• 28 Aug 2012 at 11:33 AM

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

By

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]

Comments (142)

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    Son of a!

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    I see the bird is still suicidal.

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

    -BHO

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    Posted by Guy with A.D.D. | August 28, 2012 at 12:12 PM

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

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

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    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.

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    those Brits are ruining the energy trading business!

    - aggie intern

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    Yes

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    All part of the plan.

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