Barclays Said to Cut Jobs in Commodities From London to New York
Bharath Manium, a managing director in commodities structuring, Paul Jackman, a managing director in the commodities index business, Jonathan Spall, product manager for metals in London, and Sudakshina Unnikrishnan, an analyst in London, are leaving, according to the people who asked not to be identified because the move hasn’t been made public.
Patrick Barouki, head of power and gas trading in London, Philippe Comer, managing director and head of commodity structuring for the Americas in New York, and Sha Luo, an analyst in London, also left, one of the people said. Barclays spokesman Jon Laycock declined to comment on the departures.
Barclays, the U.K.’s second-largest lender by assets, is shrinking the business as record low interest rates and dwindling volatility curbed trading profits. Revenue from FICC dropped 44 percent in the third quarter to the lowest since 2011, contributing to a 26 percent decline in quarterly pretax profit for the bank.
James Groves, Asia head of commodities, is among eight managing directors leaving the bank in Asia, people with knowledge of the matter said yesterday.
Barclays Chief Executive Officer Antony Jenkins said last February he is seeking to remove 1.7 billion pounds ($2.8 billion) of annual expenses by 2015, eliminating 3,700 positions. It may eliminate 520 corporate-banking jobs, labor union Unite said yesterday. The London-based lender also plans to cut hundreds of jobs at its investment bank, a person with knowledge of the discussions said this week. It had 24,000 people in its investment bank at the end of 2012.
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