Barclays is overhauling the top ranks of its investment bank less than three years after a previous shake-up, in the latest attempt by the British lender to compete with larger Wall Street rivals.

The UK lender has hired Mike Joo, one of Bank of America's most senior bankers, to serve as co-chief executive of its investment bank, according to an internal memo seen by the FT. Joo will take responsibility for leading investment banking, while Adeel Khan will be promoted to co-CEO with responsibility for global markets, according to the memo sent by Barclays chief executive CS Venkatakrishnan on Monday.

"Mike has built a strong reputation for delivering results and leading through periods of change and growth," wrote Venkatakrishnan. "He is widely recognised as a culture carrier with a deep commitment to collaboration, integrity and developing talent."

The changes cast doubt on the futures of some of Barclays' top executives who were brought in to improve performance in the unit. The investment bank's status in the wider group has been a source of disagreement among Barclays executives and investors since its 2008 deal to buy a core part of Lehman Brothers out of bankruptcy.

Joo will take up the new role in February subject to regulatory approval and will be based in New York. He will also sit on Barclays' executive committee. Barclays is ranked sixth globally for investment banking fees this year, generating an estimated $2.7bn between the start of 2026 and mid-August, according to LSEG. But the FTSE 100 lender is still trying to crack the top tier of the US market, the biggest fee pool in global investment banking, where it lags behind Wall Street giants such as Goldman Sachs and JPMorgan.