Barclays said to make a handful of quiet layoffs in New York
Insiders at Barclays' New York office said the bank made a small number of stealthy layoffs this week, mostly in the treasury division.
Those let go are understood to include Matthew Besgen a senior vice president in the treasury division who had worked at the bank for seven years according to his FINRA registration.
Barclays declined to comment on the exits. They come as HSBC, Wells Fargo and UBS trim equities staff in New York, and after Deutsche Bank closed its equities business earlier this year.
Deutsche Bank and Goldman Sachs have also been making stealthy New York layoffs. Deutsche Bank filed a WARN notice for a further 104 of its 4,800 New York employees in September and said layoffs would occur through to 15 December. Goldman Sachs filed a similar notice for just two of its 8,963 New York employees around the same time.
Barclays' New York staff are apprehensive in case the current trickle of redundancies turns into something more substantial before year-end. The bank already trimmed 3,000 staff in the three months to June, but may feel a need to eradicate more to protect the bonus pool.
Barclays reports its third quarter results next week. Today's terrible results from NatWest Markets' rates desk don't augur well for Barclays' own macro-heavy business.
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