The moves are part of the bank’s annual culling of underperformers in its markets division and corporate and investment bank, the people said. Goldman Sachs Group Inc. is also planning to begin those annual cuts as soon as next month. Barclays and its rivals have been contending with a slowdown in trading revenue compared to a year ago, when Russia’s invasion of Ukraine juiced volatility across markets. Despite the impending cuts, the bank has hired more than five dozen managing directors and directors for the markets division since the start of the year, including Scott McDavid, who joined as global head of equities, and Igor Cashyn, who’s the bank’s head of US inflation trading. Torsten Schoeneborn, co-head of Group of 10 foreign-exchange trading, also joined from BNP Paribas SA.
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