- Fannie Mae to Tighten Lending Standards: Report
- Share Trading on London Stock Exchange Resumes
- China Overcapacity Worsening, EU Chamber Warns
- Investing in Good Karma – and Making a Profit
- UK Retail Sales Pick Up in Nov., Strong Dec. Seen
- Black Friday to Avoid Red Ink; Greenback Gets the Blues
- Wal-Mart Price Pressure Hurts China Workers: Report
- Bankruptcies Jump, Hitting Highest Level in Four Years
- Steepest Black Friday Discounts, Revealed
- 4 Thanksgiving Week Buys For Your Portfolio: Market Pros
- There's a 'Great Chance' For a Double-Dip Recession: Strategist
- Revenge of the Gangsta Nerds
- Will TCU See The "Flutie Effect?"
- Retail Earnings and Sales to Improve in Q4: Analyst
- Consumers Catching the Holiday Spirit
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
MOST SHARED
- The Executive Job Search
- Chinese Overcapacity is Worsening, EU Chamber Warns
- Salvation Army's Kettles Now Credit Card-Ready
- US Mint to Suspend American Eagle Gold 1-Ounce Coins
- Gold Retreats from New High Above $1,194
- Wal-Mart Price Pressure Hurts China Workers: Report
- Oil Friday
- Hyundai-Kia Targets Rapid China Growth in 2010
- China Unveils Carbon Target Ahead of Copenhagen
Text Size 
JPMorgan Chase asked the UK banking regulator to examine a pay deal offered by Barclays to lure one of JPMorgan's star proprietary traders to its own investment banking arm, Barclays Capital, the Financial Times reported Monday.
BarCap seeks to build a franchise rivaling that of Goldman Sachs [GS
Loading...
()
] and other famous investment banks and is trying to recruit star traders and bankers despite the bad press given to bank bonuses since the financial crisis started two years ago.
A JPMorgan [JPM
Loading...
()
] spokeswoman in London refused to comment.
BarCap [BARC-LN Loading... ()] has offered Todd Edgar, who specializes in trading commodities at JPMorgan, and 4 other members of his team, around 30 million pounds ($49 million) in cash and stock to join them, the Financial Times wrote on its Web site.
Edgar is in charge of a $2 billion book at JPMorgan and single-handedly made the US investment bank a $100 million profit last year, according to London's Telegraph newspaper.
Bob Diamond, the head of BarCap, admitted this month that BarCap had signed up a “handful” of bankers to two-year guaranteed bonuses, a practice the UK regulator the Financial Services Authority has since outlawed
Proprietary traders' bonuses typically range between 12 percent and 15 percent of their trading profits.
Barclays did not directly receive money from the state, unlike rivals Royal Bank of Scotland and Lloyds, but critics argue that it benefited indirectly from the over 1 trillion pounds the UK government poured into the markets to prevent the collapse of the banking system.
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
- Ever wished your cab driver would stop nattering and just get to where you're going? Well that moment is near(er).
- Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- More shoppers than ever plan to comparison-shop this season. Who will benefit?
- It may be the most unusual guide to business you'll read.
Data is a real-time snapshot *Data is delayed at least 15 minutes