Lunchtime Links: Barclays hiring for secretive structured capital markets

16 March 2009

2 minute read

Lunchtime Links: Barclays hiring for secretive structured capital markets

It looks rather like BarcCap's highly secretive, highly lucrative, structured capital markets business is being dragged blinking into the daylight. According to an exposé-style article in the Times yesterday, BarCap's 'tax dodge nets 1bn a year'. The article says that a 'whistleblower' from the 110 person team has approached Vince Cable with dramatic revelations such as -

'"Where the world sees turmoil and destruction, the leaders of SCM see opportunities arising from tax exploitation and corporate restructurings throwing up all sorts new and juicy areas of the tax code that can be profitably exploited."

The whistleblower also says that the team has 'huge resources', pays 'the best tax minds large bonuses.' And as we reported back in in November, it's been hiring 'to take advantage of the credit crunch.'

State-interference must be avoided at all costs since that would cost Barclays its lucrative tax avoidance business. (Alphaville)

BarCap needs lots of equity researchers. (Financial News)

Barclays has also had a strong start to the year. (Telegraph)

Bof A insiders buying stock. (Marketwatch)

AIG and the enormous bonuses. (Wall Street Journal)

$1 salaries for highest paid at AIG Financial Services. (CNN)

Goldman tops AIG counterparty list. (Marketwatch)

The Goldman infallibility myth. (Robert Peston)

"Imagine, tomorrow in the Daily News, 200 names and their compensation." (Bloomberg)

Former Bear Stearns banker does something useful. (Wall Street Journal)

Bernanke sleeps on couch, calls end of recession. (CBS News)

Jobs in Job Centres. (CBS News)

Taller, older, heavier women with small eyes preferred when times are hard. (The Times)

AUTHOReFinancialCareers UK

Insider Comment

UB
UBSer
17 March 2009
Nuke the city?? The old adage of High risk equals High returns will never die. In this volatile market, where else do people expect BarCap to trade and make money. Certainly not it's wealth mgmt arm, which in most banks in the present climate seem like a utility company in terms of growth! DB, JPM, BoA are busy reinventing themselves. Totally agree with the SCM approach. You either get busy talking or you get busy dying. Still, BarCap have not been very honest. Didn't they say a few weeks back they won't need extra capital etc etc (Jan 26)! ......aargh all lies, now it's ishares' & asset protection schemes. No light at the end of the tunnel YET! Pablo hang in there!
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La
Laura
16 March 2009
Poor Pablo dragged into the fear of the unknown ... (unknown to him).
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To
Toadinthehole
16 March 2009
Pablo, your desperation seems to increase with Barclays share price. You wouldn't be a hedge fund which is short Barclays stock would you?
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Pa
Pablo
16 March 2009
Barclays will nuke the city. Balance sheet so opaque it's bad. 50% derivatives. 1 trillion. Who are the counterparties? How are they valued?
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