James Regan, a senior U.S. trader at Barclays, has left the firm before bonus payouts. He served as a managing director, heading USD swaps trading and linear FX trading till last December.
Regan started his career at Barclays in 2004 after completing his Masters of Engineering and Masters of Art from the University of Cambridge and spent over 13 years at the firm.
His departure comes after two senior UK government bond traders left the bank in the past few weeks. It also comes at a time when Barclays is making 100 layoffs at vice president and managing director level in its investment bank in London and the U.S. The exits are said to include Toby Croadswell, global head of medium term notes. The cuts come despite a bullish strategy presentation from Barclays’ investment bank CEO Tim Throsby last September. They follow claims that fewer than expected people have left the British bank because it’s seen as a way of staying in London after Brexit.
It's not clear whether Regan left voluntarily. Barclays has been planning to cut bonuses for half its bankers. Last November, Barclays’s senior managers were briefed about the tough bonus round, according to a Bloomberg report, because the pool was expected to shrink after pretax profit fell 7 percent at the corporate and investment bank in the first nine months of 2017. Throsby told the staff that he would sharpen divisions in bonuses this year, boosting pay for top performers while cutting it for those in the bottom half. In 2016, Barclays had reduced the bonus pool for “front-office” investment bank employees by 1 percent. Moreover, the return on equity at Barclays’ investment bank was just 5.9% in the third quarter of 2017– well below its cost of capital.
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