Barclays has named new heads of its equity research team covering European banks, making a another senior hire from Morgan Stanley after the arrival of Rupert Jones as head of European equity research earlier this year.

Banks are bolstering their research teams in the run up to the implementation of the update to the Markets in Financial Instruments Directive. The update, which will take place in January, will see their clients pay for research directly, rather than being bundled with other trading and execution costs.