Barclays promotes 85 to MD
Barclays has promoted 85 people to managing director in its corporate and investment bank, consistent with the level of promotions in recent years.
The promotions take effect from the start of 2023. Barclays promoted 85 people in CIB to MD last year and 84 in 2020, although in 2019 the cohort of MDs was 56 and there were about 79 new MDs announced in CIB in 2018.
"Our 2023 class is comprised of individuals who have each consistently helped our clients navigate this year’s unprecedented societal and economic challenges to deliver results," the bank said.
The bank did not provide a breakdown by gender of the promotions, or the department they work in. Reuters said 85% of the new cohort of MDs are male, based on professional social media accounts online it reviewed. Barclays disclosed the gender split of new MDs in the past, but stopped last year. In 2020, the bank said 27% of that year's cohort were women, which at the time it said underscored its commitment to diversity and inclusion.
Barclays has a target that by the end of 2025 at least 33% of people in senior leadership roles in the bank, defined as managing directors or directors, are female. The figure was 28% at the end of 2021, according to its latest diversity and inclusion report.
Banks have come under criticism for not doing more to close a gender gap in senior positions and pay, and those trends are particularly apparent in investment banking.