Barclays Inc is showing Pritpal Gill, its head of its G10 FX trading and currency options unit, the exit as the bank is preparing to cut its operational costs across its corporate and investment division.
Citing anonymous sources, Bloomberg reported on Gill’s departure, but the British bank did not confirm anything officially.
As Finance Magnates reported, Gill joined the bank last year and was responsible to lead its regional sales teams to develop and drive the G10 Foreign Exchange trading strategy in the region.
He was based in Singapore and was reporting to Barclays head of FX trading in Asia, Guillermo Cabeza, and also to Paul Thirlwall, global head of FX options.
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Gill is a veteran in the FX industry with over two decades of experience. He had a long stint with Citi, where he started his career and later headed the bank’s FX trading in Asia. He also worked with Lehman Brothers as its global head of FX options trading and ran the family office.
His departure from Barclays came only 18 months after he joined the bank to strengthen its position in the FX market.
Cost-Cutting Efforts across the Industry
Though not clear, Gill’s exit might be a part of the British bank’s plan to cut 100 senior jobs mostly from its trading roles, that the bank revealed in January. Jonathan Kitei, head of securitized product sales for Americas, and Anindya Das Gupta, head of trading in India, also exited from the company under the cost-cutting scheme.
Additionally, apart from Barclays, other big banks are planning for global job cuts accelerated by the Coronavirus pandemic. Finance Magnates earlier reported on HSBC’s plan cut up to 255 jobs in France alone.
Furthermore, with the possible merger of UBS and Credit Suisse, 15,000 of the banks’ staff might be sacked.