Barclays spent the past year decisively reshaping its UK investment banking business. After unveiling its “simpler, better, more balanced” operating model in February 2024, the bank streamlined reporting into five divisions and made senior hires in its financial sponsors, M&A, leveraged finance and sector teams. A one-off grant of 170 shares to more than 90,000 employees underlined management’s effort to bind staff economics to shareholder returns.
Strategic investment has already translated into market share. Over the awards period the investment bank lifted UK fee share in equity capital markets by roughly 100 basis points and in leveraged finance by 70bp, driving a 31% jump in fee income year on year. The momentum was most visible in equity capital markets, where Barclays ended 2024 as the top-ranked bookrunner and trader across the FTSE indices. Its central role on National Grid’s £7 billion rights issue – the largest-ever utility equity raise – signalled renewed appetite for transformational deals and showcased the bank’s willingness to underwrite risk alongside clients.
Strategic investment has already translated into market share
Advisory strength extended beyond equities. Barclays guided Harbour Energy through its $11.2 billion purchase of Wintershall Dea assets and acted as defence adviser to Hargreaves Lansdown during the platform’s £5.4 billion agreed sale, while also sitting beside BHP on its headline, if ultimately unsuccessful, £39 billion tilt at Anglo American. Corporate broking continued to win mandates, taking the roster to 72 listed clients, including 19 FTSE 100 constituents.
The franchise’s sustainability push is also gathering pace. Barclays arranged $94.4 billion of sustainable and transition financing in 2024, up 39%, advancing its $1 trillion 2030 goal. Highlights ranged from London Gatwick’s inaugural sustainability-linked bond to project financing the UK’s first CO₂ transport and storage network. Meanwhile, a re-engineered Barclays Live platform and a top Institutional Investor research ranking help to keep clients plugged into the bank’s thought leadership as the UK capital markets ready for a rebound.
