The streets are awash with senior Barclays bankers. Yesterday, the British bank said it plans to dump 220 managing directors and 600 directors and that it won’t be hiring any more soon. Pre-empting this announcement, redundancies at the British bank are said to have started last week, with some unfortunate senior staff allegedly let go just before bonuses were unveiled on Friday.
The good news is that some Barclays bankers seem to be successfully porting themselves to other firms. The bad news is that only two ex-Barclays people appear to have found new roles recently. And they both left Barclays in December, and may therefore have departed entirely of their own accords.
As of a few weeks ago, the UK Financial Conduct Authority (FCA) register indicates that Dipesh Patel – a former vice president in investor solutions at Barclays, and Adam Welham – Barclays’ former head of European equity syndicate, are happily installed in new jobs. Patel is now at RBC. Welham is now at Fidelity. The FCA suggests Welham left Barclays in December, but a former colleague tells us he actually quit in October 2013, suggesting his exit pre-dated the bank’s cost cutting plan.
What about the hundreds of Barclays’ fixed income salespeople and traders who are due to be let go soon? Headhunter rumours suggest that some Barclays people are being picked up by Deutsche Bank, which lost senior member of its rates sales team last year. When asked, the German bank denied this, however.
One fixed income headhunter, speaking on condition of anonymity, said the market for rates people is saturated. “You’ve already had people let go from Credit Suisse and Morgan Stanley and there’s no volatility, so they’re in for a choppy year.” He said that most rates people have been paid down and are open to new jobs. “No one wants to hire them,” he added.