Barclays trying to undermine Nomura Monday, September 29, 2008
Image via WikipediaAfter buying the US arm of Lehman, Barclays looked over the European business but apparently declined to bid and so it was bought by Nomura. Buying all of Lehman in Europe was always going to less appealing to Barclays given the considerable overlap that would have existed between Lehman and Barclays Capital, especially in Fixed Income. However, demonstrating why Nomura had to put in place large retention payments for Lehman staff, Barclays has apparently been attempting to cherry pick staff in London - always a much cheaper alternate than buying a business.
Whilst perfectly legitimate, you could understand if Nomura might be irritated by BarCap's move. Whilst the acquisition was not altruistic, it has saved a considerable number of City jobs and will need the best talent to stay, if it is to rebuild the business.