Barclays is poaching from Goldman Sachs as ECM hiring heats up

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Citi isn't the only one building its equity capital markets (ECM) division in London: Barclays is at it too.

The British bank just hired Kate Gaertner, a former executive director covering Germany at Goldman Sachs, as its new head of North European equity capital markets. Gaertner is understood to have started two weeks ago, with a mandate to focus on German-speaking Europe, the Netherlands and Nordics, and the tech sector in particular. Insiders say Barclays is also in the process of hiring an AVP for the team from Nomura.

The additions come after Citi hired James Fleming from Bank of America to run its equity capital markets business in Europe as it aims for a top three slot in Europe the Middle East and Africa (EMEA) ECM revenues.

First quarter EMEA ECM volumes were the third highest on record according to Dealogic as deals surged in January. EMEA IPO volume reached $15.8bn from 58 deals in the first quarter, compared to a recent record of $20.6bn via 81 deals in the first quarter of 2015.

Barclays doesn't break out its ECM revenues. The British bank has been busy hiring across its business this year as it compensates for years of frozen recruitment. Earlier this month we reported that the bank had added eight managing directors to its investment banking division this year, almost all of them in London - even though they're covering Continental Europe.

Gaertner spent over eight years at Goldman Sachs after previously spending a little over a year each at Morgan Stanley and Lehman Brothers.

Her arrival comes as Nick Gradel, Barclays' head of ECM origination in the Netherlands, Nordics and Ireland, is said to be considering his future at the bank with a view to moving into a new role or leaving. Gaertner's arrival is not understood to be related to Gradel's potential exit.

Barclays declined to comment.

As we've commented before, the departure of executive directors from Goldman Sachs has been notable this year. As the rung below managing director, executive directors are typically loyal in the hope of getting an MD promotion, but Goldman has been hiring EDs externally and the next round of Goldman MD hires isn't until 2019. - It seems some executive directors at the firm can't be bothered to wait.

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