More Tears On The Trading Floor

Cry Baby

No more tears, please.

Barclays has dismissed trading-division employees this week as it notified regulators its investment bank is cutting 275 jobs in New York City.

Reductions so far include credit trader Kevin Gribben, distressed debt salesman Kevin King, and John Wilson, an investment-grade credit salesman, said people briefed on the departures. John Connor in rates sales and Bill Martinez in financing were also let go, said the people, who requested anonymity because the departures weren’t public. The London-based bank earlier this week disclosed cuts planned through May at three Manhattan locations in a filing with state regulators.

Bloomberg reports that Antony Jenkins, 51, named chief executive officer last year after the bank agreed to pay a then-record $454.3m fine for attempting to manipulate benchmark interest rates, will update investors next week on the bank’s review of its strategy.

In the meantime, BBC News reports that Deutsche Bank has suspended more traders as part of an inquiry into whether staff attempted to manipulate inter-bank interest rates.

The BBC understands that five traders, based in Frankfurt, were suspended on Tuesday.

Deutsche has been looking into alleged manipulation of the Libor and Euribor benchmark lending rates.

Finally, Bloomberg reports that Morgan Stanley investment bankers Thomas Whayne, who worked with media and telecommunications companies, and Karim Rashid, an energy banker, have left the firm, two people briefed on the departures said.

Joseph Kasper, 49, a managing director in the company’s trading division, and investment banker Miguel Espinosa also left the New York-based bank, said the people, who asked not to be identified because the exits aren’t public.

The bank said it was eliminating 1,700 jobs last month as Chief Executive Officer James Gorman, 54, pursues $1.6bn of annual savings during the next two years. Morgan Stanley cut about 4,500 jobs in 2012.

Barclays Said to Dismiss Traders Amid 275 Job Cuts in New York

Deutsche Bank suspends traders for alleged Libor-rigging

Morgan Stanley Bankers Whayne, Rashid Said to Depart Amid Cuts

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