Barclays has lost one of its top clearing members in the United States after Ray Kahn, the group’s longtime senior executive, has parted ways with the lender, the latest in a series of departures that have roiled the banking industry in both the US and UK.
Mr. Kahn has served in some of the most high profile positions at Barclays in New York for nearly eight years. During his tenure, he has helped Barclays push multiple new rules immediately following the financial crisis that have helped benefit the bank – indeed, policymakers have been seeking to push more derivatives transactions into clearing houses to help make financial markets safer, which Mr. Kahn has played a role in doing while at Barclays, according to a report from the Financial Times.
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Mr. Kahn originally joined Barclays in 2008 from Lehman Brothers. While at the lender, he held several senior roles, including stints as its Global Head of Counterparty Risk Management – Prime Services, Global Head of OTC Clearing, Head of Agency Derivative Services – Americas, as well as its Global Head of Risk, Treasury, Resources, and Regulatory Management, a position he stepped into in January 2016, according to information made public on his Linkedin profile.
Prior to Barclays, Mr. Kahn also worked as the Global Head of Loan Portfolio Hedging and Risk Mitigation, a position he held for over seven years, dating back to 2001.
Barclays has suffered from the same situation as many other leading banks, i.e. the challenges of holding onto top-tier talent and jobs in a time when personnel of all levels seem to be out the door. While many job cuts are instigated from banks themselves, as has been the case with thousands of back-office and IT roles from banks such as Standard Chartered and Deutsche Bank, many other foreign exchange (FX) desks, fixed income units, and wealth management teams have also been on the chopping block.