Barclays PLC

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  • May 28, 2013, 8:01 AM

    The U.K.'s biggest four banks (RBS, HBC, LYG, BCS) will have eliminated about 189K jobs by the end of 2013 from peak staffing levels, according to Bloomberg. At about 606K people worldwide, staffing levels will be the least since 2004. "The big bulky mass layoffs ... are probably gone," says an analyst, but expect employment numbers to drift lower as the lenders continue to struggle to find growth. Meanwhile, U.S. banks are happily picking off top talent from RBS.

    | May 28, 2013, 8:01 AM
  • May 28, 2013, 4:02 AM

    Bloomberg gets out its calculator and works out that Britain's top four banks will have cut their combined headcount by 189,000 by the end of this year from peak staffing levels of 795,000 in 2008. RBS (RBS) will have cut 78,000 jobs and Lloyds 31,000 through lay-offs and asset sales, while HSBC (HBC) and Barclays (BCS) have also been making sizable reductions. The moves come as U.K. banks streamline their operations and boost their capital ratios under much regulatory pressure.

    | May 28, 2013, 4:02 AM | 2 Comments
  • May 17, 2013, 5:56 AM

    UBS upgrades global financials to Overweight from Underweight on a healing global economy, rebuilt capital, and the sector's shift "from being a net issuer to a net distributor of cash." Furthermore, the U.S. banking sector (XLF) is taken to Overweight as balance sheet strength and attractive valuations play well with the housing market recovery to create compelling opportunities. European banks (EUFN) are lifted to Neutral "with a preference towards Nordic and U.K. banks." Financials respond in London with LLoyds Banking Group (LYG) +2.3%, Royal Bank of Scotland (RBS) +3.3%, and Barclays (BCS) up 0.5%.

    | May 17, 2013, 5:56 AM | 7 Comments
  • May 7, 2013, 11:48 AM

    Citigroup (C) sues Barclays (BCS) to recover nearly $142M related to foreign exchange trading amidst the Lehman bankruptcy. Citi claims Barclays promised to indemnify Citi against any losses from settling trades for Lehman between Sept. 17-19, 2008. Citi says it lost $580M during this period, but has reduced the amount (plus legal fees) to $141.8M.

    | May 7, 2013, 11:48 AM
  • Apr. 24, 2013, 3:58 PM

    Richard Pzena (PZN) - still heavily overweight financials (XLF) and mature tech (XLK) - makes his case for global banks in today's earnings call (transcript): With capital levels of 11-13% at JPM, C, and BCS double what they were pre-crisis, will regulators allow banks to earn a decent return on said capital? A definite "yes," says Pzena, seeing no reason demand for financial products won't continue to grow faster than GDP, and noting bank managers' "laser-like focus" on improving returns. An average price-to-book ratio of 0.7x combined with a modest ROE of 12-13% suggests fair value more than double current prices.

    | Apr. 24, 2013, 3:58 PM
  • Apr. 24, 2013, 7:20 AM

    More on Barclays (BCS) Q1 earnings: The company missed overall expectations, but profit at its investment banking unit beat estimates thanks to the bank's cost-cutting efforts - which management says remain on track. "The Barclays thesis can't work unless the returns on the investment bank work, and we like the clear strategy," says Bernstein's Chirantan Baura. Shares -2% in London after initially popping nearly 5% higher.

    | Apr. 24, 2013, 7:20 AM
  • Apr. 24, 2013, 6:44 AM
    Barclays (BCS): Q1 Adj. profit of £1.79B. Shares -1.7% premarket. (PR)
    | Apr. 24, 2013, 6:44 AM
  • Apr. 18, 2013, 8:57 AM

    New Barclays (BCS) CEO Antony Jenkins continues distancing the bank from the legacy of Bob Diamond, the company announcing investment banking chief Rich Ricci and wealth-management boss Tom Kalaris - the last 2 remaining of Diamond's management team - are stepping down. Shares -0.7% premarket.

    | Apr. 18, 2013, 8:57 AM
  • Apr. 17, 2013, 1:38 PM

    "Too little has been changed to avoid a repeat of the problem," says the Boston Fed's Eric Rosengren, arguing banks with broker-dealer units continue to hold too little capital. "The status quo represents an ongoing financial stability risk." The largest ones still standing are MS, UBS, GS, C, DB, CS, BAC, BCS, and JPM, and each of the U.S. ones passed the Fed stress test and are returning capital.

    | Apr. 17, 2013, 1:38 PM | 5 Comments
  • Apr. 3, 2013, 7:04 AM

    Barclays (BCS) needs more board members with banking experience to "challenge effectively the performance of management," according to an internal review ordered in wake of the Libor scandal. Led by stud lawyer Anthony Salz, the review chides the bank's culture as one more focused on profits rather than customers.

    | Apr. 3, 2013, 7:04 AM
  • Mar. 28, 2013, 9:21 AM

    The "generous" capital ratio imposed by the Bank of England - 7% by 2013's end vs. 10% in 2019 by Basel - may allow the country's lenders to avoid dilutive share shales. "There is no trigger for any fresh equity issuance," says analyst Ian Gordon, expecting "very limited" impact on existing capital plans. RBS -0.7%, LYG +0.7%, BCS +1.8%, HBC +1% premarket.

    | Mar. 28, 2013, 9:21 AM
  • Mar. 27, 2013, 6:15 AM
    While the FTSE and the pound dropped after the BOE's statement about the capital shortfall of British banks, Barclays (BCS) is +1.5% in London, Lloyds (LYG) +2.8% and RBS +0.5%. However, HSBC is -0.2%.
    | Mar. 27, 2013, 6:15 AM | 1 Comment
  • Mar. 27, 2013, 6:09 AM

    Various markets dive after the BOE spells out the continued massive risks to British banks. Half of the £25B that banks must raise this year has been factored into their capital-raising plans. All in all, major banks and building societies face a £50B reduction in their regulatory capital, although HSBC (HBC) doesn't face a shortfall. FTSE 100 -0.1%, S&P futures -0.2%. (PR)

    | Mar. 27, 2013, 6:09 AM | 1 Comment
  • Mar. 27, 2013, 5:48 AM

    The Bank of England says U.K. banks must raise another £25B by the year-end to protect themselves against potential losses. The losses that the sector faces over three years on high-risk loans exceeds existing provisions by £30B; banks also face £10B of additional fines and costs for misconduct. (PR)

    | Mar. 27, 2013, 5:48 AM | 5 Comments
  • Mar. 20, 2013, 3:56 AM
    Freddie Mac (FMCC.OB) has sued Bank of America (BAC) JPMorgan (JPM), Citigroup (C) and 12 other major banks for losses caused by the manipulation of the Libor rate. Freddie, which invested in mortgage bonds and swaps tied to U.S. dollar Libor, is seeking a whole gamut of damages for what it sees as fraud, antitrust violations and breach of contract. The FHFA has already calculated that Freddie and Fannie Mae lost $3B in total because of the Libor manipulation.
    | Mar. 20, 2013, 3:56 AM | 11 Comments
  • Mar. 13, 2013, 5:25 PM

    Moving on from Libor, the CFTC is reportedly having an informal look at whether the London fix for gold and silver is open to manipulation. Gold prices are set twice daily by five banks via teleconference (silver by 3), with the fixings then used worldwide as benchmarks for any number of transactions. The banks involved: BCS, DB, HBC, BNS, SCGLY.PK.

    | Mar. 13, 2013, 5:25 PM | 3 Comments
Company Description
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.