Around this time last year, Eric Felder was promoted to be head of markets at Barclays’ investment bank. Lauded by Barclays at the time as a, “recognized leader with extensive banking knowledge,” Felder lasted approximately 12 months. As of yesterday, he’s leaving Barclays, seemingly without a new role to go to.
In a classic piece of doublespeak, head of Barclays’ investment bank Tom King said Felder’s disappearance will afford him, “an opportunity to pursue a career more aligned with his personal and professional ambitions.” In reality, analysts point out that Felder seems to have fallen foul of Barclays’ ongoing job cuts. Felder’s disappearance looks unfortunate in light of the recent out-performance of Barclays’ fixed income business: revenues in Barclays’ FICC operations fell ‘just’ 10% in the final quarter of 2014, compared to reductions of 23% at J.P. Morgan and 30% at Goldman Sachs.
Separately, the case of Barclays’ swaps trader Mayank Chamadia should give hope to hastily dismissed LIBOR and FX traders everywhere. Chamadia was placed on ‘administrative leave’ (with a full salary but no bonus) from Barclays in June 2013 while his group was investigated for LIBOR manipulation, Unhappy, Chamadia resigned in October to join hedge fund Balyasny Asset Management. Barclays promptly attempted to withhold his deferred bonuses, but Chamadia challenged the bank and is now collecting $9m in pay that was already owed to him. “If somebody hasn’t been charged with a criminal activity or violated any kind of regulation, how can you just take away their earned compensation?,” said his lawyer.
Silver Ridge Asset Management, a hedge fund set up by the former head of FX trading at Citi, has had its launch delayed pending an investigation by the regulator. (Reuters)
Bad news for American bankers based in London. (Guardian)
UBS has got some new heads of its US equities business. (WSJ)
How it is when you’re a student who receives an offer of employment from Google: ‘a salary of between $100,000 and $150,000 and a stock grant worth between $100,000 and $200,000.’ (Business Insider)
Why you must wear a red tie. (Bloomberg)
How to dress when you’re a plump balding man aged 40+. (Telegraph)
Why Europeans don’t like living in London: “At a certain point everything starts to get you down: the horrible weather; the fact that owning a house means living in the suburbs and spending an hour on the underground to get to work; a life that’s too frenetic to allow for real friendships.” (The Times)