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Foreign Exchange

FX people moves: Exodus from Barclays

Shortly after bonus time every bank expects a few staff to leave. But ‘a few’ doesn’t describe departures from Barclays over the last week or two – it’s a full-blown exodus according to market sources.

Manny Monahogios, BarCap’s head of US corporate FX sales in New York and recently made a managing director, has jumped ship, taking director Ben Gibson and at least three others, with him. Destination of the team is reckoned to be one of Morgan Stanley, RBS or UBS New York; MS is odds-on though. This is practically the one-year anniversary of a similar loss of staff at BarCap, New York. (People moves: BarCap loses in New York)

The haemorrhage in New York would be bad enough but London is also bleeding. Having lost Richard Longmore (possibly to Lloyds) a month ago and Frank Cahill (to HSBC) only this week, we hear of at least six other staff are on their toes. Guido Arslan, ex-Goldman Sachs, is the biggest name and there is some likelihood he will be teaming up again with Fabrizio Russo at Nomura. Other leavers include Paul Brandley in hedge fund sales, Lincoln Shepherd in FX real money sales, FX structurer John Bradley and Oxana Saunders in EM. The bank declined to comment.

One of the reasons cited for the departures was that the remuneration people took a gamble on how little they could pay and got it very wrong.

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