Barclays lures large team from SocGen

Barclays Office Building New York

Barclays, one of Europe’s biggest investment banks, hired a team of equity analysts from rival Societe Generale as CEO Jes Staley seeks to make more money from trading stocks.

Bloomberg News reports that Warren Ackerman has joined from the French bank as head of European consumer equity research along with Michael Sanderson, who will be Barclays’s co-head of diversified financial research, the London-based lender said in a statement. Four other analysts are also leaving for the U.K. bank.

Barclays CEO Staley has approved the hiring of more than 50 equity traders and analysts since last year in a bid to revive the bank’s stocks unit, which has struggled with underperformance and a dwindling market share, according to data compiled by Bloomberg Intelligence.

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Barclays Lures Large Analyst Team From SocGen

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