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.

Life and Style
A teenager boy wakes up.
Life and Style
Arts and Entertainment
Critics say Kipling showed loathing for India's primitive villagers in The Jungle Book
filmChristopher Walken, Bill Murray, Scarlett Johanssen Idris Elba, Andy Serkis, Benedict Cumberbatch, Cate Blanchett and Christian Bale
Life and Style
food + drink
Life and Style
Playing to win: for Tanith Carey, pictured with Lily, right, and Clio, even simple games had to have an educational purpose
lifeTanith Carey explains what made her take her foot off the gas
Arts and Entertainment
A still from Duncan Campbell's hour-long film 'It for Others'
Turner Prize 2014
Arts and Entertainment
Tony Hadley in a scene from ‘Soul Boys Of The Western World’
musicSpandau Ballet are back together - on stage and screen
Arts and Entertainment
From left to right: Ed Stoppard as Brian Epstein, Sheridan Smith as Cilla Black and Elliott Cowan as George Martin in 'Cilla'
tvCilla review: A poignant ending to mini-series
Life and Style
Bearing up: Sebastian Flyte with his teddy Aloysius in Brideshead Revisited
lifePhilippa Perry explains why a third of students take a bear to uni
Arts and Entertainment
Sir Alan Sugar appearing in a shot from Apprentice which was used in a Cassette Boy mashup
artsA judge will rule if pieces are funny enough to be classed as parodies
ebooksAn unforgettable anthology of contemporary reportage
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

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

iJobs Job Widget
iJobs Money & Business

Trust Accountant - Kent

NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...

Graduate Recruitment Consultant - 2013/14 Grads - No Exp Needed

£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...

Law Costs

Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...

SQL Developer (Stored Procedures) - Hertfordshire/Middlesex

£300 - £330 per day: Ashdown Group: SQL Developer (Stored Procedures) Watford...

Day In a Page

Isis is an hour from Baghdad, the Iraq army has little chance against it, and air strikes won't help

Isis an hour away from Baghdad -

and with no sign of Iraq army being able to make a successful counter-attack
Turner Prize 2014 is frustratingly timid

Turner Prize 2014 is frustratingly timid

The exhibition nods to rich and potentially brilliant ideas, but steps back
Last chance to see: Half the world’s animals have disappeared over the last 40 years

Last chance to see...

The Earth’s animal wildlife population has halved in 40 years
So here's why teenagers are always grumpy - and it's not what you think

Truth behind teens' grumpiness

Early school hours mess with their biological clocks
Why can no one stop hackers putting celebrities' private photos online?

Hacked photos: the third wave

Why can no one stop hackers putting celebrities' private photos online?
Royal Ballet star dubbed 'Charlize Theron in pointe shoes' takes on Manon

Homegrown ballerina is on the rise

Royal Ballet star Melissa Hamilton is about to tackle the role of Manon
Education, eduction, education? Our growing fascination with what really goes on in school

Education, education, education

TV documentaries filmed in classrooms are now a genre in their own right
It’s reasonable to negotiate with the likes of Isis, so why don’t we do it and save lives?

It’s perfectly reasonable to negotiate with villains like Isis

So why don’t we do it and save some lives?
This man just ran a marathon in under 2 hours 3 minutes. Is a 2-hour race in sight?

Is a sub-2-hour race now within sight?

Dennis Kimetto breaks marathon record
We shall not be moved, say Stratford's single parents fighting eviction

Inside the E15 'occupation'

We shall not be moved, say Stratford single parents
Air strikes alone will fail to stop Isis

Air strikes alone will fail to stop Isis

Talks between all touched by the crisis in Syria and Iraq can achieve as much as the Tornadoes, says Patrick Cockburn
Nadhim Zahawi: From a refugee on welfare to the heart of No 10

Nadhim Zahawi: From a refugee on welfare to the heart of No 10

The Tory MP speaks for the first time about the devastating effect of his father's bankruptcy
Witches: A history of misogyny

Witches: A history of misogyny

The sexist abuse that haunts modern life is nothing new: women have been 'trolled' in art for 500 years
Shona Rhimes interview: Meet the most powerful woman in US television

Meet the most powerful woman in US television

Writer and producer of shows like Grey's Anatomy, Shonda Rhimes now has her own evening of primetime TV – but she’s taking it in her stride
'Before They Pass Away': Endangered communities photographed 'like Kate Moss'

Endangered communities photographed 'like Kate Moss'

Jimmy Nelson travelled the world to photograph 35 threatened tribes in an unashamedly glamorous style