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The departure of Dixit Joshi could be bad news for BarCap’s equities people

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.

Comments (7)

  1. “London headhunters say BarCap is still hiring for European equities, but that it’s not paying any guarantees”.. also known as wasting everybody’s time.

    buy out please Reply
  2. How can barcap (i.e. Del Missier and Diamond) let go a guy whose integrity and performance have just been exemplary, them to promote their “values” so much. Just look at what barcap equities was when he took over and what it is now.
    This is just sending the wrong message to everybody.

  3. buy out please:

    spot on

    i don’t know of a single GOOD banker (sales, trading, research, ibd, whatever) who would move without a guarantee.

    quite frankly, anyone who does have such “faith” in a hiring bank probably is too naive to be worth taking on in the first place.

  4. Can’t agree less with buy out please and fxo man! I have first hand experience of that. Made me meet all kind of people across all levels, and at the end balked at the guarantee proposal. Who on the earth will leave the bonus on the table to join them! Not sure what BarCap are thinking who they are!

    Amused with BarCap Reply
  5. Barcap are paying guarantees – more disinformation form HH’s not working for Barcap.

  6. I have worked in Equity Derivative Sales for 12 years and have seen Bar Cap build up and then scale back their European Equities business at least 3 times over this period, they have paid huge guarantees in the past to entice good performs however the majority leave after 2 years as Bar Cap has never followed through with the level of committment they promised in the interview process.

  7. Dixit Joshi has gone to Deutsche Bank as new EMEA Head of Equities… Good move…they are more committed at following things through than Bar Cap…Bar Cap has lost an excellent banker whose reputation and ethics will take DB’s equities business to another level

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