Barclays has raided Credit Suisse yet again for a senior stock-trading hire as it continues to ramp up its equities business
- Barclays has hired a new electronic equities executive from Credit Suisse, the latest in a string of investments in its stock-trading franchise.
- Kevin O'Connor is joining Barclays equities business as head of electronic equities origination for the Americas, the British lender announced Monday.
- Barclays has been investing heavily in its equities franchise since Stephen Dainton took over as global head in September.
- It has added about 25 managing directors in its markets business since then. Several of those have strong connections to Credit Suisse, where Dainton previously worked.
Barclays has hired a new electronic equities executive as the bank continues to invest in its fast-growing stock trading business.
Kevin O'Connor is joining Barclays equities team as head of electronic equities origination for the Americas, the British lender announced Monday.
O'Connor joins from Credit Suisse, where he worked in the global markets division as the US head of sales for Advanced Execution Services - a role in which he oversaw sales, marketing, and distribution strategies for the electronic products in the Americas.
The new hire further bolsters Barclays roster as it looks to add market share in its cash equities business.
"I am confident Kevin's appointment will help us build on momentum in our cash franchise by accelerating the development of differentiated products and services, and by driving greater client penetration," Nas Al-Khudairi, Barclays' global head of electronic equities and European head of cash equities, said in a statement.
O'Connor is the latest in a hiring spree of high-level executives conducted by Stephen Dainton, who joined in September from Credit Suisse as global head of equities.
Barclays has added around 25 managing directors in its markets business since then, with several of those having links to Credit Suisse, a competitor also undergoing a rebuild of its stock-trading franchise. Equities hires and promotions this year include:
- January: Daniel Nehren, head of statistical modeling and development, equities (ex-Citadel)
- February: Nas Al-Khudairi, global head of electronic equities and head of cash equities, EMEA (ex-Credit Suisse)
- May: Ron Trichon, head of cash equities sales in the Americas (internal promotion)
- May: Pete Ramsey, head of cash equities, Americas (internal promotion)
- May: Todd Sandoz, head of equities, Americas (ex-Nomura and Credit Suisse)
- May: Neil Staff, global head of exotics trading and head of derivatives trading EME (ex-Credit Suisse)
- May: Matt Pecot, head of equities in Asia Pacific (ex-Credit Suisse)
- June: Matthew Cousens, head of execution sales, EME (ex-Credit Suisse)
While the British bank is still in the early innings of its equities revamp, it's seen early returns on its investments.
While many banks had strong equities performance in the first quarter, no bank grew more precipitously than Barclays. The bank saw its equities revenues shoot up 43%, to $827 million, compared with $577 million in the first quarter of 2017, with derivatives and financing leading the way.
It was the world's fastest-growing equities business in the first quarter, according to public earnings results.
Most American banks reported strong equities performance in the second-quarter earnings results this month, as well. Barclays will report second-quarter earnings August 2.