney General, which accused it of misleading clients regarding trading activities ind its darkpool. However, although the number of trades in the operation fell temporarily, activity rebounded fairly quickly.
Barclays declined to comment.