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Is BarCap really hiring?

Everyone knows that BarCap is one of the only banks with a hiring policy right now. Or is it?

Although the bank has let it be publicly known that it’s building an equities business in Asia and Europe and is looking to expand in ECM and M&A, there have been very few big name hires so far.

Moreover, several recruiters and headhunters say they’ve yet to see much in the way of hiring at the bank.

“It seems to be more of a fishing expedition than anything else,” says one headhunter. “They’ve certainly interviewed a lot of people, but not much has come of it.”

“There’s a lot of talk, but it doesn’t seem that they’re taking people on board,” says one equities headhunter. “It’s more about informational interviewing to find out what’s going on in the market. It’s difficult to hire people and increase your cost base when markets are so rubbish.”

Barclays Capital declined to comment.

However, according to a Financial News article published in early February, the bank had already hired 65 equities people in London.

And one BarCap insider points out that it’s still early days. He says the Lehman integration was only finalised a few months ago and that the expansion plan only began in Januar. He adds that hires are happening and some big announcements imminent.

Comments (16)

  1. Usual story, this is no news, they lose nothing to talk to people and screen the market/get information, its not like they are super busy on the floor these days.

  2. It is a classic marketing ploy. In the City, your insitution has to appear strong or you are….screwed. Appreances are just as important as actual profits. So, if you give the APPEARANCE that everything is fine, hiring as normal, building businesses etc it is just as effective as actually being fine. Therefore, they say they are hiring but in actual fact are..not.

  3. It’s true. I know two folks who just got hired by BarCap in equity derivatives.

  4. They are hiring selectively. Getting rid of some staff and rehiring better qualifed/experienced for same money. Just don’t tell HR.

    And they’re going to need those derivatives people what with 50% of their balance sheet (thats 1 trillion sportsfans!) being derivatives. I certainly hope they’ve been priced correctly. Just *imagine* if the numbers were made up. There’s no way UK gov could give those kind of guarantees…

  5. Agreed to what max1 said , what matters is only appearance and above all DECEPTION.

  6. there is legislation to try and stop what they are doing…yet again a Bank is seen to flout the law on employment
    Unfortunately very few people will challenge them as it is so expensive
    Shame on them !

  7. Credit Suisse and Goldmans are also notorious info-fishers
    Tread with caution

  8. In general, we all know the situation by now. Yes, there is hiring going on at the expense of poorly performing staff, but its an extremely fussy process. Another interesting side of things, will be the imminent layoffs for foreign staff. BofA/ML has rescinded jobs offers to foreign MBAs in US – a sign of things to come

  9. Barcap hiring is a big fat joke

  10. Not so sure if it will have so much effect here. EU and all that. MBAs should be grand. No H1B equivalent problem due to time diff and ‘near shoring’ tech to Ireland/Eastern Europe.

    Coincidentally has anyone ever actually met someone who works in the BoA building in Canary Wharf? I see people going in and out but have never met anyone who works there in a bar afterwork or indeed met anyone who knows someone who works at BoA London?

  11. no hiring, lots of interviews but little actual hiring, complete waste of time

  12. Hires will be coming in Eq derivs….I know the HH with the signed off mandate…there will be dozens of other desperate HHs trying to spin anyone they can into the firm…be aware.

  13. LG …can u please tell me the email of this HH? :)

  14. Actually Bar Cap have started hiring in cash equities. They have employed a few front office individuals mainly from Lehman who did not go over to Nomura, with more waiting in the wings. And in the meantime they are taking on middle and back office bods to get the systems up and running. I know this because we are helping them with some hires.

  15. Davros, yeah I worked at the BOA London building until end of Jan. Most the Trading floor has now moved to Merrill’s St Paul building only 3 desks left at BOA Canary Wharf, but all support and M&A side still there but will be moving soon.

  16. There IS hiring going on for the equities build out, albeit very selective.

    I’ve just been offfered a role.

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