Barclays Said to Cut Three From London Distressed-Debt Businessby and
Barclays Plc shed three senior members of its distressed-debt business in London as part of global job cuts unleashed by Chief Executive Officer Jes Staley, according to four people familiar with the matter.
The departures include Josefa Llinares and Andrea Marangoni, who sourced soured assets for the U.K. bank, said the people, who asked not to be identified because the matter isn’t public. Analyst Miles Tadman also left, they said.
Staley, who took over as CEO in December, is trimming Barclays’ investment bank as he increases focus on the company’s most profitable businesses in the U.K. and the U.S. The latest round of job cuts will eliminate 1,200 jobs worldwide and shut securities operations across Asia, people with knowledge of the matter said earlier this month.
Aoife Reynolds, a spokeswoman for London-based Barclays, declined to comment on the job cuts.
Barclays also cut James Okkerse, a credit trader focused on securities denominated in pounds, credit analyst Darren Hook, and Nikolai Hartley, who worked in the loans business, the people said.
Llinares, Marangoni, Tadman, Okkerse, Hook and Hartley didn’t respond to messages seeking comment on LinkedIn.
The bank’s decision to let staff go from its distressed team comes even as a slump in commodity prices pushes up corporate default rates. Howard Marks, co-founder of Oaktree Capital Group LLC, the world’s biggest distressed-debt investor, has likened the market to the aftermath of the 2008 financial crisis, when there was “too much to do” for distressed-debt investors.