To improve its research in the world’s best market Barclays PLC (ADR) (NYSE:BCS) has brought onboard Hajime Kitano a former researcher of Morgan Stanley (NYSE:MS); Kitano is a Japan Equity Strategist. Barclays Securities Japan Ltd’s equities head, Kazutoshi Ohkubo revealed the news in an interview over the phone and said that Kitano is now a part of Barclays Tokyo. Four months later after his exit from Morgan Stanley, the magazine “Institutional Investor” named Kitano Japan’s number 1 strategist of the year.
According to Bloomberg’s data, Kitano had a 7 year stay with Japan’s JPMorgan Chase & Co. (NYSE:JPM), which started back in 2007. He then left JPMorgan and went to Morgan Stanley MUFG Securities Co. for a short tenure. Ohkubo in July said that by the end of the year Kitano might join Barclays, who is making around 8 hires from Japan to increase its trading operations and sales. Barclays has joined UBS AG and The Bank of America Corp. to increase equity staff in Japan. This move was made after the efforts of Prime Minister Shinzo Abe resulted in a 30% Topix Index (TPX) benchmark increase this year.
According to Ohkubo they are trying to improve Japan’s equity research with the current stock rally. He said that with the help of a competent strategist and an analyst, Barclays is hoping to achieve a combined effect to meet their customers’ demands. Ohkubo has replaced Fumiyuki Takahashi, Barclays’ strategist. Another hire by Barclays is Jiro Mikami who has filled the position of director for Equity Derivative Products in Japan.
Barclays has made these high profile hirings even though it announced back in February that the bank will be letting go of 3,700 jobs worldwide to cut down on its annual costs. At the end of today’s trading Topix saw a rise by 1.1% in Tokyo. This year there is a rise in the gauge due to Abe’s efforts to stimulate Japan, world’s third biggest economy, to go for policies that will ensure monetary and spending easing.
In the last session, shares of Barclays PLC (ADR) (NYSE:BCS) went down by -0.40% ($17.47). Shares of JPMorgan Chase & Co (NYSE:JPM) saw a decline by -0.34% ($50.53), whereas shares of Morgan Stanley (NYSE:MS) also went down by -0.58% ($25.76).