Building a high-grade debt originations business has taken center stage at Barclays Capital as the firm is aggressively approaching its rival firms to lure more top talent.Peter Goettler, head of U.S. debt capital markets, said the firm has been making a big hiring push for the past few months as it seeks to expand its presence in the high-grade market in the U.S., according to a story in BW sister publication Corporate Financing Week. The firm has already made a bunch of hires, including Michael Evelyn, managing director, who came from WR Hambrecht; Jim Glascott, managing director, who joins from from Morgan Stanley, and Kottur Vasanth, director, who moves over from Deutsche Bank.
High-grade issuance had a record year in 2001 as about $800 billion in deals came to market. Goettler declined to say how many bankers it wants to hire, but said Barclays has been actively targeting bankers at other firms. The group now numbers 38.
Barclays closed its U.S.-based high yield business late last year, and Goettler said the decision reflects the firm's strategy of focusing on high-grade originations, an area where it has had its largest U.S. presence. The firm ranked 12th with $7.8 billion in deals in 2001, according to Thomson Financial's U.S. investment grade corporate debt league tables. The British bank employed 19 people on its U.S. high-yield desk, and has about 1,000 people in the country.
Goettler added that the firm is hiring at all levels, and would expand some sector-specific desks and enter into new sectors. He declined to be more specific for fear of tipping off competitors.
Michael Evelyn, a managing director of U.S. debt capital markets, said Barclays will be hiring a few junior and mid-level bankers and researchers in January and February. He said the firm would wait until after bonus season ends at their competitors' before bringing new people on. He declined to give any names.
Goettler said the firm has no plans to hire entire teams from other banks, but would "cherry pick some very good people."