Kitchen to Head Barclays I-Banking In Canada

Barclays Capital Friday named Tim Kitchen as head of investment banking in Canada, and separately announced hires in Japan.

Kitchen, an 18-year veteran of the investment banking industry, will be based in Calgary and will oversee Barclays' Toronto and Calgary investment banking teams. He previously served as head of Calgary's investment banking team.

Prior to joining Barclays Capital in September 2008, Kitchen held the same position at Lehman Brothers after joining the firm in January 2007. Kitchen also previously worked in the investment banking division of CIBC World Markets, where he worked for 16 years in the firm's Calgary office and focused primarily on natural resources.

In Japan, meanwhile, the bank hired a three Lehman Brothers professionals as well as Hideaki Sunaga, who served on the board and was executive vice president at Nihon Trim Co. Ltd. The trio of former Lehman professionals are Takumi Tanaka, Rei Kyogoku and Masaya Kubota.

Tanaka is a managing director and head of the firm's financial sponsors group in Japan, and Kyogoku is a director and head of the financial institutions group.

Kubota is a director in the financial sponsors group at Barclays and is responsible for coverage of private equity and other clients.

In the meantime, a source familiar with the situation said that Barclays Wealth Management cut roughly 30 jobs as part of a restructuring of the group in Asia Pacific. Some of the people may be offered employment elsewhere in the company, the source said.

Not all has been rosy around Barclays Capital. It was reported last week that cuts will be made in multiple segments of the firm.

Specifically, it was reported, Barclays plans to cut about 2,100 jobs at its investment bank, fund management and private banking units.

The come on the heels of more than 3,000 jobs that were eliminated last year as it acquired bankrupt Lehman Brothers Holdings Inc.'s trading and investment-banking operations for $1.75 billion.

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