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 (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 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.

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.