Barclays' recent cuts included a man who made MD in 2022
Beware the curse of making managing director (MD) in an investment bank. One moment you're a high performing senior vice president or director who seems like good value all things considered. The next, you're on a salary of nearly £700k in London and seem a bit expensive.
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Barclays' recently released Pillar 3 report for 2024 showed that its material risk-takers (MRTs), most of whom are MDs, earned an average salary of £680k ($925k) last year, plus a bonus of £779k.
When Barclays was cutting costs last month, it therefore seems to have eliminated some of its recently promoted MDs as a quick route to savings. They include Zoso Davies, a London-based MD in credit strategy who'd been with the bank since joining as an intern in 2009 and who finally made MD in 2022.
Davies, who covered US investment grade credit strategy research in London, and who has possibly been displaced by someone doing something similar in New York, wrote on LinkedIn that he's open to suggestions about what he might do next.
One possibility might be to set up his own research firm. Matt King, Citi's former global head of credit strategy, has done this. It may not pay a salary of £700k, though.
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