Barclays (LON:BARC) is on a hiring spree in Japan to boost its investment banking and market operations, Bloomberg has revealed. The move comes about one year after the FTSE 100 lender shut its cash equity business in the country and cut 120 jobs.
Barclays’ share price has been subdued in London this morning having lost 0.53 percent to 206.60p as of 10:18 BST, largely in line with losses in the broader UK market, with the benchmark FTSE 100 index currently 0.62 percent worse off at 7,324.29 points. The group’s shares have added more than 42 percent to their value over the past year, and are down by more than seven percent in the year-to-date.
Bloomberg quoted Kentaro Kiso, president of Barclays Securities Japan, as saying in an interview over the weekend that the lender was planning to hire more than 10 bankers and sales staff this fiscal year to advise on mergers and sell investment products. He has further added more than 30 people for investment banking and markets in Tokyo since he took the post about a year ago.
“We’re in the process of lining up good people for investment banking, which could generate steady revenues,” Kiso told the newswire. “Japanese financial institutions are keen to make acquisitions overseas, such as asset managers or leasing assets.”
He, however, noted that Barclays had eliminated about 120 positions in equity research, sales and trading in Tokyo by June last year, as part of chief executive Jes Staley’s move to slash costs.
The 21 analysts offering 12-month price targets for Barclays for the Financial Times have a median target of 230.00p, with a high estimate of 265.00p and a low estimate of 180.00p. As of July 7, the consensus forecast amongst 25 polled investment analysts covering the blue-chip group advises investors to hold their position in the company.