Foreign exchange: Barclays climbs the poll but slips on staff retention
Longmore latest senior FX exec to leave; But UK bank continues to build market share
In the three years since Ivan Ritossa moved to Singapore, assuming the role of head of rates, Asia-Pacific, in addition to that of global head of foreign exchange, Barclays’ share of the FX market has continued to increase.
The past year has been no different, as the results of Euromoney’s FX survey show. Barclays is now hot on the heels of second-placed UBS, with a market share that passes the 11% threshold for the first time. Five years ago, Barclays had just broken into the top-five overall banks, with a market share of just 5.8%.
Alongside this impressive performance there has been an increase in the market’s perception of the quality of the bank’s staff. But recently the bank has become less successful at retaining them.
Despite only recently having been made a managing director, Manny Monahogios, Barclays’ head of US corporate FX sales in New York, left the bank in mid-April. He took director Ben Gibson and two others with him; sources say the team is probably headed for Morgan Stanley. The bank also lost four sales staff in New York around the same time last year.
Barclays has also been experiencing staff defections in London.