BarCap To Add Staff For Commodities

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Barclays Capital, the investment banking arm of U.K. banking group Barclays, is to grow its commodities division almost 26 percent with the addition of up to 40 new staff.

Benoit de Vitry, head of commodities at BarCap, said he plans to add between 30 and 40 new staff this year to meet growing investor demand for commodities products. He said a large portion of the new hires would be in the U.S.

BarCap's commodities team has grown to 150 in the last five years and was one of the key businesses which helped drive trading revenues up some 46 percent to $3.8 billion for the year ending last December.

The hiring spree is part of the so-called Alpha plan of BarCap chief executive Bob Diamond, who has hired 3,200 in the past two years.

Last week, BarCap announced a 25 percent surge in pre-tax profits to a record $2.3 billion for last year, fueled by higher trading revenues and strong growth in its rates and currencies operations.

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