Barclays (LON: BARC ) Plc has announced the appointment of Pedro Costa as Vice Chairman, focusing on technology, media and telecommunications (TMT) mergers and acquisitions (M&A) in the Americas. The London-based bank revealed on Tuesday that Costa will be reporting to Ihsan Essaid and Gary Posternack, who jointly lead the bank's global M&A advisory business.
Costa, who will be based in New York, is a seasoned investment banker with nearly two decades of experience under his belt. He joins Barclays from Morgan Stanley, where he recently led technology M&A in the Americas. His portfolio includes advising on software and digital media deals worth more than $200 billion throughout his career. Notable transactions he has been involved in include Magnet Forensics Inc.'s takeover by Thoma Bravo and ServiceChannel's sale to Fortive (NYSE: FTV ).
"Pedro has spent close to two decades developing extensive knowledge and fostering key client relationships in his coverage sectors. His expertise and proven leadership will further bolster our TMT M&A team, and will ensure that we continue to deliver the best solutions and advice for our clients," said Ihsan Essaid.
Barclays has been actively seeking to increase its market share advising large companies on mergers and stock and debt offerings amid a global slowdown in deal-making. The bank is placing particular emphasis on expanding its coverage of the technology sector to win more business.
The addition of Costa is part of a larger strategic hiring initiative by Barclays. The bank has hired more than 20 investment bankers this year to replenish its ranks after a series of high-profile departures, including losing seven technology bankers to UBS Group AG (SIX: UBSG ). In its technology investment banking division, it recently added Goldman Sachs Group Inc (NYSE: GS ).’s Emma Taylor, Lee Counselman from Moelis (NYSE: MC ) & Co., and Carmen Chan.
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