FX news: Barclays redundancies in London confirmed
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Foreign Exchange

FX news: Barclays redundancies in London confirmed

But will FX be affected?

Last weekend there was word that Bob Diamond, Barclays' incoming CEO, was personally scrutinising each of the bank’s businesses to see if they provided an adequate return on capital. At the same time, there were conflicting rumours about staffing levels at Barclays Capital. The firm is still hiring in Canada and Asia but London appears to be undergoing some down-sizing (in the vernacular) over the next couple of months. There’s no good time to make staff redundant but you have to feel for those under threat a few weeks before Christmas.

A spokesperson at BarCap confirmed that redundancies would occur: “We can confirm that we have begun a consultation process in the UK to reduce headcount within Barclays Capital. We continue to hire selectively across those parts of the business that are growing. ”

But if the Barclays interim reports are anything to go by FX should still come under the ‘parts of the business that are growing’ heading. As Mike Bagguley, BarCap’s global head of FX trading recently told to theweeklyFiX: “FX was singled out for its great performance in the last two interim results presentations. We believe that this has been our year, our volumes are more than 50% higher than last year.”

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