Barclays has promoted Stephen Li, the bank’s global head of OTC clearing, to run its US futures and OTC business, TheTRADE Derivatives understands.
His promotion comes as Michael Yarian, Barclays head of rates trading and local markets for the US and Europe, left the bank’s New York office last month.
Li took up the role last month and has relocated from London to New York.
A spokesperson for Barclays declined to comment.
Li previously served as global head of OTC clearing and EMEA agency derivatives services for the bank. He joined Barclays in 2005 from Goldman Sachs as its head of EMEA futures and OTC clearing.
Meanwhile, Yarian is thought to be the most senior executive to leave the bank’s New York office, having worked in Barclays rates unit for almost 20 years.
Yarian took up the role of Barclays interest rate trading unit in June 2014. He was previously head of the bank’s agency derivatives services, in which he headed its listed derivatives execution and clearing services, and global OTC clearing business.
Most recently, Barclays partnered with the London Stock Exchange Group’s new London-based interest rate futures trading platform, CurveGlobal.
However, since 2014 the bank has sought to restructure its investment banking operations and has significantly cut its fixed income and equities business.
Last month, Barclays announced it would close operations in Australia, Russia, Brazil, Korea and Taiwan, and it is expected to cut at least 1,000 jobs.