Barclays cuts senior US credit trading roles -source

LONDON, Feb 3 (IFR) - The heads of Barclays (LSE: BARC.L - news) ' distressed debt and investment-grade bond trading are both leaving the UK bank's credit trading unit as part of cuts at its investment bank annnounced last month.

Dan Crowley, head of distressed debt, and Anthony Bugliari, head of US high-grade bond trading, are among those leaving the credit trading desk, a person familiar with the matter said on Wednesday.

Adam Yarnold will lead the bank's US distressed trading business, reporting to Adeel Khan, head of credit trading, the person said. Yarnold joined Barclays in 2009 and has led its global securitised products trading since July 2015.

Barclays is repositioning its secondary asset-backed securities and commercial mortgage-backed securities businesses into a credit business primarily focused on supporting new issues.

In US high-grade cash, Yoni Gorelov and Andrew Layng will continue to run industrials and financials, respectively, and will now report to Drew Mogavero, who is responsible for the US high-grade business across cash, index and derivative products.

Barclays said last month its investment bank would quit Russia, Brazil and seven other countries and will exit cash equities in Asia as new chief executive Jes Staley seeks to cut costs. People close to the bank said the move would see about 1,200 jobs go, on top of about 7,000 cuts in the investment bank in the last three years, which has reduced its headcount to about 17,000.

The cuts mark another step by the UK lender to shrink its footprint to improve profitability since it abandoned its ambitions of being a full service global investment bank three years ago. (Reporting by Steve Slater; Editing by Ian Edmondson)