The US Department of Justice is scrutinising whether Barclays breached antitrust laws by promising to stop poaching JPMorgan Chase bankers, in another blow to Jes Staley, the British lender’s chief executive.
The DoJ asked Barclays for more information on discussions between its top brass and senior JPMorgan executives following a string of high-level departures from the US bank to its British rival . The hiring spree followed the appointment of Mr Staley, himself an alumnus of the Wall Street bank, as Barclays’ chief in December 2015.
The Financial Times reported last year that Jamie Dimon, the head of JPMorgan, called John McFarlane, Barclays’ chairman, to complain about the defections. It was also reported Mr Staley then spoke to Daniel Pinto, the head of JPMorgan’s investment bank.
The DoJ is examining whether Barclays entered into a so-called “no-poach” agreement by promising not to hire more JPMorgan bankers, sources said. Such agreements are illegal under US antitrust laws.
JPMorgan said: “There have been no improper agreements and we continue to hire from each other.” But the US bank declined to comment on whether it had been contacted by the authorities.
Barclays insiders vigorously rejected any suggestion that such an agreement was entered into, or that any promise was made by Mr Staley not to hire any more JPMorgan bankers. They pointed out that, since the calls, Barclays has hired at least six people from JPMorgan, some at managing director level.
Full Content: Financial Times
Want more news? Subscribe to CPI’s free daily newsletterr for more headlines and updates on antitrust developments around the world.
Featured News
EU’s Incoming Competition Head Pushes for Policy Shift to Support ‘European Champions
Sep 19, 2024 by
CPI
Google Challenges $217 Million Legal Fee Demand in Privacy Case
Sep 19, 2024 by
CPI
EU Moves to Enforce Apple’s Compliance with New Market Rules
Sep 19, 2024 by
CPI
California Attorney General Bonta Stands Firm Against Albertsons-Kroger Merger
Sep 19, 2024 by
CPI
New FTC Report Highlights Privacy Risks in Social Media Data Use
Sep 19, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Canada & Mexico
Sep 3, 2024 by
CPI
Competitive Convergence: Mexico’s 30-Year Quest for Antitrust Parity with its Northern Neighbor
Sep 3, 2024 by
Francisco Javier Núñez Melgoza
Competition and Digital Markets in North America: A Comparative Study of Antitrust Investigations in Mexico and the United States
Sep 3, 2024 by
Julio Garcia
Recent Antitrust Development in Mexico: COFECE’s Preliminary Report on Amazon and Mercado Libre
Sep 3, 2024 by
Alejandra Palacios Prieto
The Cost of Making COFECE Disappear
Sep 3, 2024 by
Mateo Fernández