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JPMorgan has rehired a trader from HSBC as the bank sets up prime brokerage operations in South Africa for the first time.

Bloomberg News reports that Lebogang Moropa rejoined the bank this month in Johannesburg and will focus on 'synthetic and cash prime brokerage and securities lending', JPMorgan spokesman Patrick Burton said in an e-mailed response to questions.

The hiring marks the first time JPMorgan has a “dedicated presence” for prime brokerage and equity finance in South Africa after previously offering the service from outside Africa, he said.

In the meantime, Reuters reports that Barclays has hired two senior energy traders to help it raise its presence in the business, according to an internal memo.

The bank is building out its commodity business as it focuses on precious metals, financial oil, U.S. financial gas and index products.

JPMorgan Hires HSBC Trader to Start Prime Broker in Africa

Barclays hires two senior energy traders to help build the business

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