Barclays has appointed new co-heads of European flow rates trading, according to sources familiar with the matter, as the UK bank looks to continue to grow its presence in these markets.
David Cross, a former Deutsche Bank and JP Morgan trader, is set to join Barclays as one of the co-heads in September, the sources said, and will report to Nat Tyce.
Jon Desler will be Cross's co-head and retains his role as head of short-term interest-rate trading for EMEA and APAC. He will continue to report to Tyce, who heads up macro trading for EMEA and APAC at the bank.
A Barclays spokesperson declined to comment.
Cross is a veteran of European rates markets. Most recently, he was co-head of European linear rates trading at Deutsche. Prior to that, he headed up euro sovereign trading at JP Morgan, where he spent 15 years.
Desler has been at Barclays since 2009 and has held a number of senior trading positions in European rates. Before joining Barclays, Desler headed up European interest-rate derivative trading at CIBC World Markets.
Barclays has been expanding its presence in global markets in recent quarters and reported one of the largest annual increases in fixed-income trading revenues in 2020 among the major investment banks.