The exodus of senior staff at Barclays’ investment bank in London continues. First went the researchers, then some trading and advisory staff. In the past couple of weeks, however, those servicing continental European countries from London and bankers in its ‘investor solutions’ division have departed.
Peter De Clercq, managing director and country head of Belgium and Luxembourg, Nicola Colavito, co-head of Italy and a managing director in global distribution, and Christian Ahrling, a managing director in rates sales focused on the Nordic market, have all now left the bank, according to filings on the Financial Conduct Authority register.
Meanwhile, Fabrizio Boaron, managing director, investor solutions, Southern Europe, Friedemann Gerhardt, director in solutions sales, Oliver Baker in investor solutions sales, and William Gibbons, a director in insurance solutions have also departed.
Barclays’ investor solutions division creates structured products targeted at retail investors across equities, FX, commodities and other fixed income products. They’re then traded on the secondary market using its BARX platform.
Other recent departures at Barclays include Michael Longini, a managing director in media coverage, Andrew Stuart, head of fixed income futures and options execution for Europe and Jonathan Ford, who is also an MD.
The continued flow of departures should not come as a surprise as Barclays starts to implement job cuts that will see 7,000 jobs – or around 30% of total investment banking headcount – stripped out over the next three years. The bank has already stated that managing director and director level employees would be targeted and 450 people at this level left the bank in the first quarter.
Barclays said in its strategy presentation that it would be focusing on origination bankers with deep client relationships, control functions and traders and sales people working in less capital intensive areas of the business like spot FX and short-dated G10 rates.
While reports have surfaced of disgruntled senior bankers leaving the bank’s U.S. and Asian operations, the vast majority of its planned job cuts – up to 70% – are expected to hit the UK.