Barclays Markets Chief to Leave After Year on Job

Barclays PLC's head of markets, Eric Felder, is leaving the bank a year after being appointed to the role, according to an internal memo.

Mr. Felder, a 21-year veteran of both Barclays and Lehman Brothers, will be replaced on an interim basis by Joe Corcoran, who currently heads the bank's equities and credit products unit, according to the, memo which was sent to staff on Tuesday.

Tom King, the chief executive of Barclays's investment bank, said Mr. Felder "intends to use this moment of change as an opportunity to pursue a career more aligned with his personal and professional ambitions," according to the memo.

The news of the departure comes a year after Barclays's management announced it would radically cut the size of its investment bank. The London-based lender plans to reduce the investment bank's assets to no more than 30% of the company's total risk-weighted assets, down from just over half. Last year Barclays chopped 2,000 investment-bank jobs. A further 5,000 of the remaining 20,500 investment-banking jobs are set to be axed over the next two years.

Barclays, along with about a dozen other banks, is being probed for alleged manipulation of the foreign-currency market. A spokeswoman for the bank said Mr. Felder's departure was completely unrelated to the ongoing probe.

Mr. Felder began his career with Lehman Brothers in 1994, holding a number of roles in the group's fixed-income division. Following the bank's collapse he joined Barclays as head of credit trading in 2008. In April 2014 he was named head of the markets division. His interim replacement, Mr. Corcoran, is also a former Lehmanite and has spent 25 years at the two banks.

Write to Max Colchester at [e-mail]

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