News

Deferring ‘Significant’ Amounts Of Compensation, Placing Caps On Bonuses Not Working Out So Well For Barclays

Only in that senior people the bank worked hard to recruit are quitting en masse. Otherwise, it’s great.

Barclays spent a decade assembling a team of the most successful gas and power traders in Europe. It took less than 16 months to lose most of them. Mercuria Energy Trading SA, based in Geneva, hired five members from the group of about a dozen from March 2011 to June this year, including Phil Sutterby as head of U.K. and European gas and Roger Jones, the former global chief of commodities, according to people with knowledge of the moves. Another six left for companies including UBS, Noble Group Ltd. and Freepoint Commodities LLC. The departures from the U.K.’s second-biggest bank reflect bonus caps, limits on the amount of money traders can risk and shrinking revenue from the division that includes commodities. While hiring from hedge funds and rival lenders helped Barclays catch up with Goldman Sachs and Morgan Stanley in commodity derivatives, according to Greenwich Associates, a focus on deferred pay left the bank vulnerable to headhunters.

“The significant amount of deferred compensation and the aggressive cap on cash payouts at Barclays has unsettled a number of individuals,” said Peter Henry, New York-based head of front-office research at Commodity Search Partners. “Add to that the fact they have been systematically targeted by privately held trading houses, specifically Mercuria, and it’s fairly understandable why senior traders are leaving.”

Bonus Limits Spark Exodus At Barclays Trading Unit [Bloomberg]

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142 Responses to “Deferring ‘Significant’ Amounts Of Compensation, Placing Caps On Bonuses Not Working Out So Well For Barclays”

  1. guest says:

    Son of a!

    -Barc exec who came up with the comp plan

  2. guest says:

    I see the bird is still suicidal.

    • Guy with A.D.D. says:

      Actually it is not.
      Much like all of Barclay's employees it is being tied up and held prisoner. Sooner or later thoguh, it will break free and leave like everyone else.

    • Lowly Assistant says:

      Watch your fucking mouth.

      Sam Israel

  3. gust says:

    you mean incentives influence people's economic decisions? nfw.

    -BHO

  4. Guest says:

    I have a feeling that the guy moving to UBS doesn't fully comprehend the bonus situation.

  5. Guest says:

    Am I the only person who's hitting CTRL-R repeatedly to see what E. Texas Gas Trader thinks of all this?

  6. 25thHourTrader says:

    If Barclays keeps this up, the only people with energy experience they'll be able to attract are those that worked at a gas station.

    -Trader who is also curious as to what E. Texas Gas Trader thinks

  7. guest says:

    those Brits are ruining the energy trading business!

    – aggie intern

  8. Guest says:

    All part of the plan.

    -Watson

  9. Carsten K. says:

    "Another six left for companies including UBS"

    Well, I'm going to have this framed, and might I mention I bought that frame from my good friend here Benjamin Goldstein the shopkeeper, great pal of mine, been friends for ages. He actually helped me design these BarCap guys comp packagers!

  10. Beau Gueste says:

    BARCLAYS = CRABS LAY.

    -UBS Anagram Quant

  11. 2ndYearSummer says:

    Hear that, fellas? That's the sound of my full-time position opening up!

  12. Texashedge says:

    "Another six left for companies including UBS, Noble Group Ltd. and Freepoint Commodities LLC"

    Losing talent to UBS is the NKYS

  13. Nick Naime says:

    Where’d they go? Who?

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