Head oil trader leaves Barclays

Shake-up at Barclays continues as George Cultraro, global head of crude oil and refined products, leaves the bank

George Cultraro, New York-based global head of crude oil and refined products at Barclays, has left the bank.

Speaking to Energy Risk, Cultraro says he is undecided as to where he will go next. "I'm going to take some time off and step back and kind of look around the landscape," he says.

Oil and products trading at Barclays will now be overseen by Robert Bogucki, the firm's New York-based global head of head of power, natural gas, coal and emissions trading. Bogucki serves as the bank's head of foreign exchange trading for the Americas and is also expected to retain this role. He will continue to report to Mike Bagguley, Barclays's London-based head of commodities and foreign exchange.

Cultraro joined Barclays in 2002 after previously working for JP Morgan, where he initially traded metals, before moving to energy products. He climbed up the ranks of Barclays's commodities division and became global head of energy trading in 2011, reporting to then-commodities chief Roger Jones.

In 2012, Jones quit Barclays to join Switzerland-based trading house Mercuria, amid a broader exodus of energy traders from banks to commodity trading firms.

In April this year, Barclays split its energy business into two separate units, leaving Cultraro with responsibility for trading in crude oil and refined products, while Bogucki took over trading in power, natural gas, emissions and coal.

Barclays declined to comment on the moves.