If you lose your job with an investment bank, it's not just other investment banks that might hire you. It's also exchanges. - Terry Burke, former head of Americas futures and options distribution at Barclays has joined the CME Group, America's leading futures exchange, in client development and sales.
Burke left Barclays after five and a half years in April. The British bank has been cutting costs and has had an exceptionally bad year in equities trading, where revenues were down 41% on 2015 in the first nine months compared to 2015. Barclays has hired Tim Throsby from J.P. Morgan to sort out its equities division, but Throsby won't arrive until January 2017.
Burke joined Barclays from Nomura in 2010. Prior to that, he spent four and a half years at Lehman Brothers in the City of London.
Shares in the CME Group are up 29% this year, compared to a decline of 6% for Barclays. Even so, Burke's new employer isn't entirely free of complications: CME chief executive Phupinder Gill unexpectedly announced his retirement yesterday, three years ahead of schedule.