Vikesh Kotecha will assume the role of head of equities trading for Europe and the Middle East later this year, according to people familiar with the matter.
He will report to Richard Evans, the bank’s head of equities in the region.
It is a new role as Jonathan Beebe, the bank’s former London-based global head of equity trading who retired in July, also had responsibility for trading in Europe.
Kotecha, who has been with the bank since joining from Nomura in 2010, was previously head of its equities business in Asia Pacific. But Barclays said in January it planned to exit its cash equities business in Asia-Pacific as part of a wider restructuring under new group chief executive Jes Staley.
Kotecha will retain some oversight of the existing Asia equities business in the short-term, and relocate from Hong Kong to London over the next few months, the people said.
Under Staley, himself a former equities trader at JP Morgan, Barclays is focusing on its core US and UK markets, with a particular focus on cash equities.
Staley recently hired Tim Throsby, JP Morgan’s global head of equities, who will become president of Barclays’ corporate and international division and CEO of its corporate and investment bank.
Barclays reported its third-quarter earnings on October 27 in which it said its equities revenues were up 10% at £461 million year-over-year, helping pre-tax profits at for its corporate and investment banking unit to more than double.
Clarification: This story has been updated to clarify that Barclays only exited cash equities in Asia, not its entire equities business.