Barclays is culling senior staff on the heels of a management overhaul — just a month after the bank said ‘no plans for job cuts’

Reuters

• Barclays is culling staff in its market division, sources tell Business Insider, mostly affecting those in credit. 
• Barclays in April said there are "no plans for job cuts," and told Business Insider this week that it was true at the time. 

A clutch of senior employees are being let go at Barclays this week in a new round of departures after a management overhaul earlier this year shocked employees. 

Insiders say the London-based bank kicked off the round of cuts this week in global markets, a unit that includes credit, distribution, equities, and macro. It is yet unclear just how many are set to depart — with little communication from higher-ups, rumors are flying around trading floors that the bulk of the cuts will be concentrated on credit teams.

Some managing directors have departed in both London and New York, the insiders said.

According to the insiders, Brett Tejpaul, head of digital and client strategy in the markets unit New York and a 16-year veteran of the bank, is among those leaving. He did not reply to requests for comment.

It’s a departure from last month, when a Barclays spokesman told Business Insider "there are no plans for job cuts." Staff morale at Barclays has taken a beating, insiders say, after the shock departures of key executives earlier this year, including that of investment banking chief Tim Throsby. 

A Barclays spokesman declined to comment on the departures, and said the comment made in April "was both true and accurate." 

Read more: Barclays says there will be no job cuts, even as insiders brace for the worst and an activist ratchets up pressure to gut the investment bank

Staffers were jolted in late March by the surprise exit of Throsby, who was hired by CEO Jes Staley in 2017 from JPMorgan with ambitions to add more competitive vigor to Barclays’ investment bank.

The exit of Throsby, who ramped up hiring of managing directors, was announced along with a wide swathe of management changes. Dominoes are continuing to fall this week.

Last month, Business Insider reported that Ravi Singh, a Goldman Sachs alum who joined Barclays’ Chief Investment Office in New York earlier this year, left after less than four months at the firm.

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SEE ALSO: One burning question kept coming up on the Barclays earnings call — and it’s a sign pressure is mounting on a high-stakes bet made by CEO Jes Staley

SEE ALSO: Ousted exec Tim Throsby sent an email to Barclays’ CEO calling his plans ‘irreconcilable’ and destructive

SEE ALSO: Barclays just lost 2 more executives as Ravi Singh departs after only 4 months

Source: Business Insider – feedback@businessinsider.com (Trista Kelley)