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LONDON, Aug 17 (Reuters) - Star commodities trader Todd Edgar and several colleagues are to leave Barclays , a person familiar with the matter said, as the UK bank streamlines its investment bank and pares back in areas under most regulatory pressure.
Edgar, a managing director in fixed income, currencies and commodities (FICC) for Barclays Capital, was previously one of JPMorgan’s top proprietary traders and stoked the row about high pay awards when he and a team were poached by BarCap in 2009. Reports said their two-year deal was worth up to 30 million pounds.
The Financial Times said on Wednesday Edgar and his colleagues plan to set up a hedge fund by the end of the year.
Edgar’s exit comes amid a regulatory clampdown on some areas of trading, including the U.S. Dodd-Frank legislation barring banks from trading on their own account, and difficult financial markets forcing banks to slash costs.
Barclays cut 1,400 jobs in the first half of this year, with half at BarCap, and expects to cut a similar number in the second half of the year, Chief Executive Bob Diamond said last week.
Slow trading this year is forcing it and rivals to axe jobs after building up last year. Barclays is expected to announced or consulted on in the United States and Britain this week, the FT said.
Barclays declined to comment. (Reporting by Steve Slater; Editing by Hans-Juergen Peters)