Barclays hires Birchenough as chairman of healthcare investment banking
https://www.reuters.com/business/finance/barclays…
This is an absolutely huge blow to Wells Fargo Healthcare team. Anyone with insight care to comment regarding this situation?
Old timer from 3rd rate firm joining a 4th rate firm… big whop
Wouldn’t it be an upgrade for him to switch from WF to Barclays?
That's basis last year's ranking/trends… Latest is WF is on a hiring spree for good bankers while Barclays has practically lost every good Lehman rainmaker
Mostly likely the gentleman got the boot and Barclays desperate for some good news scooped
Article highlights Barclays had a lot of talent leave recently
Honestly seems to me like Wells is overtaking Barclays in the US. Barclays is still the bigger name globally, but IB has been sinking for them the last 2-3 years.
This is a Boomer Classic. Overstaying your welcome as an Old Balls MD at one washed up firm, then getting an offer to make even more money doing even less active deal work at an even more washed up bank as a sole figurehead with zero day-to-day job responsibilities.
These fucking guys are making more money than they know what to do with while the rest of us work 100 hour weeks for shit bonuses and RIFs.
Funny thing is I worked under Jim for a couple of years during my time at WF and by far he was the best MD there. Which shows the scope of quality of WF’s life science team. Although WF is “expanding” the quality of MDs are no where near at the top banks
I wouldn't agree with this. Healthcare is one of the weaker coverage groups at Wells. Talent is a lot stronger across the board in Regal, FIG, Industrials, etc.
TMT is also much stronger than it was. Healthcare hasn't really grown as much as the other groups at Wells unfortunately.
I heard similarly positive things about Jim. I met him a few times, and he seemed like a bright, nice guy too. What was your experience with Lucy To?
I agree, Barclays HC has gotten crushed with leadership exits as of late. I heard there are even more Barclays HC exits coming soon.
Barclays is done. This means nothing. All the real MDs are gone.
Is it that bad over there?
Thanks intern
Can confirm! Just waiting for the market to pick up a bit and all of us juniors will clear out…
Latest I heard is some of the lending responsibilities(where Barc is strongest) are being moved to CB, management is on a mission to kill IB, just waiting to get out
are you talking about barc or wf?
He's probably referring to Barclays, given recent senior departures and lower pay this past cycle. Wells is on a massive hiring spree atm and IB is a huge area of growth for them.
At Barc and never heard about management being against IB. Care to explain?
It's just so surprising as to why new IB heads (not that they were some superstars) were brought in from outside the firm (100% hurts the culture, no true top tier i bank does that!) while passing over existing management without any obvious reason (they were performing relatively well all these years) which kinda leads me to believe 1/ management were intentional in changing the culture of the firm top down 2/ did not anticipate this backlash and screwed up - now running around with hair on fire - putting out press release warning former staff not to pouch lol reeks of desperationThink of this as the UBS moment (ironically) when Moelis left to start his own firm and the gradual deterioration of UBS followed in the next decade to its current state
Any thoughts on working with the 2 Barclays HC people who moved WF this spring/summer?
WF's Head of Healthcare was poached from Barclays a few months back
Weird times. Any thoughts on him?
Lmao news to me that everyone is acting like Barclays is a fourth rate bank. Yeah they lost a bunch of legacy Lehman rainmakers but pop open the WSJ league tables and one bank is on there and the other is nowhere to be seen in M&A, ECM, or DCM. Ask any WF analyst and they would take Barc in a heartbeat and that isnt changing anytime soon
What a moronic take. Do you truly believe YTD league tables would accurately represent the events of the past month or so? Wells’ hiring spree and Barclays’ precipitous talent drain are both very recent events.
Cant believe the corp dev guy is telling me whats right and wrong about IB. How about you try addressing my last point. A months exodus not gonna change how Barc >>> WF.
Lmao. You’ve contributed nothing to this site except for posting useless prestige rankings. I, the CorpDev guy, do know what I’m talking about because I work across the table from these banks and have connections within them.
Of course the name brand is still sticky you moron. I’m addressing your first and most prominent argument - league tables. It’s an absurdly stupid metric to measure an exodus & IB management shuffle that happened just weeks ago. No wonder you’re incapable of adding value to any discussion except going on and on about which bank is more prestigious than the other.
EDIT: Just realized that you're actually still in college, lmfao. I'm baffled that a college kid would post "Cant believe the corp dev guy is telling me whats right and wrong about IB." on a forum for working professionals.
Look man, it's obvious that you're a target school hardo who has been jerking to the thought of IB since high school. I'd even venture to guess that you secured yourself a Barclays SA seat. Do yourself a favor - chill the fuck out, make some friends and get some pussy. You clearly spend too much time on this website, and it's not going to help you during recruiting. Harping on and on about which bank is more prestigious or which bank is/isn't an EB (this is literally 98% of your post history) is not going to help you seem personable. I guarantee that if you keep this attitude up, your future analyst class is going to hate you. Nobody likes a prestige-obsessed hardo.
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