(Updates to add more comment from Barclays)
LONDON, April 20 (Reuters) - Barclays’ global head of metals and mining sales Martyn Whitehead will leave the bank as part of its restructuring and exit from some parts of its commodities business, a source familiar with the situation told Reuters on Monday.
Whitehead was Barclays’ only representative listed with London Precious Metals Clearing Ltd. Barclays is one of the six banks that organise and co-ordinate bullion clearing and vaulting in London.
“Barclays will continue to fulfil its obligations to London Precious Metals Clearing Ltd and will be making appropriate appointments in due course,” a spokesman said. “Our precious metals business remains a core part of our commodities offering for our clients.”
He declined to comment on Whitehead’s departure.
Barclays said in April 2014 it was withdrawing from most of its commodities business but would continue in precious metals.
Other high profile precious metals personnel have already left the bank over the past year, including Jonathan Spall, product manager for metals at the bank, and Marc Booker, head of spot trading.
With regulatory scrutiny showing no signs of abating and cost pressures still elevated, the precious metals industry has undergone a series of changes, starting with the move of the century-old gold and silver benchmarks to electronic platforms.
Barclays is involved in the gold price setting process as one of seven participants in the auction run by the Intercontinental Exchange. (Reporting By Clara Denina; Editing by Veronica Brown and Susan Thomas)