Hiring spree heats up at Barclays Capital
Barclays Capital has increased its staff by 30% to 7,000 in the past 18 months - and there's more to come. The objectives - more client contact and a broader product range - seem to be attainable. What's not so clear is whether increased revenues will outweigh the costs of this headlong expansion and how it will transform the firm's culture.
WHEN BARCLAYS CAPITAL hired a new German sales team from CSFB earlier this year, the first that BarCap's existing team got to hear of it was when Tom Kalaris, head of distribution and research and chief executive, Americas, got all the staff to gather around on BarCap's Frankfurt trading floor. He told them that changes were being made – that there was going to be a greater emphasis on structured products, and that a new team from CSFB was being brought in. Omar Selim, formerly CSFB's head of fixed income for Germany, Austria and Switzerland and BarCap's newly appointed managing director and head of distribution, debt capital markets and trading for Germany, Austria and Switzerland, made it clear that anyone who didn't like this should think about leaving.
Welcome to the new Barclays capital.
CEO Bob Diamond has long been credited with shaping the firms' strategic development but increasingly it is Kalaris; Grant Kvalheim, head of investment banking and credit products; and Jerry del Missier, head of rates and private equity and regional head of continental Europe, that are driving its rapid expansion.