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Today, 9:13 AM
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Tue, Feb. 9, 1:53 PM
- Paul Compton, JPMorgan's chief administrative officer since 2013 and a 19-year company vet, has been named Barclays' (BCS -5.3%) COO. He'll be "responsible for Operations & Technology, Structural Reform, Cost Transformation, Major Project Delivery, Administration, Corporate Real Estate Services, and Sourcing," and chair Barclays' operating committee.
- Compton is replacing Jonathan Moulds, who is leaving the company. The shakeup comes less than four months after Barclays named Jes Staley (a JPMorgan vet himself) its CEO.
- Staley: "For nearly twenty years Mr Compton has served in a variety of senior operating roles. His huge directly relevant experience will prove invaluable as we continue our strategic transformation and manage the required changes under Structural Reform."
Wed, Feb. 3, 11:03 AM
- The portfolio consists mostly of interest-rate swaps, reports Bloomberg, which would mean they're likely less risky and capital consumptive than equity or credit derivatives.
- The move, however, is part of Barclays' (BCS -2.5%) larger plan to speed exits of assets with high capital requirements. The size of the portfolio wasn't disclosed, but derivatives make up half of the risk-weighted assets in the bank's non-core unit.
- "Integrating this portfolio into our own business reiterates our commitment to the broader fixed-income markets and creates the opportunity for us to work with a wider range of clients over the long-term,” says JPMorgan (JPM -2.2%), which has a large derivatives portfolio giving it the chance to offset new positions with old, thus reducing the capital impact.
Mon, Feb. 1, 1:57 AM
- Credit Suisse (NYSE:CS) and Barclays (NYSE:BCS) have agreed to pay $154.3M combined to settle investigations by the SEC and New York attorney general into their dark pools.
- "We will continue to take the fight to those who aim to rig the system and those who look the other way," Eric Schneiderman declared.
- The settlements mark the two largest fines ever paid in connection with cases involving the privately run stock-trading venues.
Wed, Jan. 27, 4:08 AM
- On the floor of the New York Stock Exchange (NYSE:ICE), high-frequency traders are now in charge.
- Barclays (NYSE:BCS) has become the last of the big investment banks to relinquish the once-hallowed "designated market maker" status by selling its business to GTS, which will join other DMMs such as IMC Financial, KCG and Virtu on the NYSE.
- GTS currently accounts for 3%-5% of daily cash equities volume in the U.S., but is now set to be designated market maker for 1,200 listed securities, including Berkshire Hathaway, ExxonMobil, Twitter and Alibaba.
Thu, Jan. 21, 4:04 AM
- Chief Executive Officer Jes Staley has started a fresh round of cuts at the investment bank, with plans to eliminate more than 1,000 jobs worldwide and slash the investment banking bonus pool for 2015.
- Barclays (NYSE:BCS) also plans to exit investment banking operations across much of Asia, continental Europe and Latin America as it focuses on its core U.S. and U.K. markets.
- Previously: Bloomberg: New round of investment banking job cuts at Barclays (Jan. 20 2016)
Wed, Jan. 20, 11:43 AM
- Staff in New York, London, and across Asia are among those affected by a new round of investment banking job cuts led by new Barclays (BCS -3.9%) CEO Jes Staley, according to the report.
- The investment banking bonus pool for 2015 could fall as much as 10% from the previous year, says Bloomberg's source - this after a 24% decline in 2014.
- Staley and Chairman John McFarlane are set to present their strategic update along with Q4 and full-year results on March 1. Another 20% of investment bank jobs are at risk, with most of the cuts likely coming in Asia.
Thu, Jan. 7, 8:05 AM
- The move is part of broader plans to cut about 50% of jobs at the wider equities unit in Asia. Also maybe on the cutting block are about 30 jobs in investment banking in the region.
- It's not surprising says one analyst, as Chairman John McFarlane has made it clear the bank isn't making money in Asia. With the region looking even weaker thanks to the ongoing China slowdown, it makes sense for new CEO Jes Staley to look to take out even more costs.
- Source: Bloomberg
- Barclays (NYSE:BCS) is lower by 3.4% in London action amid today's global stock selloff.
Thu, Jan. 7, 4:34 AM
- European banks are set to cut back equities trading and research teams in Asia, as global cost-cutting reaches a region where a drop in Chinese trading volumes and local competition have hit profits.
- Bankers and headhunters told Reuters that BNP Paribas (OTCQX:BNPQF), Deutsche Bank (NYSE:DB) and Barclays (NYSE:BCS) are among lenders likely to slash their workforce, setting the tone for a tough 2016.
- Ten of Europe's largest banks already announced 130K job cuts since last June.
- Previously: How many bank jobs vanished since the financial crisis? (Dec. 31 2015)
Dec. 21, 2015, 7:40 AM
- New CEO Jes Staley continues to leave his mark, with Barclays (NYSE:BCS) selling £500M of P-E-backed U.K. leveraged loans to Ares Management (NYSE:ARES). In addition, the two launch a partnership to provide financing to junk-rated U.K. mid-cap companies.
- Since taking over at the bank, Staley has accelerated the sale of assets (like the ones in the report) with high capital requirements. He's also extended a hiring freeze, and is weighing deeper job cuts.
Dec. 16, 2015, 7:46 AM
- Barclays (NYSE:BCS) sells its Risk Analytics and Index Solutions business to Bloomberg for about £520M, with the sale resulting in a roughly £480M pretax gain and a 10 basis point boost to the common equity ratio.
- In other non-core disposition news, the bank - under new CEO Jes Staley - is mulling the sale of some or all of its African operations, reports Bloomberg. The Africa business had a pretax profit of £251M in Q3, with a ROE of 9.7%.
Dec. 14, 2015, 5:41 PM
Dec. 11, 2015, 8:07 AM
- The new Barclays (NYSE:BCS) chief told employees the hiring ban will stay in place "for a long time," reports Bloomberg.
- The freeze, of course, is taking place alongside deep job cuts, with Staley considering whether to lop off another 20% of the investment banking staff (mostly in Asia).
- While the bank has already made massive job cuts, the net amount since 2012 is just a loss of 3K positions thanks to continued hiring.
Dec. 7, 2015, 8:14 AM
- The banks' existing plan calls for 7K job cuts at its investment bank through the end of next year, and Bloomberg reports Jes Staley as considering boosting that number by another 20%.
- The Asia securities division would see the brunt of the reductions - no surprise, says an analyst, as the "new" investment bank at Barclays (NYSE:BCS) is the U.S. and U.K., with everything else "peripheral."
- Staley took over on Dec. 1, and task #1 is improving profitability at the investment bank.
Dec. 3, 2015, 6:24 AM
- Barclays (NYSE:BCS) has agreed to sell its retail banking business in Italy to CheBanca, a unit of Mediobanca Group (OTCPK:MDIBY).
- Under the agreement, CheBanca would acquire 89 branches with 220,000 clients, residential mortgage loans worth €2.9B and 620 staff.
- The deal marks the latest retail banking exit by Barclays in Continental Europe as it seeks to reshape itself by selling underperforming businesses and focus on its core operations.
Dec. 2, 2015, 4:14 PM
- New Barclays (NYSE:BCS) CEO Jes Staley has approached his former JPMorgan colleague Blythe Masters to run Barclays' investment bank, reports Reuters.
- Won over by the potential of the blockchain, Masters joined Digital Asset Holdings in March as its CEO. She exited JPMorgan in 2014 when the bank sold its physical commodities business.
- Barclays, of course, is in the midst of shrinking its investment bank, and its current chief Tom King nearly quit earlier this year thanks to disagreements with then-Barclays CEO Antony Jenkins. There has since been speculation King would retire next year.
Barclays PLC is a financial services provider engaged in personal banking, credit cards, corporate and investment banking and wealth and investment management. It operates in Europe, the Americas, Africa and Asia.
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