Key Takeaways
- • Five former Barclays traders had their convictions for benchmark interest rate rigging overturned by a London court, according to Bloomberg reporting by Alex Morgan and Financial Times coverage cited by eFinancialCareers.
- • Barclays reportedly lost almost 40% of its US M&A managing directors, per the Financial Times, and has been compelled to hire replacements.
- • Moving from investment banking to private equity has become harder, given years of decline in the private equity sector and bank retention initiatives, though eFinancialCareers says it remains worthwhile for many.
- • Barclays traders who did not help their pardoned colleagues reportedly regret that decision, per the Financial Times.
Summary
A London court has overturned the convictions of five former Barclays traders who had been sentenced to prison between 2016 and 2019 for manipulating interest rate benchmarks. Bloomberg reporter Alex Morgan reported on the quashing of the rate-rigging convictions, and the Financial Times reported that the traders' former colleagues have expressed regret at not helping them. The available coverage is headline-level and does not include the court's full reasoning or the procedural details of the ruling.
Separately, eFinancialCareers reports, citing the Financial Times, that Barclays lost almost 40% of its US M&A managing directors and was forced to recruit replacements. Commentary in the same publication's Morning Coffee newsletter also notes that Barclays has shifted toward more selective hiring and firing and has paid a large bonus to retail bankers who left the bank 18 years ago.
On career moves, eFinancialCareers argues that the choice between banking and private equity is harder than in the past, citing years of decline in the private equity sector and banks' initiatives to retain staff. The publication nonetheless says the move remains worth it for many bankers. Source material for the court ruling and the Barclays staffing figures is limited to headlines and snippets, so details beyond these should be verified against the original reporting.
Separately, eFinancialCareers reports, citing the Financial Times, that Barclays lost almost 40% of its US M&A managing directors and was forced to recruit replacements. Commentary in the same publication's Morning Coffee newsletter also notes that Barclays has shifted toward more selective hiring and firing and has paid a large bonus to retail bankers who left the bank 18 years ago.
On career moves, eFinancialCareers argues that the choice between banking and private equity is harder than in the past, citing years of decline in the private equity sector and banks' initiatives to retain staff. The publication nonetheless says the move remains worth it for many bankers. Source material for the court ruling and the Barclays staffing figures is limited to headlines and snippets, so details beyond these should be verified against the original reporting.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.