Barclays 'Streamlines' N.Y. Forex Operation Cuts 4 Corporate Advisors, 3 Spot Traders
BANKS
Dwindling market share and declining profit margins led British-based Barclays Bank, PLC to reduce its foreign exchange operation in New York by seven last Monday, according to sources at the bank.
The cuts were made on the spot desk, where three traders were dismissed, and on the corporate desk, where four corporate advisors were let go.
"It was an unfortunate but necessary move, an evolution of our treasury department, which is otherwise doing well," says a company spokeswoman.
But sources at the
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