Dixit Joshi, head of equities for EMEA and Asia at BarCap, has left the bank. It’s not entirely clear where he’s off too. Alternate rumours have it that he was nudged out by Gerald Donini, the former Lehman Brothers banker who now heads equities for BarCap in New York, or that he’s been headhunted to join somewhere else. Either way, BarCap isn’t commenting.
Joshi’s exit follows the apparent disappearance of Franck LaCour, former head of equity derivatives volatility trading and Joshi’s ‘right hand man’ a few months’ ago.
It also follows a not particularly great run for BarCap’s equity trading business. According to figures from Morgan Stanley, BarCap’s share of global equity trading has declined steadily since the first quarter of 2009, falling from 7.9% then, to 5.3% in the first quarter of 2010.
In the circumstances, Joshi’s disappearance will likely lead to the parachuting in of a US ex-Lehman equities banker to run Europe. And this may lead to an unwelcome shake-up this side of the Atlantic.
In the meantime, London headhunters say BarCap is still hiring for European equities, but that it’s not paying any guarantees.