BarCap Finds Out How JPMorgan Feels

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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]

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