Eric Schlanger, the head of equities for America at Barclays, is understood to be leaving the bank.
Insiders say Schlanger is retiring and gave in his notice before bonuses were paid. Barclays is seeking to cut costs and is dispensing with high earning senior staff on both sides of the Atlantic.
Schlanger was one of the few remaining equities bankers at Barclays who joined when the British bank acquired Lehman Brothers in 2008. Schlanger previously spent six years at Lehman after starting his career as a special agent for the FBI working on international property crime. He moved into finance with the Hull Trading Company in New York and Chicago in 1995.
Neither Barclays nor Schlanger responded to a request to comment on his exit.
Schlanger’s departure comes after Barclays hired Stephen Dainton from Credit Suisse as global head of its equities business in August last year. Tim Throsby, CEO of Barclays’ investment bank since January 2017, was himself the former global head of equities at J.P. Morgan.
Barclays hired 40 managing directors across its markets and banking business in 2017 and is now under pressure to show results. Revenues in the bank’s global equities business fell 9% in 2017 compared to the previous year. Throsby is seeking to reinvigorate Barclays’ investment bank with a renewed emphasis on risk-taking and the reallocation of risk weighted assets to trading businesses that deliver high returns.
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