Barclays just hired two Wall Street veterans in its chief investment office

REUTERS/Peter Nicholls

Barclays' CEO Jes Staley in London

• Barclays just hired two new executives, Sanjeev Mordani and Ravi Singh, to work under the CIO of the international unit.
• While naming some new senior hires, Barclays has made big cuts to about 100 senior staff this year.
• Insiders at Barclays say the cuts of senior staff this year and managing director promotions in December signal a desire to give promising up-and-comers opportunities for advancement

Barclays just hired two senior executives, Sanjeev Mordani and Ravi Singh, to work under the chief investment officer of its international unit, Art Mbanefo.

Mordani, who led cross asset solutions and strategies at Bank of America Merrill Lynch, will join Barclays in the chief investment office and will be responsible for driving the structured finance business in the Americas.

"We are confident that his creativity and strong client relationships will accelerate our efforts to enhance Barclays' client offering," the bank said in a memo sent to staff and seen by Business Insider.

Singh, a Credit Suisse and Goldman Sachs alum, will also join Barclays' CIO office. His role is unclear, but the memo said that "his entrepreneurial spirit and strong track record will significantly enhance our ability to deliver additional top line revenue and drive returns."

"These appointments are additional examples of the high impact talent we are attracting to Barclays, and demonstrate the scale of opportunities in front of us," Mbanefo said in the memo.

Read more:The cohead of Barclays' research business is leaving as the UK bank's senior shake-up continues

The hires come as the bank named a fresh crop of managing directors, promoting 85 employees to the rank as of January 1. While Tim Throsby, a JPMorgan alum who now heads Barclays corporate and investment bank, has named some top senior-level hires since joining in 2016, the bank has slashed managing-director roles and other senior jobs as part of a broader reorganization that kicked off earlier this year.

Barclays is known as one of the more top-heavy firms in The City, and insiders there say the cuts to senior staff this year and the promotions in December signal a desire to give promising up-and-comers opportunities for advancement.

Mbanefo has been taking on more responsibilities this year. His remit includes running Barclays' Financing Resource Management team and overseeing business managers and the office of the CEO, according to an announcement at the bank in late August.