According to news reports, Barclays Bank's co-president, Jerry del Missier, has busted the rank of two executives: John Kreitler, U.S. head of credit trading, and Vince Balducci, U.S. head of credit derivatives. The two will remain with the firm, however, and work with del Missier, says a spokeswoman. It is expected that their successors will be announced on Nov. 27 as part of a bigger restructuring. Del Missier has had credit trading shifted to his auspices from that of co-president Grant Kvalheim, who will continue to oversee investment banking, and loan origination and syndication. Ending rumors of double-digit write-downs that had plagued its stock prices, Barclays disclosed net charges and write-downs last week totaling GBP1.3 billion ($2.67 billion) but announced strong pretax profit. Shares rose 4% in early London trading. The British bank booked credit, mortgage and leveraged finance related charges and write-downs worth GBP500 million in the third quarter. It said it booked an additional GBP800 million in net charges and write-downs in October, reflecting "the impact of rating agency downgrades on a broad range of CDOs and the subsequent market downturn."

Meanwhile, Michael Strange left Barclays Capital, where he was director of financial institution securitization in London. The circumstances of his departure were unclear as of press-time. Strange was a protagonist of the Russian existing-asset business, involved in arranging such transactions as mortgage deals for Gazprombank with Euro and ruble tranches and a dollar RMBS for Vneshtorgbank.

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