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Is BarCap bonkers to boost its US headcount?

Think that American investment banking is just one big bloodbath of job cuts, hiring freezes and plummeting bonuses? Barclays begs to disagree.

Barclays Capital, the British firm’s i-banking arm, seems to have forgotten about the credit crunch and is still merrily hiring in the USA. In fact, it’s on track to increase staff numbers by 16% this year, a jump which is in line with the 400 recruits it took on in 2007.

With the likes of Lehman Brothers looking at more US layoffs, is Barclays being too bold?

Jerry del Missier, BarCap’s president, hopes his firm’s growth with help redress the banking balance as the bulge bracket braces for more bad news. He’s especially keen on financial institutions and equities specialists.

But with a current headcount of only 3,000, how much help can BarCap really give to American i-banking?

Should the British bank be brave or bashful in the US? Let us know below.

Comments (6)

  1. Bob Diamond merely has the good sense to see that American bankers are to be had for peanuts in the current market. Given no one else is about to hire them, he might as well pick them up for a modicum of what they were worth a few years before. Buy low.

    Dexter the man Reply
  2. The real question is whether anyone would want to work for Barclays Capital in the US. It’s still a bit player as far as I’m concerned.

  3. They have a different model and different client base to the bulge bracket and they’re much much smaller – it’s not comparing like with like. Plus Barcaps growth in Asia is much stronger – that’s the key overseas market for them.

  4. Bob Diamond shouldn’t be underestimated. His timing is excellent considering the fact that a multitude of bankers have lost their jobs from a domestic standpoint. Barcap is a smaller institution, but still a global financial conglomerate. Nobody else intends on hiring some of these homeless bankers, and there aren’t too many other firms stressing that they are actively recruiting in the states. If you are in IB, and unemployed, beggers can’t be choosers in any sense.

  5. You’d certainly wait to work for BarCap if you’ve just bee laid off by Lehmans, UBS, Merrills etc etc!!!

  6. Barclays is set to grow even more if it takes on some of L Bros! It could be a big player soon

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