Structured credit bears the brunt of Bar Cap cuts

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It seems Bar Cap has now made all the job cuts flagged up a few months ago, and surprise, surprise, the bulk of them appear to have fallen in structured credit. According to one headhunter, the bank's London-based CMBS and corporate securitisation teams have gone from around 85 to 20 people.

A banker let go from the CMBS team confirms these numbers are roughly correct, but says some of the ex-securitisation professionals have been redeployed to other areas rather than dismissed entirely.

Henry Cooke, head of the corporate securitisation team at Bar Cap, is understood to be among those who've left. So is Lynne Gilbert, head of the corporate securitisation team at the bank.

A spokesman for Bar Cap declined to comment.

According to the headhunter, some of those let go were very well remunerated last year. "I saw one director who'd earned 475k on a base of 80k," he says.