Jerry del Missier has been appointed sole president of Barclays Capital, the investment banking arm of Barclays Bank. He remains based in London. The move comes after the resignation of Grant Kvalheim, his New York-based co-president.Kvalheim’s responsibility for credit trading was passed to del Missier as part of an internal reorganisation in September 2007, according to the bank. His remaining responsibilities for investment banking, loan origination and syndication – as well as overall responsibility for Asia – will temporarily go to Barclays’ London-based president and chief executive, Robert Diamond.
In November 2007, BarCap announced a total writedown of £1.3 billion due to the impact of poorly performing US subprime mortgages.
Both Kvalheim and del Missier were appointed as co-presidents of BarCap in September 2005. Kvalheim was previously its head of investment banking, while del Missier was head of the firm’s rates and equity business.
Del Missier has been a familiar face in the derivatives market for some time, having joined BarCap from Bankers Trust in 1997. Based in London, he was a senior managing director in derivatives products, and responsible for the dealer’s European business.
Between 1999 and 2004 he served on the board of the International Swaps and Derivatives Association, and currently sits on the board of the Securities Industry and Financial Markets Association.
He has spoken out on a number of industry issues during his career, including market regulation and the need for greater transparency in the derivatives market.
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