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Barclays has appointed a new global head of financial crime, hiring Bank of America (BoA) managing director Frederick Reynolds in New York.
Reynolds will report into Barclays group centre legal general counsel Simon Croxford, who is based in London. Reynolds was previously director of global financial crimes compliance at BoA for two years, having joined from a US Government role.
A spokesperson said the new appointment demonstrates the bank’s “commitment to tackling the threat posed by financial crime”.
In another significant hire, last year Barclays hired former Gibson Dunn & Crutcher partner Mark Shelton as general counsel of its corporate and international business (C&I).
Shelton’s appointment came amid a major restructure of the bank’s legal team ahead of ring-fencing reforms that will come into force in 2019.
The restructure saw Barclays’ legal team split into two divisions: Barclays UK and Barclays Corporate & International.
Barclays also slashed its global legal panel by 60 per cent last year appointing 140 firms to its new three-tier roster.
Firms on the panel include Allen & Overy, Cifford Chance, Freshfields Bruckhaus Deringer, Linklaters and Simmons & Simmons.
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