Barclays keeps pinching Credit Suisse's equities people
When Barclays is hiring for its equities business, it likes to hire from Credit Suisse. Having amassed all sorts of ex-Credit Suisse people in its equities business in recent years, it has now poached another.
Barclays' latest equities sales and trading recruit is Mathias Peters, a former director in financial institutions group (FIG) specialist sales from Credit Suisse. Peters, who didn't respond to a request to comment for this article, is presumably moving after bonuses were paid. He joins Barclays as head of EMEA specialist sales with a focus on FIG.
Peters spent five and a half years at Credit Suisse. He was previously at Citi, Nomura and Lehman - where he began his career in 2006.
Barclays' markets business is co-headed by Stephen Dainton, who was let go from Credit Suisse in 2017 after 14 years in the Swiss bank's equities business. Dainton has since been busy hiring various people from his former employer including. Some, like Naz Al-Khudairi, who was hired as Barclays' head of electronic trading and digital strategy, have subsequently left again.
Revenues in Credit Suisses's equities business fell 27% last year, while revenues in Barclays' equities business were up 20%. Speaking at the time of Barclays' fourth quarter results, CEO C. S. Venkatakrishnan, who is continuing former Jes Staley's emphasis on the investment bank, said Barclays is committed growing the equities prime services business. Credit Suisse, on the other hand, has closed its prime business in a move that has the potential to hinder its success across equities.
Peters' exit may therefore have something to do with future revenue potential. It could also be related to bonuses: Barclays' bonuses were up for last year, whereas Credit Suisse bonuses were squeezed as a result of losses relating to Archegos. Credit Suisse has introduced deferred cash bonuses which can be clawed back in the style of Jefferies for anyone earning over $250k. Peters was presumably awarded this sort of bonus, but left anyway.
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