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Business News

Top trader to exit Barclays

Barclays Capital's star commodities trader,Todd Edgar, and several colleagues are set to leave the bank as it streamlines its investment banking operations.

Mr Edgar, a managing director in fixed income, currencies and commodities for Barclays Capital, was previously one of JPMorgan's top proprietary traders and stoked the row about high pay awards when he and his team were poached by Barclays in 2009. Reports said their two-year deal was worth up to £30m.

The team is now expected to set up a hedge fund by the end of the year.

The exits come amid a clampdown on some areas of trading, including the US Dodd-Frank legislation that bars banks from trading on their own account.