Citadel Securities' big new hire could spell problems for Barclays in the U.S.

Joe Corcoran, the former head of U.S. global banking markets at Barclays, is back. And it could cause headaches for his ex-employer.

Corcoran was global head of markets and head of markets Americas at Barclays until 2017, when head of the investment bank Tim Throsby subsumed the role into his own. Bloomberg reported today that Corcoran has joined Citadel Securities, where he will be head of markets, based in New York.

Corcoran's arrival at Citadel Securities comes after Ken Griffin's market making firm has been through a period of rapid expansion. At the end of 2019 Bloomberg said it employed 700 people, up from 400 two years earlier, and accounted for 20% of all stocks traded in the U.S..

Corcoran began his career at Lehman in 1992 before joining Barclays in 2008. Current Barclays traders may feel inclined to join him at his new employer. "Joe is an exceptional business leader who runs a business built on class and character," says one former Barclays MD and ex-colleage. "He always hires the best people and has an unparalleled sense of risk. This is an unbelievable hire for Citadel Securities as it continues to chip away at banks' markets businesses."

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