Chad Parker, previously an executive at Barclays Plc., has switched over to Jefferies Financial Group Inc. in New York, taking up the role of Global Head of Transportation. This move, announced on Tuesday, continues a trend of high-profile departures from Barclays to Jefferies that has been observed throughout this year.
Parker's new role at Jefferies will see him reporting directly to Pete Bowden, who oversees industrial, energy, and infrastructure banking. His responsibilities will encompass a broad range of sectors, reflecting his diverse professional background.
Before joining Jefferies, Parker had been with Barclays since 2015. His tenure at the British multinational was preceded by stints at Morgan Stanley and Accenture (NYSE:ACN). His move follows other key personnel such as John Miller and managing directors Kurt Kohlmeyer and Richard Siegel who have also transitioned from Barclays to Jefferies.
InvestingPro data shows Barclays' Market Cap to be $28.37B USD and a P/E Ratio of 4.32, which is relatively low, indicating a potentially undervalued stock. The company has a revenue of $29842.65M USD, although the revenue growth has been slowing down recently. Barclays has also raised its dividend for 3 consecutive years, which is a positive sign for investors who seek consistent dividend income.
On the other hand, Jefferies has a Market Cap of $7380M USD and a higher P/E Ratio of 25.22. The company has seen a declining trend in earnings per share, but it has maintained dividend payments for 14 consecutive years. According to InvestingPro Tips, Jefferies is expected to be profitable this year, just like Barclays.
The trend of key departures from Barclays to Jefferies this year indicates a significant shift in the banking industry. This is not an isolated incident but rather part of a larger pattern within the sector. As these transitions continue, the landscape of the global banking industry could be poised for further changes.
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