Barclays has hired an ex-Goldman Sachs partner to bolster its sales and trading unit and grab market share from US rivals
- Barclays has hired ex-Goldman Sachs partner Chris Taendler to cohead global emerging markets and G10 linear FX trading.
- Taendler, who spent two decades at Goldman and made partner in late 2016, started at the British bank last week, sources said.
- Barclays' fixed-income trading division had a strong year in 2019, growing revenues 12% to $4.3 billion. But it trails its major US competitors.
- Roughly 50 Goldman partners have parted ways with the bank since David Solomon took over as CEO in late 2018, more than half exiting from the firm's securities division.
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Barclays has hired an ex-Goldman Sachs partner to lead a fixed-income sales and trading unit as it looks to capitalize on momentum from 2019 and boost market share.
The British lender has hired Chris Taendler, a recently retired Goldman veteran who helped run its emerging markets foreign-exchange business until last year, to lead a similar remit in Barclays' New York City office, according to two sources familiar with the appointment.
Taendler started at the firm last week as cohead of global emerging markets and G10 linear FX, the sources said. He's running the business in tandem with Barclays veteran James Hassett, who is based in London.
The unit falls under the purview of Michael Lubinsky, the global head of macro trading.
A Barclays spokeswoman declined to comment.
After two decades at Goldman, Taendler resigned in early 2019 - a little over two years after making partner at the prestigious investment bank.
Roughly 50 Goldman partners have parted ways with the bank since David Solomon took over as CEO in late 2018, more than half exiting from the firm's securities division.
In his new post, Taendler will be tasked with helping boost market share for Barclays' fixed-income, currencies, and commodities division, which is coming off a strong performance in 2019 but trails its major US competitors.
With equities and dealmaking revenues taking a hit industrywide in 2019, FICC was the lone bright spot for investment banks.
FICC revenues grew 3% to $66.2 billion in 2019, rebounding from two consecutive years of declines, according to industry data and consulting firm Coalition.
Those gains were spurred in part by strong demand for fixed-income products, especially mortgage bonds, which topped $2 billion in trading revenues in 2019 - the largest tally in a decade and a more than 550% gain from 2018.
Barclays ranked 7th among top investment banks in FICC sales and trading revenues in 2019, according to public earnings results. Its FICC unit grew revenues 12% to $4.3 billion.
