Barclays Capital threw a cocktail party for its fixed income research group on Tuesday evening.
Earlier this month, Barclays was ranked as the top fixed income group by Institutional Investor magazine.
“It was super important for us to get that #1 ranking because Lehman was the top ranked firm for years,” one insider told us.
The Barclays fixed income group is a combination of former Lehman employees and holdovers from Barclays. Lehman had 165 fixed-income analysts and Barclays ahd 80 analysts. Many of those were let go. The group now has just 160 analysts.
The party took place in executive dining on the 32nd floor—the room where Dick Fuld famously told Jim Cramer that everything was fine at Lehman Brothers. The scene was very different on Tuesday night.
As analysts nibbled on cheese and sipped wine, at least one noticed a change from the Lehman days. The team is not only leaner in terms of personel than it was back when Fuld was in charge. The staff may actually be getting physically thinner too.
“There wasn’t enough fried food,” the person told us. “They might be making us diet.”
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