Barings faces mass defections in equities
Wednesday 12 June 1996
The bank is already suing its German rival in New York, after it poached a key member of staff there, encouraging a wave of departures.
At least 25 more Barings employees, members of its Asian desk in London, are now thought to be vulnerable to six and seven-figure salaries now on offer if they sign up with one of their unnamed rivals.
Barings' problems come in the wake of a rapid ratcheting up of City salaries in the past year, leading to poaching on a massive scale as many major banks move to position themselves within the international market place.
The latest threatened defections follow the departure of Andrew Fraser, former head of Barings' Asia team, who has left to join Standard Chartered Securities.
Mr Fraser, who is banned from approaching staff under the terms of his departure, is believed to have been joined by Andrew Clark, another Barings sales trader.
Several of the Asian team in London are already thought to have been approached by at least one major bank. Barings yesterday would not comment on whether approaches had been made and what the outcome was.
A bank source said that in current conditions, with poachers circling ING Barings, it was not surprising that members of staff were being contacted.
"It is bloody irritating to have people picked off like that," he said. "When we identify those whom we regard as key, we make a point of talking to them to ask if they have been approached. We look at them in the eye and ask them to tell us that they are staying."
Although it was not possible for Barings to match the huge double or triple-salary increases that some are being offered by some banks, potential defectors were being given an indication of the "generous" bonuses they might expect next year.
Some staff who did not necessarily want to leave were being placed in an impossible position because everyone around them was going and they felt their team would be disbanded, the source added.
International Women's Day 2014: The shocking statistics that show why it is still so important
Malaysia Airlines: Officials pore over airport CCTV as passengers with stolen passports heighten terrorism concern
Singapore sting: Sky-high prices are pushing locals to the edge of affordability
International Women’s Day: 'When a man gives his opinion, he's a man. When a woman gives her opinion, she's a bitch' - feminist quotes from female icons to inspire you
Dead woman's body found sitting in a car after six years after direct debits ran $54,000 bank account dry
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
Ukraine crisis: Russia dismisses '3am ultimatum' as 'total nonsense'
If you're horrified by a flame-roasted dog, you should be shocked at a hog roast
Poor 'live like animals' says Boris's privately educated sister after going on 'poverty safari'
White people become less racist just by moving to more diverse areas, study finds
Exclusive: Impact of immigrants on British workers ‘negligible’
- 1 International Women's Day 2014: The shocking statistics that show why it is still so important
- 2 Orgasm machine to deliver climax at the push of a button
- 3 Dear 'The Sun', breast cancer isn't sexy
- 4 Singapore sting: Sky-high prices are pushing locals to the edge of affordability
- 5 Liam Neeson turned down James Bond role because late wife Natasha Richardson said she wouldn't marry him if he took it
iJobs Money & Business
£12000 per annum: Inspiring Interns: The company works with Tier 1 FTSE 100 Ba...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...
£30000 - £35000 per annum + generous benefits: Pro-Recruitment Group: Mixed Ta...