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People familiar with the matter stated that Barclays Chief Executive C.S. Venkatakrishnan held a virtual town hall this week to address managerial changes that had resulted in roughly two dozen US investment bankers quitting in the previous few weeks. According to Reuters, the bankers have left for rivals such as Citigroup Inc, UBS Group AG, and Jefferies Financial Group Inc. Venkatakrishnan’s intervention highlights the strain on the British bank to safeguard its investment banking business in the United States.

Barclays fell from sixth to 14th place in Refinitiv’s Americas mergers and acquisitions league table in the first quarter of 2023, although rising from ninth to fifth in the Europe, Middle East, and Africa league table, as its U.S. dealmakers struggled to close deals.

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