Barclays Capital will start to relocate its 330-person back office operations centre from New York to New Jersey early this month.
The staff are said to be making the move in two tranches, with all being in place by mid-November. It has been reported that BarCap is looking to beef up its US back office operations. The firm is said to be planning to increase staff numbers in this area to 500 by the end of next year by taking on a mixture of experienced and graduate hires. BarCap is thought to have added around 270 staff to its US payroll in the first six months of the year, taking total headcount there to 1,400.
The JP Morgan / Cazenove joint venture deal certainly looks a goer and rumours abound that a formal announcement of the tie-up could be made as early as this week. It is thought that JP Morgan will throw in its UK investment banking business into the new venture pot and Cazenove will bring the whole firm, excluding its fund management arm, to the party. JPM is also expected to throw in a £100m sweetener to Cazenove to seal the deal. The new company will be run by Cazenove boss David Mayhew.