Barclays' hired a Citi managing director for its London banking team
Both Citi and Barclays may have been seen recently trimming headcount across their investment banks, but Barclays is also hiring. Its new recruits include a Morten Eikebu, who is fresh from a 15 and a half year stint at Citi in London.
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Eikebu was latterly Citi's head of Norway investment banking, Nordic FIG and specialty finance in EMEA. He's presumably joining Barclays in a similar role.
Citi is in the process of making20,000 job cuts, of which the first phase in which 5,000 senior managers were removed is now over, leaving another 5,000 cuts to come from selling businesses and another 10,000 to come from technology and support functions.
It's not clear whether Eikebu jumped or was pushed.
Barclays, meanwhile, has been trimming underperformers in its investment bank while simultaneously talking about the importance of the advisory function as a means of generating revenues without committing too much capital. Barclays needs some new senior investment bankers after losing over 30 senior people last year, many of them to UBS and most of them in the US. Those exits have continued this year, withtechnology MD Dmitry Kokhanov leaving for UBS in San Francisco.
Barclays already has a head of Nordic investment banking in the form of Tobias Åkermark who joined from Morgan Stanley in 2021 and is based in Sweden.
As we noted yesterday,investment banking fees are making a bit of a comeback. But the comeback is far greater in the US than anywhere else.
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