DEUTSCHE Bank has poached Barclays Capital’s head of Europe, Middle East and Africa (EMEA) equities Dixit Joshi to take up the same role at the German bank.

Deutsche Bank said Joshi will start in October and report to Garth Ritchie, global head of equities, and will be based in London. The bank said the appointment strengthens its position in cash equities, equity derivatives and prime brokerage.

The move is a blow to BarCap’s plans to build up its equities business in Europe. The British bank has used its acquisition of the US operations of Lehman Brothers as a launchpad for a global equities business, hiring about 750 people in Europe and Asia in the last 18 months.

Joshi led the build-up of EMEA equities since 2008, after joining BarCap five years earlier from Credit Suisse. He reported into Gerald Donini, global head of equities.