While Barclays’ senior executives are appearing in front of the Parliamentary Commission for Banking Standards this morning, we hear that senior bankers are leaving the bank’s equities business.
Among the exits is said to be Dali Bacha, European head of equity derivatives at Barclays. Barclays didn’t confirm Bacha’s departure and Bacha didn’t return a call to his mobile phone, but colleagues confirmed that he is leaving. His departure is understood to have been voluntary and for personal reasons.
Bacha, whose real name is Mohamed Ali Bacha, joined Barclays from Nomura in 2010 having previously worked at Lehman Brothers. Documents relating to Lehman’s bankruptcy show that he was one of the 50 highest earners at Lehman worldwide, earning $1m in 2005, $4m in 2006 and $8m in 2007. Headhunters say Barclays hired Bacha on a generous package when he left Nomura, although this has not been confirmed by the bank.
Stephen Roti, head of Barclays’ equity linked group left the bank in January.
Barclays is said to be making 2,000 redundancies ahead of Antony Jenkins’ strategy announcement on February 12th.
Barclays is expected to announce its bonuses for 2012 this Friday, suggesting that anyone leaving the bank today will forfeit their entire bonus allocation for last year. Staff who leave can at least console themselves with the thought that 2012 bonuses may not have been worth waiting for. Press reports suggest the 2012 Barclays bonus pool will be down 50% on 2010.