Plans to boost Europe eq­ui­ties

The Star Late Edition - - BUSINESS NEWS -

BAR­CLAYS plans to re­cruit more than 20 staff this year to bol­ster its Euro­pean eq­ui­ties trad­ing busi­ness as chief ex­ec­u­tive of­fi­cer Jes Sta­ley con­tin­ues to back the in­vest­ment bank while ri­vals re­treat, ac­cord­ing to two peo­ple fa­mil­iar with the strat­egy. The bank is search­ing for ex­pe­ri­enced traders and sales­peo­ple, as well as quan­ti­ta­tive and prod­uct man­age­ment spe­cial­ists, said the peo­ple, who asked not to be iden­ti­fied be­cause the plans are pri­vate. Bar­clays cur­rently em­ploys about 450 peo­ple in eq­ui­ties in Europe, the Mid­dle East and Africa, ac­cord­ing to a per­son with knowl­edge of the in­dus­try, and the busi­ness is run by Rich Evans. Sta­ley re­cruited JPMor­gan Chase’s global head of eq­ui­ties, Tim Throsby, to over­haul the cor­po­rate and in­vest­ment bank, which had steadily lost rev­enue and mar­ket po­si­tion to re­vi­talised US ri­vals. The fu­ture of the se­cu­ri­ties unit was un­cer­tain un­der Sta­ley’s pre­de­ces­sor, Antony Jenk­ins, who pub­licly ex­pressed con­cerns about its abil­ity to gen­er­ate suf­fi­cient re­turns. While Sta­ley dis­missed calls to spin off the in­vest­ment bank, he still elim­i­nated thou­sands of jobs and closed the cash eq­ui­ties busi­ness in Asia to re­fo­cus on Lon­don and New York. How­ever, a spokes­woman for Bar­clays de­clined to com­ment on the firm’s re­cruit­ment poli­cies. – Bloomberg

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