In the middle of 2020 there may yet be a vacancy at the top of Barclays' successful UK M&A business. Derek Shakespeare, co-head of UK and Ireland M&A at the bank, is due to stand trial for death by careless driving. It's an offence that carries a prison sentence of up to five years.
Shakespeare's trial is scheduled for 22 June 2020. He stands accused of driving carelessly and killing 32-year-old motorcyclist Peter Lowe in a collision involving his Land Rover Discovery in Hampshire last year. Lowe died at the scene.
Shakespeare, who is now on unconditional bail, is reportedly denying having caused the crash and is pleading not guilty to the charges. An early guilty plea can reduce sentencing by up to one third.
Barclays didn't respond to a request to comment on Shakespeare's situation. He has worked for the British bank since 2010, when he joined from Bank of America Merrill Lynch. Prior to that, Shakespeare worked for Credit Suisse, DLJ and Natwest Markets during a City career that began in 1989 after he graduated from the University of Cambridge.
Barclays' UK M&A business is one of its strongest. It ranked sixth for UK M&A in the first nine months of this year, down from fourth in the same period of 2018. In the third quarter of this year, CFO Tushar Morzaria said Barclays had its best quarter ever for banking fees globally. Barclays recruited five managing directors in EMEA in the year to late September, according to search firm Sheffield Haworth. However, it lost five over the same period.
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