MDs leaving Barclays US
Anyone got any idea what is driving the exit for MDs in the US? 10 to UBS earlier in May and another 3 to Jefferies, what’s going on?
Those that are leaving also appear to be pretty big hitters by the looks of things? Is it just comp or something more. An online article suggested it could be because of a leadership problem with the new Co-Head of IB in New York?
Anyone at Barc shine some light on this
I have no info but just taking an educated guess , is it the stock price that’s been lagging? MDs could be chasing better comp elsewhere
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Whats going on at barclays? Anyone can provide color as to why people are keep leaving?
OP is right. It’s because that guy from CS. He was just a new co-head of M&A so pretty juniors in the senior role. The old folks from Lehman would not be happy about the appointment at all.
Seems to be mostly TMT group affected.
The 3 to Jeffreys are Industrials
Mostly driven by recent shakeup at the top. Former head of IB left to Jefferies in recent exodus and took a couple top guys with him. Former head of Tech and CRG left before and took a bunch of Tech and CRG bankers with him. Moves largely driven by transition in Head of IB going to 2 outsiders who weren’t as well liked in certain groups. Plus Barclays was never paying top of the street comp with a poor performing share price.
Makes sense the legacy Lehman guys bailed when they were passed over for new hires and have more comp upside elsewhere than Barclays.
So any insight on what now? Did they hire new MDS?
Likely, yes. They’ll need to add some heavy hitters in a couple coverage groups along with M&A and Sponsors to make up for the recent departures.
Would not be surprised to see more movement in MDs and even in junior staff after these moves. Could see some changes in product groups as well. The political shakeup was significant.
NYC Tech, Media & Comms, and CRG groups reeling
How were these groups in ny affected? I know group head of c&r left to ubs but not sure about the other 2
New co heads are very ‘in the data’ as one might say… Think it’s not the leadership style the good performers prefer / makes their job more difficult. Poor performers don’t like it either because they get exposed.
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