November 28, 2023

Investment Banking

Let Your Investment Banking Do The Walking

As Barclays cuts in Asia, MDs who jumped are landing elsewhere

As Barclays cuts investment banking jobs globally, its Asian investment bankers are not immune. Sources at the bank say that Hong Kong cuts are due this week, after cuts were made in Singapore last week. 

However, Barclays managing directors who left before the cuts are now turning up in new roles. Srinivasulu Yanamandra, a former managing director and head of loans and structured credit at Barclays has just arrived at his new job at Elham Credit Partners, a division of Chinese Investment firm Hillhouse.  Yanamandra resigned from Barclays in August. His move to Elham was first announced last month, although he’s only just arrived in the role.

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Elham is focused on the growing business of private credit solutions in the APAC region. Hillhouse is expanding in Hong Kong under Siddhartha Hari, whom it hired from Deutsche Bank in June. Hari has already hired Sam Yeo Weng Cheong from JPMorgan (in Singapore), who joined in September. 

While Hillhouse is expanding, Barclays is pruning. The British bank rebuilt its Asian business in the past two years and was enthusiastic only a few months ago. Speaking in June, Hossein Zaimi, head of Barclays’ APAC markets business, said the bank planned to keep “investing when people are scared.” Barclays was still hiring at the time. 

Barclays isn’t commenting on its Asian layoffs, but last week’s Singaporean cuts are understood to have impacted one of the most senior FIG bankers at Barclays in Singapore, with the result that the FIG team in the region – which isn’t present in Hong Kong – is now lacking a local head and all but ineffective in the region.

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