People: Barclays ousts head of rates trading

Michael Yarian,  New York-based head of rates and local markets trading for the Americas and Europe at Barclays, has left the bank.

Barclays announced on January 21 it would cut more than 1,000 jobs as part of a major restructuring of its investment bank, with most of the job losses concentrated in the Asia-Pacific region.

Yarian is thought to be the most senior executive to leave the New York office. He had been there for 18 years, becoming head of rates trading for the Americas and Europe in June 2014, where he reported to Nat Tyce, Rob Bugucki and Kashif Zahar, co-heads of the macro business.

Yarian was previously head of agency derivatives services. He headed the bank's global markets division in Japan from 2009 to 2011 and was co-head of US rates trading from 2006 to 2009. Yarian was also a board member of the Futures Industry Association between 2012 and 2014.

The latest round of job cuts came just over a month after the bank appointed Jes Staley as chief executive officer.

As part of the restructuring, Barclays is closing its offices in nine countries – including in Australia, Korea and Russia – and will focus on the UK and US markets.

Barclays is paring back its cash equities business in Asia and the Gulf region and will also exit the residential mortgage and asset-backed securities businesses in the US.

Morgan Stanley has promoted Colm Kelleher to the newly created role of president, putting him in charge of institutional securities and wealth management, according to an internal memo seen by Risk. Kelleher has worked at Morgan Stanley since 1989 in a variety of roles. He was most recently head of the bank's institutional securities group.

For his new role, he will move from London to Morgan Stanley's headquarters in New York.

The memo also announced the departure of Greg Fleming, head of Morgan Stanley's wealth management division. Alongside that role, Fleming also headed investment management until October. He joined the bank in 2009.

Andrew Bailey has been appointed the new chief executive of the UK's Financial Conduct Authority (FCA). Bailey is expected to take over from Tracey McDermott in July, the FCA said in a statement. McDermott was named acting chief executive in September after Martin Wheatley's sudden departure.

Since April 2013, Bailey has served as head of the Bank of England's Prudential Regulation Authority (PRA) and deputy governor for prudential regulation at the central bank, where he has worked for 30 years. Alongside these positions, Bailey sits on the board of the FCA. At the PRA, Bailey has overseen the introduction of new rules on capital for banks and insurers and on bankers' remuneration, as well as the introduction of concurrent stress tests for big UK banks.

Bailey has also worked at the FCA's predecessor, the Financial Services Authority, holding responsibility for the prudential supervision of banks and insurance companies.

In his new role, Bailey will be a member of the Bank of England's Financial Policy Committee and the PRA board.

Bailey's successor at the bank will be appointed by the government.

Credit Suisse has named Nas Al-khudairi as head of the newly created department of global markets electronic products. He will manage algorithmic trading strategies, tools and analytics for global trading across equities and fixed-income products, as well as the bank's electronic foreign exchange businesses and its electronic credit businesses in the Americas and Europe, the Middle East and Africa (Emea).

Al-khudairi will continue to be based in London, reporting to Tim O'Hara, who heads the bank's global markets business. He has been with the Swiss firm for nearly 19 years, most recently as head of Emea cash equities.

The current head of electronic trading, Dan Mathisson, who also oversees US equity trading, will leave Credit Suisse on February 26 after 16 years at the bank. Mathisson was a founding board member of the Bats Exchange.

Meanwhile, James Peterkin will join Credit Suisse in March as Emea head of oil and gas in the investment banking division. He will be based in London and report to the co-heads of Emea investment banking, Marisa Drew and Mark Echlin, as well as to the global head of oil and gas investment banking, Osmar Abib.

Peterkin currently holds a similar role of co-head of Emea oil and gas investment banking at Barclays. Before joining Barclays in 2009, he had worked at Schroders and Citibank.

The three moves were announced in internal memos seen by Risk. A Credit Suisse spokesperson confirmed the contents of the memos.

Emmanuel Ramambason, London-based head of the global markets valuation adjustments (XVA) team at BNP Paribas, left the bank in December after a year in the role.

BNP Paribas declined to comment on the reason for his departure.

Ramambason began his career with Paribas in 1990 as a quantitative analyst in Paris, moving on to a number of roles at the expanded bank after the merger with BNP in 2000. He has also served as a board member of the International Swaps and Derivatives Association.

Wells Fargo has appointed Steve Chivers as co-head of futures commission merchant electronic trading sales. He started in the role in December and is based in Chicago. Prior to joining Wells Fargo, Chivers worked for Jefferies as global head of electronic trading.

Richard Metcalfe, director of regulatory affairs at the Investment Association, has left after two years in the role, as the London-based buy-side trade body unexpectedly disbanded its regulatory unit.

The Investment Association told Risk that the unit's responsibilities will now be split across the organisation's three new core teams of business support and promotion, products and services, and sustainable investments and capital markets.

Jonathan Gee, a senior adviser for the association who reported to Metcalfe, has also departed.

The Securities and Exchange Commission (SEC) has announced that Susan Nash, associate director in the division of investment management, will leave the agency at the end of January.

Nash has worked on disclosure policy for mutual funds and other investment companies, and has led the division's oversight of variable annuity and variable life insurance products.

She joined the SEC in 1989 and served as counsel to the agency's then-chairman Richard Breeden, before joining the investment management division in 1993.