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LONDON, Feb 3 (IFR) - The heads of Barclays' distressed debtand investment-grade bond trading are both leaving the UK bank'scredit trading unit as part of cuts at its investment bankannnounced last month.
Dan Crowley, head of distressed debt, and Anthony Bugliari,head of US high-grade bond trading, are among those leaving thecredit trading desk, a person familiar with the matter said onWednesday.
Adam Yarnold will lead the bank's US distressed tradingbusiness, reporting to Adeel Khan, head of credit trading, theperson said. Yarnold joined Barclays in 2009 and has led itsglobal securitised products trading since July 2015.
Barclays is repositioning its secondary asset-backedsecurities and commercial mortgage-backed securities businessesinto a credit business primarily focused on supporting newissues.
In US high-grade cash, Yoni Gorelov and Andrew Layng willcontinue to run industrials and financials, respectively, andwill now report to Drew Mogavero, who is responsible for the UShigh-grade business across cash, index and derivative products.
Barclays said last month its investment bank would quitRussia, Brazil and seven other countries and will exit cashequities in Asia as new chief executive Jes Staley seeks to cutcosts. People close to the bank said the move would see about1,200 jobs go, on top of about 7,000 cuts in the investment bankin the last three years, which has reduced its headcount toabout 17,000.
The cuts mark another step by the UK lender to shrink itsfootprint to improve profitability since it abandoned itsambitions of being a full service global investment bank threeyears ago. (Reporting by Steve Slater; Editing by Ian Edmondson)
