Barclays’ well-regarded banks analyst Tom Rayner has quit and is apparently heading to Exane BNP Paribas. Days earlier, seven research staff from Credit Suisse were reported to be leaving to join the French broker.

Word among the headhunting community is that the team-build will likely cost more than £6m, with Exane BNP Paribas on the hook for 2010 bonuses.