One of the key executives on the FX trading desk of Barclays in London has left the company, sources with knowledge of the matter shared with Finance Magnates. A company spokesperson did not reply to a request for a comment.
Harris held the title Head of FX Spot Trading while working at Barclays. He had been with the London-headquartered bank since October 2013, when he joined from Merrill Lynch, where he was G10 FX Spot Trader.
The bank has been undergoing a major restructuring over the past couple of years.
Viberate Teams Up with Blockparty to Deliver World’s First Live Event NFTGo to article >>
Barclays announced in 2014 that the company is cutting 19,000 jobs over the next three years, 7,000 of them from the investment banking arm. The effort was exacerbated with the changes to the investment banking unit which comes as the bank is also preparing to relocate a number of jobs to continental Europe.
The company has been focused on reducing its investment banking unit to 30 percent of its assets by the end of 2016 from 50 percent as of 2014 when the restructuring effort was announced.
The FX business of Barclays is heavily reliant on BARX FX, the company’s FX platform which provides access to the foreign exchange markets to institutional traders. The bank is providing streaming prices in over 80 currencies and 480 currency pairs, plus vanilla and exotic options and strategies.