Barclays loses senior tech bankers amid AI-driven IPO and M&A rebound

Barclays is dealing with an awkward timing problem. Just as the AI boom is supercharging technology dealmaking, with IPOs ticking upward and semiconductor M&A pipelines fattening, the British bank has been watching senior tech bankers head for the exits.

Multiple senior technology bankers departed Barclays around 2023, with notable moves to competitors like UBS, leaving gaps in coverage at a moment when the tech banking franchise matters more than ever.

Leadership overhaul signals a reset

Barclays announced on August 17, 2026, that it would simplify its investment banking leadership, naming Adeel Khan and Mike Joo as co-chief executives of the investment bank effective February 2027. Khan was promoted internally, while Joo was hired from Bank of America. The move shrinks the leadership team from four heads to two.

Before the co-head appointment, Barclays had already been making targeted hires in its tech coverage. David King was brought on as Global Head of Technology M&A in May 2024, arriving with experience advising on more than $300 billion in tech transactions over his career.

The AI dealmaking wave

Kristin DeClark, Barclays’ Global Head of Technology Investment Banking, projected around 20 tech-related IPOs by the end of 2025. Recent tech IPOs were posting aftermarket gains of 20-40% or more, according to DeClark’s September 2025 commentary.

AI inside the house, too

The bank is pursuing a £2 billion cost-reduction plan, and AI tools are playing a meaningful role in achieving those savings. Part of that plan involves using AI to facilitate job cuts and accelerate the offshoring of roles to lower-cost locations, particularly India.

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