Barclays to Lay Off 12,000
In an effort to streamline itself, Barclays is planning to cut up to 12,000 jobs in 2014, including a move begun last year to eliminate 3,700 positions, according to bank officials. The layoffs emerged as the bank presented its financial results for 2013.
The bank is slated to cut 7,000 jobs in the U.K. and approximately 820 from management, officials say. The bank has about 140,000 employees.“For example, in the course of the next month some 220 managing directors across Barclays will leave, as well as 600 directors,” according to a statement from Antony Jenkins, group chief executive for Barclays. About half of those cuts will come from the firm’s investment banking business.“I have also introduced strict criteria on new hires at either of these levels. This action will have the twin benefits of taking cost out and contribute to streamlining and delayering the organization,” Jenkins adds.In specific sectors, the bank’s U.K. retail and corporate banking businesses “delivered good results,” according to Jenkins. “Within the investment bank, an impressive performance in equities and in investment banking has helped to partially offset lower income from our fixed income, currencies and commodities business.” The bank has “started to make important progress in repositioning our African, European and wealth businesses to improve returns, Jenkins says.While the bank is making redundancies, it is handing out bonuses and related incentives to bring the best people forward, officials say. For instance, the investment banking group will get £1.6 billion for bonuses and incentives.
Barclays Names New Compliance Chief
Barclays, which is recovering from several scandals, announced that it has appointed Mike Roemer as group head of compliance, officials say.
Roemer, who is currently Barclays’ head of internal audit, is a member of the executive committee and reports directly to Jenkins. Roemer joined Barclays in January 2011 from CIT Group where he was the chief auditor, reporting directly to the board audit committee, officials say.
In his new role, Roemer will be responsible for carrying out the framework set by the Barclays PLC board, officials say. He will also lead the effort to make certain that the conduct of bank staff is consistent with “the spirit and letter of the expectations of regulators and the law in the geographies where Barclays operates,” according to a bank statement.
Prior to the CIT Group, Roemer spent 23 years at JPMorgan Chase.
BI-SAM Hires from NYSE Euronext
BI-SAM, a vendor of performance measurement and attribution, risk analytics, composites management and client reporting solutions, has named Richard Irons as its new executive director, Europe.
Irons is from NYSE Euronext, where he was sales director for NYSE Technologies, officials say.
Before his time at NYSE Technologies, Irons held senior sales and client relationship roles with Bloomberg, SunGard Global Trading, Thomson Reuters and Cable & Wireless, officials say.
At BI-SAM, Irons will lead the company’s business development and account management activities in Europe, officials say. He will be based in BI-SAM’s London office.
SEC Fills Senior Post in National Exam Program
The SEC has promoted Barbara S. Lorenzen to a senior position in the agency’s Office of Compliance Inspections and Examinations (OCIE), which conducts the national examination program, officials say.
Lorenzen has been named the national associate director for OCIE’s Clearance and Settlement Program, which oversees examining clearing agencies and coordinating with regional offices to oversee approximately 450 transfer agents in the U.S., officials say.
Since arriving at the SEC in 2009, Lorenzen has worked in the Chicago Regional Office and coordinated the oversight of broker-dealer and transfer agent examinations in a nine-state Midwest region, officials say. She has been serving as acting director for the Clearance and Settlement Program since June 2013, overseeing a staff of 18 lawyers, accountants, and examiners.
Before joining the SEC, Lorenzen worked for 28 years at the Chicago Board of Trade, where she held positions of increasing responsibility including vice president responsible for the financial surveillance and audit departments, officials say.
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