Barclays Moves to Dismiss 275 Traders in Manhattan

Wednesday, 06 Feb 2013 05:54 PM

 

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Barclays Plc, the U.K.’s second-largest lender by assets, dismissed trading-division employees this week as it notified regulators its investment bank is cutting 275 jobs in New York City.

Reductions so far include credit trader Kevin Gribben, distressed debt salesman Kevin King, and John Wilson, an investment-grade credit salesman, said people briefed on the departures. John Connor in rates sales and Bill Martinez in financing were also let go, said the people, who requested anonymity because the departures weren’t public. The London- based bank Wednesday disclosed cuts planned through May at three Manhattan locations in a filing with state regulators.

Antony Jenkins, 51, named chief executive officer last year after the bank agreed to pay a then-record 290 million pound ($454.3 million) fine for attempting to manipulate benchmark interest rates, will update investors next week on the bank’s review of its strategy. The lender said yesterday it will cut its bonus pool as it sets aside an additional 1 billion pounds to cover mis-selling of payment-protection insurance and other products.

The bank, which started job cuts in the U.K. last month, began alerting some U.S. employees of their dismissal yesterday, the people said. Barclays hasn’t announced a global total for the positions it’s eliminating.

Brandon Ashcraft, a Barclays spokesman in New York, declined to comment on the departures.

King, a managing director who worked at Lehman Brothers Holdings Inc. before it was taken over by Barclays, said he left the firm yesterday. He said his departure was “amicable” and that he hadn’t made any decisions on what to do next.

Gribben, Wilson and Connor declined to comment. Martinez couldn’t be reached.

© Copyright 2014 Bloomberg News. All rights reserved.

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