Barclays

Barclays expels Chief Executive Antony Jenkins

Barclays expels Chief Executive Antony Jenkins

According to reports, British lender Barclays' shares have been affected by heavy fines because of past misconduct in addition to a strategic drift. Now, the bank has expelled its Chief Executive Antony Jenkins after three years of his joining as executive.

The bank said that it believes that the new appointment would help speed up change in strategies at the bank and enhance shareholder returns.

According to analysts at brokerage Shore Capital, "This announcement was not something that we have expected, but given John McFarlane's history as a 'hands-on' chairman, it is perhaps not a big surprise". They said in a note that the decision will only prove good if it acts as a way for an increased improvement in financial performance of Barclays.

Barclays first-quarter profit drops 52%

Barclays first-quarter profit drops 52%

According to the British bank Barclays, its first-quarter profit dropped 52% mainly due to legal costs that mainly related to investigations into the possible manipulation of foreign currency trading markets.

Barclays has taken other legal provisions of 800 million pounds in the quarter for potential fines and litigation costs. These costs were related to the currency market investigation that is still ongoing. According to Barclays, it took £1.03 billion in total litigation and conduct costs in the quarter.

Barclays fined 26 mn pounds over gold pricing

Barclays fined 26 mn pounds over gold pricingLondon, May 24 - Barclays Bank Plc, British second largest bank in assets term, has been fined 26 million pounds (about $43 million) for gold pricing misconduct, Financial Conduct Authority (FCA) said Friday.

The bank failed to adequately manage conflicts of interest between itself and its customers, and has been detected systems and controls failings in relation to the Gold Fixing, Xinhua quoted the Britain's financial industry watchdog as saying in a statement.

These failures continued from 2004 to 2013, FCA added.

Barclays reaches settlement with Graiseley Properties

Barclays reaches settlement with Graiseley PropertiesUK's financial giant, Barclays has announced that it had reached a settlement with Graiseley Properties, the parent of Guardian Care Homes, which had filed a lawsuit against the company over its involvement in rigging the Libor interest rates.

Barclays to cut contract staff’s pay by 10%

Barclays to cut contract staff’s pay by 10%UK's Barclays bank has said that it is planning to cut the salary of thousands of contract staff by 10 per cent or terminate roles.

The bank informed that contract staff that they will have to accept a 10 per cent pay cut or have their jobs terminated. The bank management wrote a letter to its staff informing them that the new, lower rates would be imposed on all "contingent workers" in the UK and the US from 7 April. The move is a part of the bank's plans to review of its cost base.

Barclays to cut thousands of investment bankers' jobs

Barclays to cut thousands of investment bankers' jobsUk's banking giant, Barclays has said that it is planning to cut thousands of investment bankers' jobs in a move to revive its division.

Barclays maintains ‘overweight’ rating on Infosys stock

Barclays maintains ‘overweight’ rating on Infosys stock Despite Infosys' weak revenue forecast, Barclays maintained its rating for the software service provider's stock at 'overweight,' saying the company remained focused on revenue growth in the long term.

Barclays said it reduced its U. S. dollar revenue growth rates by 0.5 per cent to 4.3 per cent for the financial year 2014-15, which in turn impacted its earnings per share (EPS) estimates by 0.7 per cent to 5 per cent.

Barclays bank generated £5.2billion profits in 2013

BarclaysUK's banking giant, Barclays bank has said that it has earned a profit of £5.2 billion during the previous year even as it was affected by a financial scandal.

Barclays announced its financial results a day earlier than planned as it revealed figures in the financial diary of business newspaper. Barclays, which will publish its full annual results as scheduled today, might face criticism as the results were announced just a day after it was known that thousands of confidential customer files were stolen.

Barclays board approves increase in bonuses

barclaysBanking giant, Barclays bank is planning to offer higher bonuses to senior executives at the investment bank even as the revenues fell during the year.

Chief executive Antony Jenkins and the board have approved a hike in bonuses even as the unit's revenues fell. The move might create tensions between the Bank of England and European regulators. Jenkins, the head of the Barclays bank has turned down the bonus offering from the bank for 2013 as the bank faced costs relating to the scandals.

Barclays head turns down bonus

Barclays head turns down bonusAntony Jenkins, the head of the Barclays bank has turned down the bonus offering from the bank for 2013 as the bank faced costs relating to the scandals.

Mr Jenkins said today: '2013 has been a year of considerable positive change for Barclays, and I am particularly proud of the progress we have made in starting to rebuild trust, in defining and implementing a common culture, in repositioning the business for the future, and in significantly improving our balance sheet.

Barclays dismissed reports suggesting closure of 400 branches

BarclaysThe Barclays banking group has said that it is planning to reduce the number of its branches but dismissed reports suggesting that the bank would close down up to 400 of its 1,600 outlets in the country.

Barclays planning to cut jobs and close branches

BarclaysUK's banking giant, Barclays is planning to close a quarter of its branches and cut hundreds of jobs in the investment banking division in the United Kingdom.

The banking giant, which is controlled by the British government, has said that it is planning to open branches in Asda stores under a new pilot project while closing nearby outlets. The new job cuts will be above the 3,700 layoffs announced in the previous year. Following the pilot project, the bank will replace about 400 branches with smaller outlets in Asda supermarkets.

Barclays might need decade to regain trust

Antony JenkinsAntony Jenkins, the chief executive of Barclays bank, has said that the bank could need around a decade to regain customer trust after a series of scandals affected its reputation.

Jenkins took over Barclays in August had said that he is working to change the culture at the bank towards long-term sustainability. Jenkins had said earlier that these legacy issues will arise and the bank will have to deal with them. He also said that bank is in the process of changing the culture of Barclays.

Sir Hector Sants quits Barclays

Sir Hector Sants quits BarclaysSir Hector Sants, a senior former regulator, has quit his job at the Barclays banking group only a month after going on a sick leave form the bank.

Sir Sants has worked as the Financial Services Authority (FSA) chief and had joined Barclays 10 months earlier as the head of compliance and government and regulatory relations. However, he went on sick leave in the previous month suffering from stress and exhaustion and has since decided to leave the job at the bank.

Foreign currency traders at Barclays and RBS suspended

Barclays RBSAmid a new investigation into manipulation of the foreign currency market, several traders at Barclays and the Royal Bank of Scotland were suspended by the managements of the banks.

A total of six traders at Barclays and two at RBS are now suspended after investigations form several international investigators including UK's Financial Conduct Authority. The two banks have not offered any comments on the matter. JP Morgan, Standard Chartered and Citigroup had earlier placed its senior traders in London on leave. Regulators in the United States, Europe and Asia are investigating the case.

Barclays sells 94.6% shares in rights issue

Barclays sells 94.6% shares in rights issueBritish banking giant, Barclays has said that it has sold nearly all of the shares in its rights issue valued at $9.4 billlion or about £5.8 billion.

The bank said in a statement that it has received valid acceptances for a total of 3.04 billion new ordinary shares accounting more than 94 per cent of the shares. The bank launched the rights issue at lower price for existing shareholders to meet a regulatory requirement for filling a gap in in its balance sheet.

Economists predict improvement in CAD situation in FY2013-14

Economists predict improvement in CAD situation in FY2013-14Barclays economists have predicted that India's current account deficit (CAD) situation would improve in the current financial year, a projection that is expected bring cheer to the struggling government's face.

The Congress-led UPA government has along been struggling to deal with the problem of huge CAD, which swelled to 4.8 per cent of the country's gross domestic product (GDP) in the last financial year.

Tushar Morzaria to join Barclays as finance director

Tushar Morzaria to join Barclays as finance directorTushar Morzaria has been appointed as the new finance director at Barclays and will joint eh top job in the month of October this year.

Barclays increased bill for mis-selling by £2 billion

Barclays increased bill for mis-selling by £2 billionUK's banking giant, Barclays has increased the total bill for mis-selling schemes by about £2billion yesterday and has decided to set aside additional funds for the purpose.

The bank has set aside an additional £1.35 billion to settle payment protection insurance scandal and will now pay about £4 billion for PPI in the country. It also increased provision for compensating firms for risky interest rate swap products by another £650million to a total of £1.5 billion. The mvoes comes after the bank decided to raise additional funds form the investors.

Barclays planning to raise billions of pounds

Barclays planning to raise billions of poundsUK's banking giant, Barclays hinted that it is planning to raise billions of pounds from shareholders in order to make a provision for meeting expenses relating to past mis-selling scandals.




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