Another new managing director resigned from Barclays
Needless to say, the big news at Barclays today is the exit of Fater Belbachir as global head of equities and structuring less than a year after he arrived. It turns out, however, that Belbachir isn't the only recent Barclays hire to be moving on again.
Barclays insiders say that Sanjeev Mordani, the bank's Americas head of structured finance, has also quit the British bank in the past few weeks. Like Belbachir, Mordani wasn't there long: he joined from Bank of America in January 2019 to work under Art Mbanefo, who was then the chief investment officer of the international unit. Mbanefo himself moved on in April 2019 and the last thing we heard was that he was thinking of bringing a lawsuit against the bank.
Barclays declined to comment on Mordani's exit, which is understood to have been voluntary, and Mordani himself didn't respond to a request to clarify his whereabouts. Sources suggested he's joining a rival bank.
Mordani, who previously spent eight years as head of cross asset solutions and strategies at BofA, was responsible for driving Barclays' structured finance business in the Americas. The British bank turned in an excellent set of first quarter results, particularly in fixed income trading, but cautioned that they may not translate into high end of year pay.
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