As the second quarter draws to an end, it seems to be cost-cutting season in investment banks. After Morgan Stanley made some cuts to its equities team in London, it's emerged that Barclays has also been doing some trimming of its own in New York.
In the past few days, the British bank is understood to have parted company with Brett Tejpaul, the head of digital and client strategy for its markets division. A former member of the markets leadership committee, Tejpaul was only promoted to the digital strategy role in June 2018. A Barclays veteran, he was previously head of credit and equity sales for the bank in New York. Before joining Barclays in 2003, Tejpaul spent nearly nine years at JPMorgan as head of structured credit products in Europe.
Barclays declined to comment on Tejpaul's exit. Tejpaul himself didn't respond to an attempt to contact him on social media.
Alongside Tejpaul, Barclays is also understood to have let go of Deborah Way, an MD in emerging markets macro distribution, and a couple of MDs in FX. The bank also declined to comment on Way's departure. Way didn't respond to an attempt to contact her. FINRA shows her still with the bank.
The departures follow a 21% year-on-year drop in equities sales and trading revenues at Barclays in the first quarter of 2019, and a 4% increase in fixed income (where Barclays out-performed the market).
Tejpaul's exit comes as Barclays focuses on its new Barx electronic trading platform. In June last year Barclays promoted Nas Al-Khudairi to oversee its electronic trading product, expanding his role as global head of electronic equities and head of cash equities for Europe, Middle East and Africa to oversee all of its electronic product offering for global markets. At the same time, the bank also hired Mauricio Sada-Paz from Bank of America Merrill Lynch as global head of eFICC product and distribution.
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