Cathal Deasy named new co-head of investment banking at Barclays

• Cathal Deasy joins Barclays as co-head of investment banking.
• Chief Executive C.S. Venkatakrishnan is undergoing treatment for non-Hodgkin lymphoma.
• JF Astier and John Miller are in “active dialogue” with the company regarding future roles.

Cathal Deasy, a veteran dealmaker at Credit Suisse (CSGN.S), has been named co-head of investment banking at Barclays (BARC.L), the institution announced on Tuesday. Chief Executive C.S. Venkatakrishnan wants to expand the company and prepare for succession.

The co-head of global capital markets Taylor Wright will collaborate with Deasy, the British bank announced.

As per a memo, Venkatakrishnan, also known internally as Venkat, stated that the changes were a part of the bank’s efforts to “foster the next generation of leadership and thought.”

In November, Venkat revealed that he was receiving treatment for non-Hodgkin lymphoma, a type of cancer and that he would still be actively involved in the management of the bank.

Only a few months after being appointed as regional co-head of Credit Suisse’s investment banking & capital markets (IBCM) division, Deasy left the company a few weeks ago.

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He spent nine years at Deutsche Bank (DBKGn.DE) before joining Credit Suisse, where he oversaw some of the bank’s largest client relationships in Europe, according to an internal Barclays memo.

According to a Barclays representative, JF Astier, and John Miller, who presently oversees investment banking, are in “active dialogue” with the company regarding potential future roles.

As part of a new management group, Astier and Miller were promoted in 2021 to lead investment banking.

In recent quarters, Barclays’ investment bank has performed well, in part due to a surge in fixed-income trading, one of its traditional areas of strength.

However, recent results have been marred by a trading error from last year that resulted in Barclays agreeing to a $361 million fine with American regulators for what they called “staggering” blunders that caused the bank to oversell investment products worth over $18 billion.

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