Barclays’ head of US dollar swaps trading, Justin Firmino, has left the bank and is set to join a hedge fund, according to market sources. While the destination has not been confirmed, industry chatter points to Brevan Howard, according to a report by eFinancial Careers.
Firmino joined Barclays from Citi in 2019 and was promoted to managing director in 2023. His departure follows a series of senior rates exits to Brevan Howard in the past 18 months, including former EMEA rates head Carl Scott, US senior rates trader Michael Lubinsky, and euro swaps MD Ankur Aneja.
The move comes as Barclays focuses on cost-cutting and higher-return areas within global markets, including equity derivatives, securitised products and European rates. Some US rates traders are said to be frustrated by recent bonus payouts, raising retention concerns in the franchise.
