Barclays just made its interim head of global markets permanent as its management reshuffle continues

• Stephen Dainton will become the permanent head of global markets at Barclays, an internal memo told employees.
• Dainton, a Credit Suisse alum who until earlier this year was global head of equities, was meant to be interim while the bank "conducts an internal and external search for a permanent appointee to this crucial role."
• His speedy rise has surprised some insiders.
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Barclays announced to staff on Monday that Stephen Dainton, its interim global head of markets, will take on the role permanently.

The London-based bank announced the status change in an internal memo to employees, an insider at the bank who has seen the memo said on Monday.

Dainton, a Credit Suisse alum who until earlier this year was global head of equities, was meant to be interim while the bank "conducts an internal and external search for a permanent appointee to this crucial role."

His speedy rise has surprised some insiders.

Barclays announced Dainton's interim promotion on March 27 following the departure of investment banking chief Tim Throsby amid a slew of other management changes.

Dainton joined Barclays in September 2017 to lead the equities business after spending 14 years at Credit Suisse where he was co-head of global markets for the EMEA region. He joined Credit Suisse in 2003 and before that has worked at Goldman Sachs as head of US and international equities.

Barclays last week formally announced that Fater Belbachir, a 12-year veteran of JPMorgan, will become global head of equities, reporting to Dainton. Belbachir, based in London, will lead the equities business across cash, derivatives, prime, and syndicate, Barclays said last week.

A Barclays spokesman declined to comment.