A new independent review has found that UK's Barclays bank paid too much to tis employees, grew too fast and was not able to create a unified culture in the company in recent years.
India's current account deficit (CAD) for the current financial year will likely to be 4.3 per cent of the country's gross domestic product (GDP), according to Barclays' projection.
Barclays Capital economists Siddhartha Sanyal and Rahul Bajoria said in a research note that CAD will remain higher than the previous year's level as risks biased towards a wider deficit.
UK's second-largest lender, Barclays has said that it is planning to cut a total of 3,700 jobs in order to turn around the business after it reported falling profits.
Antony Jenkins, the new chief executive officer of the tainted bank, said that the bank is planning to cut 1,900 workers in its European retail and business arm and another 1,800 employees from its casino investment division. He said that Barclays is aiming to reduce spending by £1.7 billion.
Kotak Mahindra Bank has acquired the business loans portfolio of the Indian arm of Barclays Bank, stretching its reach to around 6,000 business loan customers with a total loan outstanding of nearly Rs 700 crore.
With the acquisition of loans portfolio, Kotak will also gain the opportunity to cross-sell the customers' products at both business and personal level.
According to the bank's statement, the loans are classified as "standard loans" as per the Reserve Bank of India's current guidelines.
Financial regulators in the UK have launched investigations into the allegations that Barclays bank relied upon suspicious loans to avoid taking government cash during the peak of the financial crisis.
A report indicated that UK regulators have launched investigations to determine if the bank lent money to Qatar to invest back into the bank before it had to prove that it is capable for staying independent and does not require government bailout.
UK based Barclays, which is the parent company of Absa, has said that it will increase its holding in the unit from 55.5 per cent to 62.3 per cent in a deal valued at R18.33 billion.
The deal will be carried out through a takeover of Barclays Africa's assets by Absa Group for about 129.5 million Absa shares. Barclays CEO Antony Jenkins said that the deal will allow Barclays to expand its presence across Africa and will benefit its customers and other stakeholders.
UK's Barclays Bank is facing a first legal battle from a party claiming compensation for damages that occurred due to unlawful rigging of the Libor rate that involved the bank.
UK's second-largest lender is being sued by Wolverhampton-based Guardian Care Homes for damages.
The care home has filed a case demanding £38m for alleged misspelling of two of the interest rate swaps between 2007 and 2008. The care home had decided to purchase two swaps to refinance loans with the bank at that time.
UK's banking giant, Barclays has announced that it has entered into a deal to acquire the UK savings and loan business of Dutch bank ING.
The acquisition, which will bring 1.5 million customers to the bank, indicates that the bank is beginning to recover from the fallouts of the rigging scandal and displays confidence of the company to its shareholders and customers.
Rich Ricci, head of corporate and investment banking at Barclays has said that the British bank will move away from the businesses that are inappropriate without taking fiscal gains into consideration.
UK's second-largest lender might cut its tax advisory business as a part f its review process as the bak aims at rebuilding its reputation as a trustable bank. Barclays is among the banks facing penalty charges over the Libor rate rigging scandal.
UK’s second-largest lender, Barclays Plc has announced that it has appointed Antony Jenkins as the new chief executive officer of the bank.
Jenkins was working as the head of the bank’s retail and business banking division. He said that his first ask in his new role will be to restore stability in the organization. He affirmed that he will change the culture of the bank, which was recently found to be involved in scandals linking to rigging of interest rates and misspelling.
Anthony Salz, veteran lawyer-turned-banker, has been appointed by the Barclays to lead a review of its operations after the high profile resignations of chief executive Bob Diamond and chairman Marcus Agius resign following a major scandal.
Chief Executive Officer Robert Diamond has resigned from his post U. K's second-largest lender, Barclays Plc after the authorities announced an investigation into the interest rigging scandal involving the firma ns several others.
Barclays has lost three top executives, $5 billion of market value and is facing a government inquiry in the case. The bank is now facing a fine of a record 290 million pounds in the case. Diamond, 60, is likely to face questions from lawmakers at a Treasury Select Committee hearing on why the bank faield to stop the abuse of the interest rate system.
Bob Diamond, the Chief Executive Officer of Barclays Plc has stepped down from his top job at the bank following an interest rate-rigging scandal that affects several other leading banks around the world.
Barclays has been slapped with a fine of half a billion dollars due to its role in the changing the global benchmark interest rate.
Yesterday, Barclays was strike with a record of £7.7 million mis-selling penalty and planned to reimburse up to £60 million, trailing a Money Mail movement.
The penalty, forced by City supervisory body the Financial Services Authority, denotes an astonishing triumph for Money Mail and shareholders who struggled grimly regardless of stonewalling and adamant rebuff by the bank.
Over 12,000 sufferer stand to obtain reimbursement averaging £5,000 where they inspected how the mis-selling took place, how they depicted it and what come about now.
The bank bonus period shall be quickly starting in earnest, and the reporting of Barclays chief executive Bob Diamond's presence in front of the Treasury select committee presents a indication of the rage that shall be noticed at the time when payments are really done as Labor pushes Osborne and Barclays chief into the dock on January 12. The rage is logical.
London's financial towns are all enclosed by 3 of the chief disadvantaged boroughs in the UK. Hackney, Tower Hamlets, and Newham quote that the bonuses on their own given to a reasonably few amount of investment bankers shall be equivalent to the entire annual incomes from all the family circle in those 3 districts can imagine to get in the year 2011 and all should think regarding that.
Bob Diamond, boss of Barclays bank was forced to take a step where he will have to defend the bank's tax affairs after it was found that more than 300 subsidiaries of the bank are in the tax haven area.
The chief executive was caught off guard when he was asked about the position of the bank by the Labour MP Chuka Umunna. He asked him about why is the structure of Barclays so complicated and has got close to some 1,000 companies under its umbrella all across the globe. They were together during a highly charged hearing that was called by the Treasury Select Committee.
Barclays Plc, the second biggest bank in UK, has reported a sharp growth of 47% in its pretax profit in the first quarter of the year. Barclays said that the growth in profit was mainly attributable to a marked decline in bad debts and improving financial markets. However, the shares of the bank fell on Friday closing as the income at its investment banking arm Barclays Capital failed to match the market expectations.
Bob Diamond, president of Barclays and head of its investment banking division got around £63 million as compensation for 2009. The bank provided this information in its annual report released yesterday. Bob Diamond has become the highest paid banker in Barclays now. In its annual report, the bank said that Bob Diamond had refused to get cash bonus in 2009.
Barclaycard on Wednesday launched its Freedom scheme of rewards for eight million cardholders in a move that almost challenged its competitors. The scheme intends to offer cash in exchange of reward points earned by the card company's customers on purchases made by using Barclay's card.
As per the announcement, card users would get back cash amounting to one percent of the amount spend, which means for £100 spend the customer would be rewarded with £1 in cash.
Barclays Plc - UK's second-largest bank, posted a record ten-fold net income increase for the fourth quarter, following the sale of its Global Investment Unit and the CEO and the President deciding not the take bonuses.
Second-half profit also more than doubled prompting shares to rise almost 10 per cent in early trade today.
The net income of the London-based lender, which declined any assistance from the government, jumped to $10.45 billion after it booked a 6.33 billion pound pretax gain on the sale of its exchange traded fund business to Black Rock in June last year.
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