Tom Rayner, Barclays' highly-regarded UK banks analyst, has quit and is expected to join French broker Exane BNP Paribas, in a team build headhunters say could cost more than £6m.

Earlier this week seven members of the bank's research team exited Credit Suisse for the Exane BNP Paribas, including Guillaume Tiberghien, who was this year named the top banks research analyst in the Thomson Reuters Extel Awards.