Where is Fabio Madar? The global head of FX trading and distribution at Barclays appears to have disappeared. Insiders say he's not on his desk and not on holiday. Madar's phone rings off when we call.
Barclays is declining to comment on the Madar mystery and Madar himself didn't respond to a message. However, insiders say he's left Barclays, which is kind of surprising as he didn't join all that long ago.
Madar only arrived at Barclays in August 2018. Before that he spent 13 years at Deutsche Bank, latterly as global head of FX coverage, and before that he was at Lehman Brothers. Madar has been around.
Madar's exit from Barclays comes after the British bank ejected Tim Throsby, former head of the investment bank, in March. Barclays' investment bank is now run by Jes Staley, group, CEO, and Staley is promising to cut bonuses, whilst selectively trimming staff.
It's not clear whether Madar has left because he thinks his bonus will shrink, or whether he's among the various former staff who (before this week) decided this was a good time to go back to Deutsche Bank. Madar is said to be "very good", but unconfirmed reports suggest that there were 'cultural differences' at Barclays. Given that FX trading is one of the areas Christian Sewing plans to focus on at Deutsche in future, Madar could yet pop up at his old home.
In the meantime, Barclays also hired Jeremy Monnier, the former global head of FX structuring at Deutsche Bank to work alongside Madar last year. If Barclays' culture is that different to DB's, maybe Monnier will leave too?
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