Barclays MDs leaving
Anyone have any background on the MDs leaving Barclays. I saw a lot of tech bankers are going to UBS. Was wondering if any other groups were affected.
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People on the street are saying it's "Assclays" instead of "Barclays"…
Tech departures are mainly a function of group leadership picking this former CS guy over Marco Valla as global co-head of IB. Marco was around since the Lehman days and had a good reputation (Barc tech people, feel free to shout if I'm wrong) and obviously decided to leave when he was passed over for the role, bringing with him most of TMT seniors plus some M&A people.
Since then it has become quite a snowball effect, with more people across groups (tech, sponsors, M&A, more) leaving for various banks (Jefferies hired amongst others the previous global co-head John Miller). Everyone is quite surprised about group leadership picking this CS banker for the role as he is not seen as experienced enough nor joining from a better platform than Barclays. More departures would not be a surprise, as certain groups are becoming a dumpster fire (e.g. I was told FIG has become terrible following group leadership changes).
Left the firm at the beginning of the year so while I'm still in contact with many people there, take this with a pinch of salt.