Barclays Cuts Staff At New York Prime Brokerage

Nov 24 2008 | 1:42am ET

Barclays has cut its U.S. prime brokerage staff by 30% as it eyes a major contraction in the hedge fund industry.

About 100 jobs were cut at the capital markets prime services unit in New York two weeks ago. According to Bloomberg News, the layoffs were part of a restructuring to adjust for changes in the industry, and not an effort to eliminate redundancies with Lehman Brothers’ prime brokerage, which Barclays acquired from the bankrupt firm in September.

All told, Barclays said it plans to cut some 3,000 jobs in the U.S.


In Depth

'Smart Beta' Funds In Regulators' Sights, Hedgies May Be Next

Mar 26 2015 | 11:11am ET

Funds that mimic strategies used by active managers for a fraction of the cost could...

Lifestyle

Study: Both Marriage and Divorce Lead to Negative Hedge Fund Performance

Mar 25 2015 | 6:51pm ET

Trouble at home leads to trouble in the market for fund managers, according to researchers...

Guest Contributor

The Life Settlement: Yield For The Investor And Cash For The Consumer

Mar 31 2015 | 6:48am ET

Investors are languishing in a yield-starved, low-interest rate environment, looking...

 

Sponsored Content

    Mar 9 2015 | 6:35am ET

    Kelly RodriquesKelly RodriquesAs more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…

Editor's Note