Sad times in Barclays' London chemicals team. Insiders say the bank lost its big European dealmaker last week.
Jean de Miramon, head of the bank's EMEA chemicals investment banking team is understood to have resigned. Miramon's destination is unclear and Barclays isn't commenting on his exit.
De Miramon, who can be seen opining about the chemicals industry three years ago here, has worked in the chemicals sector for over 20 years. Insiders say he was BofA's big originator in the sector and dealt with key clients like Evonik Industries, a maker of animal nutrition ingredients.
De Miramon's exit follows a dip in the number of chemicals deals globally in 2018 according to Deloitte. However the first quarter of 2019 was particularly active for chemicals M&A, with the announcement of Aramco’s acquisition of a majority stake in SABIC for $69 billion and Merck KGaA’s €5.8 billion acquisition of Versum.
De Miramon is likely to have the rest of the summer off as he sits out his notice period before turning up somewhere else.
Barclays is promising to cut bonuses in its investment bank as it seeks to boost returns. The British bank has been trimming managing directors in an attempt to cut costs.
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