Barclays Capital Group, the new investment banking division of
Barclays, has begun a pitch for its pounds 2 million international
Barclays Capital emerged this October from the ashes of Barclays’
business bank, BZW, which is being dismantled. BZW’s brokerage
activities and mergers and acquisition consulting services will be sold
off, while business finance and exchange activities will be consolidated
into Barclays Capital.
Three agencies have been shortlisted to pitch for the business through
the Advertising Agency Register - BZW’s incumbent agency, Dewe Rogerson,
Barclays Bank’s agency, J. Walter Thompson, and Young & Rubicam. Pitches
will take place next week.
The pitch is being led by Cara Barry, Barclays Capital’s corporate
communications executive. Advertising is likely to run in international
financial titles, such as the Economist.
Peter Baillie, the Barclays Capital director of communications, said:
’We are talking to three agencies about what role advertising might play
in establishing new business. We are looking at what advertising might
do for us.
We have been renamed as Barclays Capital because the symbolic support of
the Barclays name and its strength and recognition internationally is
important to us.’
Barclays is expecting to spend about pounds 50 million over the next two
years to beef up Barclays Capital. The move is part of an attempt to
speed its progress towards the top of the investment banking ladder.
Martin Taylor, Barclays chief executive, said: ’The dynamics of the
global investment banking market are changing fundamentally. We believe
strongly that the best strategy is to concentrate our efforts and
investment on those businesses where we have the greatest competitive
advantage and which fit most closely with, and capitalise on, the other
activities of the Barclays Group.’
Robert Diamond, the chief executive of Barclays’ markets business, will
become chief executive of Barclays Capital.