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More senior bankers head for the exit at Barclays’ London operation

Black and blue.

Barclays has been losing senior bankers across the U.S. and Asia as it rolls out its new strategy that will eventually see 7,000 employees cut from its investment bank depart over three years. In the past few weeks, however, a string of senior staff have left its London operation.

Maurice Nadjar Primack, a managing director within Barclays’ emerging markets equity trading team, has left the bank after five years, according to regulatory filings, as has Phil Gilham, a director in the EM trading team with a focus on Russia and South Africa.

Meanwhile, John Goodey, a managing director within the bank’s healthcare team, has left Barclays’ London office to join Health Care REIT as senior vice president in its UK team, running its $2bn portfolio.

Elsewhere, Stuart Young, a specialist sales director focusing on financial institutions, and Allan Smylie, a director within Barclays’ European capital goods research team, also left in May. This follows the exit of telecoms analyst Jonathan Dann and as many as four colleagues to RBC Capital Markets.

Barclays has made no secret of the fact that expensive senior employees will be affected by its planned redundancies. Overall, 450 directors and managing directors have been let go from Barclays’ investment bank during the first quarter.

At the same time, perhaps not surprisingly, Barclays has struggled to keep hold of senior staff that have flooded to competitors in recent months. Paul Parker, its head of M&A, has reportedly quit following the exit of U.S. chief Skip McGee; Robert Morrice, Barclays’ Asia-Pacific chairman and chief executive, retired after 17 years at the bank; while Ros Stephenson, its investment banking chairman, has joined UBS.

Despite the exodus of employees, our own research suggests that Barclays remains an attractive place to work. In a ranking of ‘ideal employers’, from a poll of nearly 9,000 financial services professionals by eFinancialCareers, Barclays ranked 9th. This was ahead of the likes of Credit Suisse, Morgan Stanley and Bank of America.

Barclays declined to comment.

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AUTHORPaul Clarke

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