Several muni employees exit Barclays

Several muni employees, including some from the sales team, have left Barclays (JJCTF).

Dan Rourke, the managing director of muni sales, will be moving to FMSBonds in the coming months, where he will work in the institutional sales department, said FMSBonds President Joe Koltz.

Joshua Prell, director of muni sales, and Keith Fell, another employee, have also left.

None of the employees who left could be reached for comment.

The departures happened around the time Barclays (JJCTF) handed out companywide bonuses and coincided with the firm in the process of shrinking its muni footprint in the regions, according to sources.

The bank is set to lay off 78 employees in Whippany, New Jersey, over the summer, on the heels of the 69 employees let go in January, according to NorthJersey.com.

The upcoming campuswide layoffs are said to "align staffing to current and expected business needs," the news outlet reported.

Barclays (JJCTF) has underwritten $2.83 billion in muni deals year-to-date, ranking 13th among the top underwriters. In 2024, the firm accounted for $17.73 billion of par and ranked 10th, according to LSEG data.

Barclays (JJCTF) has served as lead underwriter on a few large deals so far in 2025, including the Department of Airports of the City of Los Angeles' $1.534 billion deal on behalf of the Los Angeles International Airport, set to price Thursday; the state of Hawaii's recent $849 million deal; and the Massachusetts Development Finance Authority's $769 million deal for Boston University.

A Barclays (JJCTF) spokesperson declined to comment.