Barclays Capital’s (BarCap) commodities trader Todd Edgar is quitting the bank along with his team of nearly 12 colleagues, Financial Times reports. The move is part of a series of cuts designed to shed overheads and enable the U.K. bank to meet profit targets.

Edgar is planning to establish a hedge fund by the end of the year along with his colleagues. Edgar joined BarCap two years ago with four others from JPMorgan Chase.

Click here for the story from Financial Times.