Barclays Appoints David MacGown as a Managing Director in Financial Institutions Group (FIG) Banking

Rhea-AI Summary

Barclays has appointed David MacGown as a Managing Director in its Financial Institutions Group (FIG) Banking, effective August 2021. MacGown brings over 30 years of investment banking experience, having previously served at Credit Suisse, Morgan Stanley, and Citigroup. His extensive background includes advising on significant transactions, such as SoFi's $8.65bn merger and Charles Schwab's $26bn acquisition of TD Ameritrade. This appointment aligns with Barclays' commitment to enhancing its FIG Banking franchise.

Positive

• David MacGown's extensive experience and strong relationships are expected to enhance Barclays' FIG Banking capabilities.
• The appointment indicates Barclays' focus on strengthening its leadership in the financial institutions sector.

Negative

• Concerns may arise regarding continuity and integration of MacGown into the existing team, given the recent management changes.

Barclays announces the appointment of David MacGown as a Managing Director in Financial Institutions Group (FIG) Banking. Mr. MacGown will be based in New York, and will report to Gary Antenberg and Joel Fleck, Co-Heads of FIG Americas.

Mr. MacGown joins Barclays with over thirty years of experience in investment banking, most recently as Head of Balance Sheet and Capital Structure Advisory within FIG Banking at Credit Suisse. Prior to joining Credit Suisse in 2014, Mr. MacGown was a Managing Director in Fixed Income at Morgan Stanley, covering investment grade financials. Mr. MacGown started his career at Morgan Stanley, working there from 1990 in Corporate Bond Research. In late 1999, Mr. MacGown joined Citigroup, where he worked until 2009 as a Managing Director in FIG M&A. In late 2009, Mr. MacGown joined Citadel Securities, where he was a founding member of the FIG team in Citadel’s investment bank. Mr. MacGown rejoined Morgan Stanley at the start of 2012 as a Managing Director covering financial institutions in Credit Trading and Sales.

Mr. MacGown has led the origination and execution of a number of high-profile transactions during his career. These include advising Social Capital Hedosophia V on its pending merger with SoFi valued at $8.65bn, advising The Charles Schwab Corporation on its $26bn acquisition of TD Ameritrade, advising CPPIB on its $12bn acquisition of Antares Capital from GECC, advising Cerberus on its $7.4bn acquisition of 80.1% of Chrysler and Chrysler Financial from DaimlerChrysler and the associated refinancing of $30bn of Chrysler Financial intercompany debt, and advising Citi on its $58bn exchange of preferred and hybrid securities into common equity.

“Dave has exceptional knowledge of the financial institutions sector, and his deep roster of key relationships and extensive transactional experience will generate tremendous value for our clients,” said Tim Main, Global Head of FIG Banking at Barclays. “His appointment demonstrates Barclays’ steadfast commitment to operating a top-tier FIG Banking franchise.”

“FIG is a critical sector of focus within our Investment Banking business, and Dave’s addition to our platform will strengthen Barclays’ ability to provide best in class strategic advice and execution for our clients,” added John Miller, Global Head of Banking Coverage at Barclays. “We look forward to succeeding together and further accelerating our FIG and broader Banking business momentum.”

Mr. MacGown will start at Barclays in August 2021. This follows Barclays’ appointment of Alex Lynch as Chairman of Banking within its Investment Bank in May of last year, the appointment of Gautam Chawla as Vice Chairman, FIG Banking in June, and the appointment of Craig Stine as Vice Chairman, Global FIG Banking in July 2020.

Barclays is a British universal bank. We are diversified by business, by different types of customer and client, and geography. Our businesses include consumer banking and payments operations around the world, as well as a top-tier, full service, global corporate and investment bank, all of which are supported by our service company which provides technology, operations and functional services across the Group. For further information about Barclays, please visit our website www.barclays.com. Barclays offers investment banking products and services in the US through Barclays Capital Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210512005950/en/

FAQ

What is the significance of David MacGown's appointment at Barclays?

David MacGown's appointment enhances Barclays' capabilities in the Financial Institutions Group, bringing extensive experience and high-profile transaction expertise.

When did David MacGown start his role at Barclays?

David MacGown began his role as Managing Director in August 2021.

What previous roles did David MacGown hold before joining Barclays?

Before joining Barclays, MacGown held senior positions at Credit Suisse, Morgan Stanley, and Citigroup, with over 30 years in investment banking.

How does MacGown's experience benefit Barclays?

MacGown's deep knowledge of financial institutions and network of relationships are expected to generate significant value for Barclays' clients.