If you were trying to conceive an ideal job in financial services, you would struggle to come up with something more appealing than that recently occupied by Yannick Mallegol.
Mallegol was the former head of equity derivatives flow sales at Barclays Capital and and raced Ferraris.
These are the cars Mallegol races. He recently came 15th (out of 25) in round 3 of the Ferrari Challenge.
We understand that Barclays sponsored Mallegol's car, enabling him to combine his pursuits as a racing driver with his career as a senior equity derivatives salesperson. "Clients loved it," says one former colleague, suggesting Ferrari racing is an appealing hobby for the aspiring salesperson.
Unfortunately, we also understand that Barclays didn't sponsor Mallegol's car again this year. And in June, he left the bank. Barclays declined to comment.
BarCap is understood to have had some issues with its equity derivatives business. Regis Loeb, head of flow trading, and Nick Nassuphis, head of equity exotics and structured product trading, were made redundant earlier this year.
Mallegol's departure could therefore be construed as an indictment of BarCap's equity derivatives business.
Some analysts estimate that costs across BarCap's equities division could be as high as 90% of revenues. Earlier this year, analyst Arturo de Frias calculated that BarCap needs to increase revenues in its equities and investment banking businesses by 50% this year in order to meet its return on equity target. However, BarCap said its Q1 equities results were strong, with revenues up 11% year-on-year and that equity derivatives and equity financing were particularly robust.
Analysts at Morgan Stanley are predicting a 15% year-on-year decline in BarCap's interim revenues when it reports next Tuesday.