Barclays Cuts European ABS Sales, Trading, Research Heads

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Barclays Plc is scaling back its European asset-backed securities business in London as its new chairman pledged to step up the pace of restructuring at the British lender.

The bank cut Chris Carnell, head of European ABS sales, according to three people familiar with the matter, who asked not to be identified because the departures aren’t public. Stuart Calnan, head of European ABS trading, and Christian Aufsatz, head of European ABS research, were also let go, the people said.

Jon Laycock, a London-based spokesman, declined to comment on the departures.

Chairman John McFarlane, who assumed control of the bank after firing Chief Executive Officer Antony Jenkins this month, has said he will reallocate capital to more profitable businesses. McFarlane, 68, vowed to speed up disposals at the non-core bank and set out a revised investment-banking strategy, while pledging to double the share price over the next three to four years.

Barclays’ pretax profit, including restructuring costs, rose to 1.85 billion pounds ($2.9 billion) from 1.7 billion pounds in the year-earlier period, the bank said in a statement on Wednesday. The shares have risen about 15 percent this year, which compares with a 20 percent increase for Deutsche Bank AG and 27 percent for UBS Group AG.

Benoit Vanpoperinghe, who traded commercial mortgage-backed securities, Dipesh Mehta, an ABS analyst, are also leaving the bank, the people said. Andrew Forester, an ABS trader, is moving to high-yield and distressed debt, the people said.

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