Barclays to Hire 20 Commodities Traders
Barclays Plc plans to hire approximately 20 commodities traders in the next year to further expand its securities unit following the acquisition of Lehman Brothers Holdings Inc.'s North American operations.
"Commodities is a rapidly developing market that is experiencing increasing amounts of interest and growth," Roger Jones, co-head of commodities at Barclays Capital securities unit, said in an interview in London. He added that the bank is "focused on remaining a top tier" provider.
Barclays President Robert Diamond said last month he plans to build the "premier investment bank" and is hiring in equities and adding mergers and acquisitions advisers. Partly assisted by the Lehman acquisition, Barclays increased the commodities unit to 320 people at the beginning of 2009; it had 240 workers just one year earlier.
The planned expansion comes after Barclays agreed to sell its asset management unit, Barclays Global Investors, to BlackRock Inc. for $13.5 billion. The bank has managed to avoid government control during the credit crisis, unlike their rivals Lloyds Banking Group Plc and Royal Bank of Scotland Group Plc.
In 2002, Barclays hired 25 traders from Enron Corp. in what was one of the biggest bets by a British bank on the U.K.'s natural gas and electricity markets. In May, the company said it is planning to hire as many as 65 bankers for its European mergers advisory business this year and about 300 people for European and Asia equities by the end of 2009.
Barclays has gained 1.6 percent to 297.45 pence at 12:13 p.m. in London trading, which put the value of their stock at 32.8 billion pounds ($53 billion).
The stock has gained 94 percent this year.