Tom Rae has left Goldman Sachs after nearly six years to join Barclays Capital’s foreign exchange (FX) desk in London, Finance Magnates has learned. The move comes amidst a period of flux for the FX industry, namely in regard to London trading desks at several big name lenders that have seen a high uptick in the degree of personnel turnover over the past year.
Mr. Rae is the latest to be on the move in what has been a turbulent stretch for the financial services industry. Given waning profit margins and sagging revenues at lenders, many FX desks and other units have been gutted or in some cases consolidated to help cut costs. Barclays to date has joined the likes of Deutsche Bank and Standard Chartered as having embarked on ambitious cost cutting strategies, principally in London.
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In its newest move, Barclays secures Rae from Goldman Sachs, who joined the group back in 2008 in London. Since then he has been an active trader for its FX desk, having left the group earlier this year – during his tenure he focused mainly on G10 FX options.
In his new role at Barclays Capital however, he will step into a familiar role at its FX Options desk – he will be reporting to Barclays’ Paul Thirlwall, the group’s Global Head of FX Options, who also re-joined Barclays from HSBC in 2015 to take over the FX Options business.
Andrea Boland contributed to this article. Finance Magnates reached out to Barclays but it was unavailable for additional comment.