• 17 Aug 2011 at 12:03 PM

BarCap Finds Out How JPMorgan Feels

By Bess Levin

In 2008, commodities trader Todd Edgar made JPMorgan $100 million. Soon after, he and his 12-man team were poached by Bob Diamond at BarCap, after being offered a “$50 million cash and shares package” to jump ship. JPM was pretty pissed about it, and complained to the FSA, to no avail. BarCap, naturally, felt great about the situation, and consider the pounds money well spent. The Brits are less than thrilled with Edgar et al today, after it was announced that the last two years have been fun but they’ll be taking off now.

Barclays was left red faced today after a star trader and his team who were poached from a rival just two years ago decided to leave to set up their own hedge fund…Edgar’s departure, which BarCap declined to comment on, comes as trading profits for banks have dropped sharply and new US legislation which bars banks from trading on their own behalf takes effect…Edgar and his team could take all of the [$50 million cash and shares package] with them under a so-called “good leaver” clause in their Barclays contract.

[This is London via BI]

Comments (16)

  1. 1
    Posted by Texashedge | August 17, 2011 at 12:35 PM

    $50 MM / 12 traders / 2 year * (1-50% top UK tax rate) = ~$1 million per year a piece. I don't think they got away with murder here.

  2. 2
    Posted by guest | August 17, 2011 at 12:36 PM

    Fuck you.

    -JD

  3. 3
    Posted by guest | August 17, 2011 at 12:37 PM

    Except now we don't have the money for new hires and will have to replace them with 2nd year analysts.

    -Bob D.

  4. 4
    Posted by Ray Finkle | August 17, 2011 at 12:46 PM

    Get back to trade settlement.

  5. 5
    Posted by W. Buffet | August 17, 2011 at 12:49 PM

    50%? My admin pays 51%…

  6. 6
    Posted by Bobby D | August 17, 2011 at 12:57 PM

    You think I'm mad? Wait until they see how much those shares are actually worth. I've been running this company and it's share price into the ground since the day I took over.

  7. 7
    Posted by Guest | August 17, 2011 at 1:08 PM

    The best traders are the ones that are make big turns on their pay packages, not p&l positions.

  8. 8
    Posted by Guest | August 17, 2011 at 1:47 PM

    Is BarCap hiring?

    -UBS Analyst

  9. 9
    Posted by Perfeshunnal Tryder | August 17, 2011 at 2:08 PM

    Hey!! ….. Dang it,… now everybody knows!!

    -Corporate Energy Traders Association
    Houston, TX

  10. 10
    Posted by The Truth | August 17, 2011 at 2:21 PM

    Should have stayed at a real bank

    - JD

  11. 11
    Posted by derp | August 17, 2011 at 2:45 PM

    yoink

  12. 12
    Posted by 26 y/o douche | August 17, 2011 at 4:37 PM

    I have "good leaver" agreements for all my one night stands.

  13. 13
    Posted by AlphaGekko | August 17, 2011 at 8:03 PM

    If you think each trader received an equal payment, then you must work for UBS. Clearly, given that only Todd Edgar was mentioned by name, he must be the head guy and likely received around half of the amount.

  14. 14
    Posted by Texashedge | August 17, 2011 at 9:06 PM

    Ja, no shit. I think the point is pretty clear though: this isn't like a Mike Hampton/Carl Pavano situation.

  15. 15
    Posted by guesty | August 17, 2011 at 10:01 PM

    Dude – I had to dislike your comment just for the bad baseball memories it brought up….. Ugh, Mike Hampton –> what a waste!

  16. 16
    Posted by guest | August 18, 2011 at 3:59 PM

    word is the boys got canned, not left.

Leave a comment

You can log in with your account or comment as a guest below.

   or