Barclays’s Asia Markets Business Said to Lose Eight MDs

Jan 30, 2014 11:35 am ET

(Adds comments from Jenkins in fourth paragraph.)

Jan. 30 (Bloomberg) -- Devansh Patel is among eight managing directors who are leaving Barclays Plc’s markets unit in Asia following a plunge in the U.K. bank’s trading income, two people with knowledge of the matter said.

Patel, Asia-Pacific head of equity and fund structuring in Hong Kong, and Shalabh Mohan, India head of distribution, were among the departing staff, the people said, asking not to be identified because the matter is confidential. James Groves, Asia head of commodities, and Jim Vore, head of credit sales, also left, the people said. Calls to the bankers’ mobile phones weren’t returned today.

Barclays said in October third-quarter pretax profit dropped 26 percent, hurt by a slump in trading revenue as the U.K.’s second-largest bank by assets sought to plug a capital shortfall. Revenue from fixed income, currencies and commodities, or FICC, dropped 44 percent to the lowest since 2011. The bank will report full-year earnings on Feb. 11.

Chief Executive Officer Antony Jenkins said in October that he expects “the FICC revenue pool to shrink over time.” The five biggest U.S. investment banks saw their combined revenue from FICC trading slide 25 percent from a year ago, data compiled by Bloomberg Industries show.

Japan, India

Kazutoshi Ohkubo, head of Japan equities, will also depart, Tokyo-based spokesman Kyota Narimatsu said. Allister Fowler, a Hong Kong-based spokesman at the firm, declined to comment on the departures.

Neale Wilson, managing director for commodity sales in Singapore, has also left, according to the two people. Wilson didn’t return a call to his office and the receptionist said he’d left the firm.

The job reduction comes as Barclays plans to cut hundreds of jobs at its investment bank globally, including directors and managing directors, a person with knowledge of the discussions said this week.

Purvesh Shah, a director in Mumbai and head of equity capital markets for India, is also leaving the firm, according to two people with knowledge of the matter. Shah declined to talk when reached on his mobile phone.

--With assistance from Bei Hu in Hong Kong, Chanyaporn Chanjaroen and Glenys Sim in Singapore, Anto Antony in Mumbai and Takahiko Hyuga in Tokyo. Editors: Chitra Somayaji, Ben Scent