Barclays is cutting 150 employees, including managing directors, at its investment bank globally as the firm shrinks its fixed-income operations, according to a person with knowledge of the matter.
Bloomberg News reports that Jim McCormick, the London-based global head of asset allocation research, and Sharon Casey, a managing director for interest rate sales in New York, were among the departures, said the person, who asked not to be identified because they weren’t authorized to speak publicly.
Barclays, which is losing its grip on Europe’s fixed-income market to U.S. competitors, is trimming those operations as regulation makes trading debt less lucrative. Chairman John McFarlane plans to focus on the less capital-intensive debt and equity capital markets businesses.
Barclays continues to strategically hire top talent to certain parts its platform focusing on those areas where it sees opportunities to add real value and better help clients. The bank added at least eight managing directors in the U.S. so far this year, with three of those in telecommunications, media and technology, including Peter Cohen, hired from Blackstone Group LP to run media banking.
To access the complete Bloomberg News article hit the link below: