Barclays Asia FX Head Pritpal Gill Leaves Due to Cost Cuts

Barclays Inc is showing Pritpal Gill, its head of its G10 FX trading and currency options unit, the exit as the bank is preparing to cut its operational costs across its corporate and investment division.

Citing anonymous sources, Bloomberg reported on Gill’s departure, but the British bank did not confirm anything officially.

As Finance Magnates reported, Gill joined the bank last year and was responsible to lead its regional sales teams to develop and drive the G10 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 trading strategy in the region.

He was based in Singapore and was reporting to Barclays head of FX trading in Asia, Guillermo Cabeza, and also to Paul Thirlwall, global head of FX options.

Gill is a veteran in the FX industry with over two decades of experience. He had a long stint with Citi, where he started his career and later headed the bank’s FX trading in Asia. He also worked with Lehman Brothers as its global head of FX options trading and ran the family office.

His departure from Barclays came only 18 months after he joined the bank to strengthen its position in the FX market.

Cost-Cutting Efforts across the Industry

Though not clear, Gill’s exit might be a part of the British bank’s plan to cut 100 senior jobs mostly from its trading roles, that the bank revealed in January. Jonathan Kitei, head of securitized product sales for Americas, and Anindya Das Gupta, head of trading in India, also exited from the company under the cost-cutting scheme.

Additionally, apart from Barclays, other big banks are planning for global job cuts accelerated by the Coronavirus Coronavirus The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, Read this Term pandemic. Finance Magnates earlier reported on HSBC’s plan cut up to 255 jobs in France alone.

Furthermore, with the possible merger of UBS and Credit Suisse, 15,000 of the banks' staff might be sacked.