In April 2006, Barclays Capital unveiled the latest stage of its US bond business expansion. Since raiding Goldman Sachs for its co-heads of leveraged finance – Joe McGrath and Rick van Zijl – the UK bank has recruited more than 100 professionals from various institutions, particularly Goldman, but also from Bank of America and JPMorgan.
With Barcap having made such a heavy investment, rivals were starting to snipe at it, wondering when the bank’s first deal would come.
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