Barclays Plc Axes Trifecta of European ABS Heads

The wholesale changes at Barclays Plc keep coming, this time with the axing of three heads across its European asset-backed securities sales (ABS), trading, and research units, according to a recent Bloomberg report.

Barclays has been downsizing a number of its operations in a cost-cutting strategy that has seen the scaling back of a number of its global businesses – namely in terms of personnel. This includes its London operations, which has now seen a revamped and lean ABS team.

More specifically, the trifecta of Chris Carnell, Head of ABS Sales, Stuart Calnan, ABS Trading Head, and Christian Aufsatz, Head of ABS Research at Barclays Plc, have all been shown the door in the latest personnel moves at the lender.

Lower down the totem pole, Benoit Vanpoperinghe, Barlcays’ commercial mortgage-backed securities trader, and ABS Analyst Dipesh Mehta are also parting ways with the bank. Barlcays did not immediately reveal what sort of contingency or replacement measures would exist, if any.

Despite a plethora of departures, Barclays did bring in veteran financial services specialist, Diane Schueneman as its newest non-executive director, to help serve in a leadership role. However, the net moves at the British lender have trended overwhelmingly outwards.

Later today, Barclays Plc (NYSE:BCS) is expected to report its Q2 earnings during US trading. The outgoing departures of a number of leading personnel has done little to dampen investor sentiment as the stock is trading just off its 52-week high ($17.63) at $17.43 during pre-market trading Wednesday.