Barclays appoints GC for its corporate and international arm
Barclays has revealed Mark Shelton as the new GC for its investment arm amid a bank-wide reorganisation due to new ring-fencing rules
July 14, 2016 at 07:18 AM
2 minute read
The original version of this story was published on Law.com
Barclays Corporate & International (BC&I), which includes the company's investment banking arm, has appointed Mark Shelton as general counsel.
The appointment comes as Barclays restructures its legal team to prepare for reforms that require banks to split their retail and investment arms.
Shelton has moved from his role of legal head for the investment banking and Americas. In his new position he will report to global GC Bob Hoyt and the CEO of BC&I, who is yet to be appointed.
In addition to this new role, former Gibson Dunn & Crutcher partner Shelton will be general counsel for BC&I Americas. In this capacity, he will report to Joe McGrath, the head of BC&I Americas.
He will also be a member of the BC&I executive committee.
These changes follow Barclays' panel review, which saw the bank cut 60% of its roster of legal advisers.
Ashurst, Hogan Lovells, Simmons & Simmons, Addleshaw Goddard, Eversheds, Bond Dickinson, DWF and Reed Smith are among those retaining spots on the roster, with the first three previously sitting on a 19-strong list of 'preferred firms' appointed in 2014.
DLA Piper was among the firms losing a place on the revised panel.
The Bank of England's ring-fencing rules split the riskier investment arms from the retail division in a bid to make it easier to contain problems within the banking sector. Barclays allocated £1bn in October so that it could adhere to the new regulations.
Anjali Chhania, who is currently general counsel for corporate banking, will now report to Shelton.
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