Balance swings against the star traders - Telegraph
It could have bought 72 bars of gold bullion, or 8,999 tons of chocolate, or even 1.1m pounds of coffee for the same amount.
But Barclays bought Todd Edgar.
The star commodities trader was lured from JP Morgan to much hullabaloo. There was anger over his two-year guaranteed bonus and the promise he and his team would pocket 15pc of all their profits. But mostly because his magic touch cost the British bank £30m.
Yesterday, the spell was broken. Edgar, and his team of 11, were fired.
The City was abuzz with rumours that he would have his own hedge fund set up by the end of the year. But it said more about Barclays’ curtailed investment banking ambitions.
Edgar is part of a wave of “prop desk” traders pushed out of investment banks by new regulation.
This story has brought tears to my eyes.
It could have bought 72 bars of gold bullion, or 8,999 tons of chocolate, or even 1.1m pounds of coffee for the same amount.
But Barclays bought Todd Edgar.
The star commodities trader was lured from JP Morgan to much hullabaloo. There was anger over his two-year guaranteed bonus and the promise he and his team would pocket 15pc of all their profits. But mostly because his magic touch cost the British bank £30m.
Yesterday, the spell was broken. Edgar, and his team of 11, were fired.
The City was abuzz with rumours that he would have his own hedge fund set up by the end of the year. But it said more about Barclays’ curtailed investment banking ambitions.
Edgar is part of a wave of “prop desk” traders pushed out of investment banks by new regulation.
This story has brought tears to my eyes.
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