Barclays may be cutting costs and talking about the importance of building a securitization business, but it’s also scraped some coins together to rehire a trader who left for a hedge fund job over four years ago.
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Ben Hutson, a former managing director on Barclays’ London FX and short term interest rate desk has returned to the bank in the grander role of global head of FX forwards, based in New York.
Bloomberg reported Hutson’s reappearance yesterday, but only on the Terminal. Hutson spent his interlude away from Barclays at hedge fund Garda Capital Partners, where he was a portfolio manager.
Barclays declined to comment on who was doing Hutson’s new job there before he resurfaced. There have been various changes to the bank’s FX team in the past year: James Hasset, the former global co-head of emerging market macro trading, left last April; Torsten Schӧneborn and Jerry Minier were appointed as co-heads of G10 FX trading in June.
Barclays is cutting £188m ($239m) in compensation costs from the investment bank before 2026. Sources at the bank complained that bonuses in the New York macro team were disappointing for last year, with several people paid nothing despite reasonable performance.
Hutson spent nearly 15 years at Barclays before leaving for the hedge fund and now coming back again. One headhunter says that returning to banking from hedge funds is this year’s signature move.
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