Barclays lures large analyst team from SocGen

Barclays lures large analyst team from SocGen

LONDONBarclays plc, one of Europe’s biggest investment banks, hired a team of equity analysts from rival Societe Generale SA (SocGen) as CEO Jes Staley (picture) seeks to make more money from trading stocks.

Warren Ackerman has joined from the French bank as head of European consumer equity research along with Michael Sanderson, who will be Barclays’s co-head of diversified financial research, the London-based lender said in a statement. Four other analysts are also leaving for the UK bank.

Barclays CEO Staley has approved the hiring of more than 50 equity traders and analysts since last year in a bid to revive the bank’s stocks unit, which has struggled with underperformance and a dwindling market share, according to data compiled by Bloomberg Intelligence. The lender is also bulking up its research unit in response to sweeping European Union rules that took effect in January, known as MiFID II.

“These hires underline the positive reinvestment in our equities business and our ability to attract top talent,” said Rupert Jones, Barclays head of European equity research, in the statement. An official for SocGen declined to comment.

Barclays is also hiring analysts Laurence Whyatt, Arthur Reeves, Iain Simpson and Erwann Dagorne from SocGen. Omar Fall, an analyst covering European banks at Mediobanca SpA, will also join Barclays along with BNP Paribas SA’s Matthew Joyce and Bank of Montreal’s Paul May, according to the statement. — Bloomberg

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