In November 2007, BarCap announced a total writedown of £1.3 billion due to the impact of poorly performing US subprime mortgages.
Both Kvalheim and del Missier were appointed as co-presidents of BarCap in September 2005. Kvalheim was previously its head of investment banking, while del Missier was head of the firm’s rates and equity business.
Del Missier has been a familiar face in the derivatives market for some time, having joined BarCap from Bankers Trust in 1997. Based in London, he was a senior managing director in derivatives products, and responsible for the dealer’s European business.
Between 1999 and 2004 he served on the board of the International Swaps and Derivatives Association, and currently sits on the board of the Securities Industry and Financial Markets Association.
He has spoken out on a number of industry issues during his career, including market regulation and the need for greater transparency in the derivatives market.
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