Barclays has shaken up the top management of its investment bank, as the division’s new boss puts his stamp on the business and seeks to rebound from a disappointing performance in the first quarter.

Tim Throsby, who was hired by Barclays in January to lead its corporate and investment banking operations, has become interim head of its markets division. He replaces Joe Corcoran, who has been shifted upstairs to be vice-chairman of markets, according to people briefed on the changes.

The move comes after Barclays disappointed investors with a weaker-than-expected performance in its markets division in the first quarter. The bank blamed this on a drop in US rates trading and a tough comparison with a strong performance in 2016.

However, Barclays insiders denied that the changes were a response to the first-quarter performance, pointing out that it was natural for a new division head to want to make changes a few months after arriving.

Other changes include the appointment of Joe McGrath to a new position as global head of banking, which includes much of its advisory, lending and transactional activities, in addition to his role as head of Americas.

John Miller has been made head of global industry coverage banking, reporting to Mr McGrath, while Jean-Francois Astier will head its global capital markets business. John Mahon will become head of corporate banking. Sam Dean is retiring as head of corporate finance for Europe.

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