Barclays has raided JPMorgan’s commodities business – again. Bloomberg reports that Barclays has hired three commodities professionals from JPMorgan and an oil trader from Citadel.
Barclays likes to hire its commodities professionals from JPMorgan. Over the past decade, the British bank has hired plenty of the US bank’s traders and has paid handsomely for their pedigree. Back in 2009, for example, it hired the redoubtable Todd Edgar, a star commodities trader from JPMorgan, plus his four-man team, on a package worth up to $50m.
More recently, however, Barclays’ JPMorgan commodity recruits have been acting a little peevishly. Edgar and his team of nearly 12 commodities traders left in 2011 to set up a hedge fund. George Cultraro, the former New York-based global head of crude oil and refined products at Barclays (whom the bank recruited in from JPMorgan in 2002) left in August 2013. Various others departed in 2012.
Barclays’ latest JPMorgan hires include: Rebecca Lee, a director in commodities sales in New York, Phil Hardwick, a director in energy sales in London, and Thomas Horn, a director in commodity-linked finance in Hong Kong. Their timing is curious. Barclays has declared its intention to pay less and will be bound by the EU bonus cap, so we assume they’re not joining the British bank for the money. They may be joining for the Barclays dress code, which CNBC reported yesterday has been relaxed considerably. On Fridays, Barclays staff are now permitted to go ‘super-dress-down’ in jeans, t-shirts and trainers. This sort of thing is not on offer at JPMorgan.
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