eFinancialCareers – It had all been going very well for people in Barclays’ equities business. While the fixed income currencies and commodities (FICC) business is being hacked apart, cash equities is one of the areas Barclays wants to focus on. Yes, the bank’s revenues in equities and prime services were down 6% year-on-year in the first quarter, but equities are clearly embedded in Barclays’ plans for its core investment bank.
The scandal surrounding Barclays’ dark pool doesn’t change those plans, but it does make the bank’s squeaky clean equities business look a bit smelly. It also has the potential to dent bonuses – especially in New York, where the scandal took place.