Barclays Capital has embarked on a drive to build a global equities operation in an effort to re-establish its position in a business that it abandoned a decade ago. The UK bank is taking advantage of the downturn to scoop up research analysts and traders, building on the equities platform that it acquired as part of its take-over of the US employees and operations of Lehman Brothers. The move is a reversal for BarCap, which sold off most of its BZW stockbroking and investment banking unit in Europe in 1997 to concentrate on high-end tailored equity products and automated bulk trading. BarCap recently pounced on 60 former Lehman employees who were set to move to Nomura when the Japanese bank bought parts of Lehman Europe, and earlier hired nearly 100 former Lehman people in Japan. However, its move comes as the industry, amid declining trading commissions, also grapples with a market slump and hedge funds unwinding client assets.

This entry was posted by Gwen Robinson on Monday, December 1st, 2008 at 5:37 and is filed under Capital markets. Tagged with Barclays Capital, Lehman Brothers, nomura. Edit this entry.