Barclays is in the midst of a redundancy programme in investment bank that will see 7,000 people go by the end of this year. Managing directors (and directors) were particular targets for cuts as Barclays looks to reduce its compensation bill more rapidly.
Last year, as we pointed to on a few occasions, cuts were rapid and deep. 800 front office jobs went by July and 2,500 across the investment bank as a whole, meaning 4,500 jobs still had to be stripped out from then until the end of 2015.
Senior investment bankers are still departing. In the last few weeks, a number of senior investment bankers have left Barclays’ investment bank, seemingly without a new employer to go to.
Mike Brian, a managing director for the past 11 years and head of prime brokerage and origination for EMEA, also left according to regulatory filings.
Angela Henderson, a director in prime services, has also left suggests the Financial Conduct Authority as has Mark Thomas, a technology director in its rates business. Michael Tyndall, a director in equity research focused on the auto sector who joined from Nomura in 2010 has now left Barclays, but we understand he has been headhunted for another research job in the City.
The departures are not entirely unexpected, of course, given Barclays’ intention to reduce investment banking headcount. However, the bank has still being hiring, predominantly at the junior end. In the past two months, nearly 60 people have signed up, suggests the FCA register.
Barclays declined to comment.