Barclays Capital revs up US credit deriv hiring, slows in London

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Barclays Capital is in hiring mode when it comes to US credit derivatives. The website SecuritizationNews.com reports that the bank is looking to add another eight people to its existing 17-man US collateralized debt obligation team.

The site quotes Kristofer Kraus, head of North American CDOs at BarCap as saying the business has grown faster than expected. Kraus says two secondary CDO traders are already in the hiring pipeline, and that structurers and product managers are sought for the remaining roles.

Last month, Benoit de Vitry, head of Commodities at BarCap revealed plans to add between 30 and 40 new staff at the bank, with most of the hires in the US. Last September the bank said also it would add 10 new US equity derivatives staff in 2006.

While BarCap's US hiring powers ahead as part of its 'Alpha Plan' to add around 3,000 frontline bankers globally between 2004 and the end of 2006, the same may not be true this side of the Atlantic. London financial recruiters say that in credit derivatives at least, the bank's appetite for staff is waning.

"Barclays Capital haven't finished hiring in European credit derivatives, but their pace of recruitment is much diminished," says one London search consultant specialising in the sector, "They're no longer the driving force for hiring in this area - that mantle has passed to BNP Paribas, ABN AMRO and RBS."

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