Barclays Plc is cutting 150 employees, including managing directors, at its investment bank globally as the firm shrinks its fixedincome operations, according to a person with knowledge of the matter.
Jim McCormick, the London-based global head of asset allocation research, and Sharon Casey, a managing director for interest rate sales in New York, were among the departures, said the person, who asked not to be identified because they weren't authorized to speak publicly.
Barclays, which is losing its grip on Europe's fixed-income market to U.S. competitors, is trimming those operations as regulation makes trading debt less lucrative.
Even after the bank's macro group, which includes currencies and interest-rate sales and trading, generated a 10 percent increase in revenue in the second quarter, Chairman John McFarlane plans to focus on the less capitalintensive debt and equity capital markets businesses.
James White, a London-based spokesman for Barclays, declined to comment. McCormick declined to comment. E-mails to Casey weren't immediately returned.
Casey had been with the bank for more than a decade, while McCormick joined from hedge fund Comac Capital in 2013.
The cuts are part of former chief executive officer Antony Jenkins's plan to cut 7,000 employees in the investment bank by 2016, and the reductions are mostly taking place at the director and managing director level, the person said.
Barclays's investment bank employed 20,500 globally as of the end of 2014.
So far, the revamp of the investment bank has helped boost the shares. Barclays has risen 18 percent this year, making it the top-performing major U.K. bank stock.
The lender reported a 8.8 percent increase in profit in the quarter this week, driven by its investment bank, where there was a 35 percent jump in earnings, and its credit card operations.
While fixed income is being cut back, Barclays has bolstered its advisory and debt arm, making senior hires in areas where it anticipates a competitive advantage.
The bank added Barry Meyers from JPMorgan Chase & Co. as head of the U.K. equity capital markets team. He started this month as a director, a rank above his title at JPMorgan. Barclays also hired Philip Shelley in February from Goldman Sachs Group Inc., where he was co-head of U.K. corporate broking.
Barclays has added eight managing directors in the U.S. so far this year, with three of those in telecommunications, media and technology, including Peter Cohen, hired from Blackstone Group LP to run media banking.
The British lender also cut employees from its European asset-backed securities unit in London this week, according to three people familiar with the matter.
Chris Carnell, head of European ABS sales, and Stuart Calnan, head of European ABS trading are no longer with the bank.