High drama at one top firm ?
Head trader Jim O'Brien as well as almost the entire New York rates trading desk were shown the door.
'They have obliterated our rates desk', one trader told IFR.
In the meantime, Bloomberg reports that Barclays plans additional job cuts in the next two years, Chief Executive Officer Antony Jenkins said.
The largest part of reductions will come from people leaving the company or retiring and not being replaced, Jenkins, 51, said in a speech at the Morgan Stanley European Financials Conference in London Tuesday.
'I expect there will be substantial reductions in staff numbers over time alongside automation, but we are not targeting a specific headcount number', he said in the speech published on the London-based lender’s website.
Morgan Stanley filed a notice with the New Jersey labor department this month alerting it of the decision. The New York-based bank is offering the staff, most of whom work in technology and data, roles in other locations, said the person, who asked not to be named because the moves haven’t been publicly announced.