Barclays (NYSE: BCS), the multinational investment bank, has announced the appointment of Torsten Schöneborn and Jerry Minier as the new Co-Heads of the G10 FX Trading unit. With their extensive experience, Schöneborn and Minier will work closely with technologists, trading, quant and sales teams to provide cutting-edge platforms and infrastructure to Barclays' clients.

Barclays Boosts G10 FX Trading Team

Barclays has been making significant progress in expanding its Global Macro business to achieve higher operational standards. In an effort to strengthen its foreign exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (FX) business, the institution has appointed Schöneborn and Minier, utilizing their years of industry experience.

Minier had previously worked for Barclays as the Global Head of FX Options Trading, and now his responsibilities are expanding. He has been with the company since the beginning of the pandemic and has nearly two decades of experience in the currency market. Previously, he worked for Goldman Sachs in various locations, including London, Hong Kong, and New York.

Torsten is joining Barclays from BNP Paribas, where he held the role of Global Head of Electronic Platform and Global Head of Quant Prime Broking. He worked for almost a decade at Deutsche Bank, among other roles as Global Co-Head of Electronic Equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Read this Term and Head of eFX Spot Quant Trading. In total, he has 15 years of experience.

Michael Lublinsky, the Global Head of Macro, has commended these appointments, stating that FX is one of Barclay's historic strengths.

"Torsten and Jerry's expertise will help us execute our next set of priorities as we continue to invest and build best in class platforms and solutions for our clients," Lublinsky added.

Over the past few months, Barclays has made several moves regarding its Global Macro platform, and Torsten is the sixth senior hire since June 2022. During this time, the company welcomed Carl Scott, the Head of EMEA Rates Trading, Igor Cashyn, the Head of USD Inflation, and Guy Winkworth, the Head of Sterling Products & Euro Inflation.

We are pleased to welcome Torsten Schöneborn to Barclays, who will join Jerry Minier as Co-Heads of G10 FX Trading. Torsten and Jerry will work closely with colleagues to bring best in class execution capabilities & risk solutions to clients across our FX franchise.

— Barclays Corporate & Investment Bank (@BarclaysCIB) June 26, 2023

Recent Developments at Barclays

Barclays has shown a consistent effort to evolve and expand its operations. As part of its recent advancements, the firm has invested £3 million in Trade Ledger, a working capital platform provider. This investment marks Barclays' commitment to digitization and streamlining business lending.

However, not all moves have been in the direction of growth. Finance Magnates has reported, that Barclays cut 100 jobs in its investment banking group due to a slowdown in the industry. Bloomberg's data indicates that the loss of jobs in several vital sectors has affected almost 538,000 individuals since October 2022.

Despite these layoffs, Barclays focuses on improving its services and financial performance, even amidst a challenging financial year that saw a dip in profit of 14%. According to the financial statement published in February, one of the biggest UK lenders' profit was £7 billion in 2022.