Daily Tax Report: International

Barclays Jobs Cull Includes Tax Trades Trio Led by Mannan (1)

Jan. 17, 2020, 4:04 PM

Barclays Plc’s cull of traders includes several senior members of an equities business that profits by exploiting gaps in tax laws.

Sadat Mannan, head of the Delta-1 Strategic business in London, has left Barclays after about two decades along with Renaud Isman and Premkumar Vadiveloo, people familiar with the matter said. The unit arranges trades that profit by avoiding taxes on dividends and has generated about 10% of the bank’s equities revenue in the past, Bloomberg reported in May.

Chief Executive Officer Jes Staley is clamping down on costs as he seeks to achieve key profitability targets...

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