New chief will lead a firm with the largest market share for a non-Canadian bank
Global banking group Barclays has appointed a new chairman and country chief executive officer for Canada.
Geoffrey Belsher is an investment banking industry veteran with 25 years of experience and will be based in Toronto to oversee the firm’s corporate and investment bank platform across Canada as part of its wider expansion plans for the Americas, which have not been without struggles south of the border.
“Barclays has a long and storied history in Canada. I’m incredibly proud to join this team and look forward to this new opportunity at Barclays,” said Belsher.
Belsher also has a solid history in Canada having served as president of Barclays Capital and its predecessor Lehman Brothers between 2006 and 2008, setting up investment banking offices in Toronto and Calgary. He later joined CIBC where he was managing director and global co-head of wholesale banking and served on the firm’s executive committee.
“Geoffrey’s focus, leadership experience, and deep expertise in the Canadian market makes him an ideal choice for this role, and I’m confident that our talented colleagues in Canada will benefit enormously from his guidance and counsel,” said Richard Haworth, CEO of the Americas. Belsher will jointly report to Haworth and Barclays’ global co-heads of investment banking, Cathal Deasy and Taylor Wright.
Aiming for growth
Barclays has been operating in Canada for 25 years and offers investment banking, global markets, and global research coverage.
The UK-headquartered banking group currently claims the largest market share of any non-Canadian bank. Under its new Canadian CEO, the firm aims to maintain a top five position across all products and services and look to disrupt into the top three, especially in areas like cross-border M&A, equity financing, and high-yield financing.
It’s not the only European banking group aiming to take a larger slice of the Canadian investment banking pie. French firm Natixis has announced the opening of a new office right in the heart of Toronto’s Bay Street financial centre.
“Barclays is proud to have served clients in Canada for close to a century and it continues to be a critical market for us as we execute on our ambitious growth plans in the Americas,” added Haworth.
Belsher’s appointment is effective October 16, 2023, subject to regulatory approval.
