Revenues in Barclays' equities business fell 31% year-on-year in the second quarter. Three months on, people are quietly leaving the business.
Recent exits from Barclays' London business include Christodoulos Chaviaras, a retail analyst and Cave Montazeri, a specialist salesman. Chaviaras' destination is unclear. Montazeri, however, has got a new job with Exane, which has emerged as one of this year's big hirers in the City.
Barclays declined to comment on the departures. Headhunters said the bank has been trimming its London equities business as it cuts costs. In the three months to mid-July it cut around 30 people per day.
The exits in Barclays' equities business come as it prepares to announce the appointment of Tim Throsby, a former equities banker from J.P. Morgan, as head of its investment bank. Barclays' investment bank has been without a dedicated CEO since the departure of Tom King in February. Jes Staley, CEO of Barclays Group, is himself a J.P. Morgan alumnus and has a clear preference for hires from his former employer, but the appointment of an equities professional as head of Barclays' fixed income-focused investment bank is nonetheless informative. It suggests that Barclays - like Morgan Stanley and others intends its fixed income business to operate more like equities in future. In a note out today, Deutsche Bank, estimates that revenues in Barclays' investment bank fell 2% in the third quarter.
Barclays' London equities business isn't the only one seeing exits. Peter Hadingham, a director in equity funding and securities lending, has also left the bank's U.S. business after eight years. Hadingham joined Barclays from Lehman in 2008 and is now on gardening leave.
Barclays has a hiring freeze in its investment bank. However, this does not prevent it making replacement hires and it's already understood to have recruited Chris Hartwell from RBC, to replace Cave in London.