Fleming's Bill Harrison wins BZW top post

Barclays yesterday hired Bill Harrison, the investment banking chief of Robert Fleming, as head of its investment banking arm BZW, one of the most sought-after jobs in the City.

The post is expected by competitors to bring a multi-million-pound long- term pay package, but Barclays made clear that Mr Harrison's earnings would be performance-related.

Mr Harrison's predecessor, the late David Band, in one recent year earned a total of pounds 1.4m, including bonuses, making him the highest-paid executive at Barclays at the time.

Martin Taylor, the chief executive of the Barclays group, declined to reveal the remuneration package and said: "Bill is not coming here for the money."

He added: "Effectively what Bill is paid will depend on BZW's performance, and it will also depend on the performance of Barclays.

"Quite a lot of the directors' bonuses are in stock. At the first opportunity he will join the [group] board."

Mr Taylor said the bank had already decided to offer Mr Harrison the job before the death in late March of Mr Band, who had planned to move from the "strenuous" executive role at BZW to the deputy chairmanship.

Mr Taylor added that he was amazed at the 60 or so names mentioned as candidates for BZW in various publications, and he had in fact only spoken to five people about the job. Mr Harrison was "absolutely the right person" to spearhead BZW's development of its global business.

Apart from his deal-making skills, Mr Harrison stood out among the senior executives at the family-controlled Flemings as a no-nonsense executive with a Birmingham accent and a different background from the traditional top-drawer City merchant banker.

But what was noticeable because of the contrast at Flemings may pass unremarked at BZW, which was founded only a decade ago and is a much more socially mixed organisation than Flemings.

In Mr Harrison's three years at Flemings the bank acted for ING in acquiring Barings and Dresdner in buying Kleinwort Benson and it also represented the Wellcome Trust during the takeover by Glaxo.

Before Flemings, Mr Harrison was head of European investment banking at Lehman Brothers.

He has also worked in the oil industry alongside Sir Alastair Morton, co-chairman of Eurotunnel. Both were at British National Oil Corporation in the 1970s.

John Manser, chief executive of Flemings, said: "Bill has always been an ambitious man which is a good thing in investment banking.

"I find it difficult to think ill of a person who wants to fulfill his ambitions. I am flattered to see that BZW could only find what they wanted at Flemings," he said.

Mr Harrison will be on "gardening leave" during his three months notice period, but said he would be available to help finish projects at Flemings and "tidy up" during that period.

Start your day with The Independent, sign up for daily news emails
PROMOTED VIDEO
Life and Style
Suited and booted in the Lanvin show at the Paris menswear collections
fashionParis Fashion Week
Arts and Entertainment
Kara Tointon and Jeremy Piven star in Mr Selfridge
tvActress Kara Tointon on what to expect from Series 3
Voices
Winston Churchill, then prime minister, outside No 10 in June 1943
voicesA C Benson called him 'a horrid little fellow', George Orwell would have shot him, but what a giant he seems now, says DJ Taylor
News
i100
News
An asteroid is set to pass so close to Earth it will be visible with binoculars
news
Arts and Entertainment
Benedict Cumberbatch has spoken about the lack of opportunities for black British actors in the UK
film
News
ebooks
ebooksA year of political gossip, levity and intrigue from the sharpest pen in Westminster
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Tax Assistant

Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...

Recruitment Genius: Outbound Sales Executive - OTE £25,000

£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...

Ashdown Group: Java Developer / J2EE Developer - Watford - £45,000 - £47,000

£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...

Ashdown Group: Marketing Product Manager - (Financial Services) - SW London

£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...

Day In a Page

Syria crisis: Celebrities call on David Cameron to take more refugees as one young mother tells of torture by Assad regime

Celebrities call on David Cameron to take more Syrian refugees

One young mother tells of torture by Assad regime
The enemy within: People who hear voices in their heads are being encouraged to talk back – with promising results

The enemy within

People who hear voices in their heads are being encouraged to talk back
'In Auschwitz you got used to anything'

'In Auschwitz you got used to anything'

Survivors of the Nazi concentration camp remember its horror, 70 years on
Autumn/winter menswear 2015: The uniforms that make up modern life come to the fore

Autumn/winter menswear 2015

The uniforms that make up modern life come to the fore
'I'm gay, and plan to fight military homophobia'

'I'm gay, and plan to fight military homophobia'

Army general planning to come out
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign

What the six wise men told Tony Blair

Months before the invasion of Iraq in 2003, experts sought to warn the PM about his plans. Here, four of them recall that day
25 years of The Independent on Sunday: The stories, the writers and the changes over the last quarter of a century

25 years of The Independent on Sunday

The stories, the writers and the changes over the last quarter of a century
Homeless Veterans appeal: 'Really caring is a dangerous emotion in this kind of work'

Homeless Veterans appeal

As head of The Soldiers' Charity, Martin Rutledge has to temper compassion with realism. He tells Chris Green how his Army career prepared him
Wu-Tang Clan and The Sexual Objects offer fans a chance to own the only copies of their latest albums

Smash hit go under the hammer

It's nice to pick up a new record once in a while, but the purchasers of two latest releases can go a step further - by buying the only copy
Geeks who rocked the world: Documentary looks back at origins of the computer-games industry

The geeks who rocked the world

A new documentary looks back at origins of the computer-games industry
Belle & Sebastian interview: Stuart Murdoch reveals how the band is taking a new direction

Belle & Sebastian is taking a new direction

Twenty years ago, Belle & Sebastian was a fey indie band from Glasgow. It still is – except today, as prime mover Stuart Murdoch admits, it has a global cult following, from Hollywood to South Korea
America: Land of the free, home of the political dynasty

America: Land of the free, home of the political dynasty

These days in the US things are pretty much stuck where they are, both in politics and society at large, says Rupert Cornwell
A graphic history of US civil rights – in comic book form

A graphic history of US civil rights – in comic book form

A veteran of the Fifties campaigns is inspiring a new generation of activists
Winston Churchill: the enigma of a British hero

Winston Churchill: the enigma of a British hero

A C Benson called him 'a horrid little fellow', George Orwell would have shot him, but what a giant he seems now, says DJ Taylor
Growing mussels: Precious freshwater shellfish are thriving in a unique green project

Growing mussels

Precious freshwater shellfish are thriving in a unique green project