Barclays names former Bank of America executive Joo as co-CEO of investment bank

LONDON, Aug 17 (Reuters) - Barclays has hired former Bank of America executive Mike Joo as co-chief executive of its investment bank alongside incumbent Adeel Khan, in the latest reshuffle of its senior ranks as CEO C.S. Venkatakrishnan seeks to improve revenues at the unit.

The British lender said on Monday that Joo, most recently co-head of global investment banking at Bank of America, will join in early 2027 and become co-CEO of Barclays Investment Bank from February of that year, subject to regulatory approval.

Khan, who currently leads Global Markets and has been co-head of the investment bank since 2021, will continue in the role. Both executives will sit on Barclays' Group Executive Committee, its top decision-making body.

Joo spent nearly two decades at Bank of America, joining in 2006 and holding a series of senior leadership positions in its corporate and investment banking and markets businesses.

The appointment comes as the Barclays CEO known internally as Venkat tries to improve returns while preserving Barclays' position as one of the few European banks with a sizeable U.S. investment banking operation.

Under the strategy unveiled in 2024, Barclays pledged to become a "simpler, better and more balanced" bank, while retaining its status as the leading non-U.S. global investment bank.

(Reporting by Lawrence White; Editing by Alexandra Hudson)