Barclays is culling staff in its market division, sources tell Business Insider, mostly affecting those in credit.
Barclays in April said there are “no plans for job cuts,” and told Business Insider this week that it was true at the time.
A clutch of senior employees are being let go at Barclays this week in a new round of departures after a management overhaul earlier this year shocked employees.
Insiders say the London-based bank kicked off the round of cuts this week in global markets, a unit that includes credit, distribution, equities, and macro. It is yet unclear just how many are set to depart — with little communication from higher-ups, rumors are flying around trading floors that the bulk of the cuts will be concentrated on credit teams.
Some managing directors have departed in both London and New York, the insiders said.
According to the insiders, Brett Tejpaul, head of digital and client strategy in the markets unit New York and a 16-year veteran of the bank, is among those leaving. He did not reply to requests for comment.
It’s a departure from last month, when a Barclays spokesman told Business Insider “there are no plans for job cuts.” Staff morale at Barclays has taken a beating, insiders say, after the shock departures of key executives earlier this year, including that of investment banking chief Tim Throsby.
A Barclays spokesman declined to comment on the departures, and said the comment made in April “was both true and accurate.”
Read more: Barclays says there will be no job cuts, even as insiders brace for the worst and an activist ratchets up pressure to gut the investment bank
Staffers were jolted in late March by the surprise exit of Throsby, who was hired by CEO Jes Staley in 2017 from
Source:: Business Insider