Barclays has appointed a new head of its mergers and acquisitions business in Europe, as Matthew Ponsonby steps back from the role for the second time in his career at the bank.

Pier Luigi Colizzi, Barclays' head of banking in Italy, will replace Ponsonby as head of M&A in Europe, the Middle East and Africa, according to a person familiar with the matter. Ponsonby will remain global co-chief operating officer of banking at Barclays, and will now also take up the position of vice chairman for banking.