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Barclays PLC (BCS)

  • Mar. 8, 2013, 2:53 AM
    Barclays (BCS) CEO Antony Jenkins reportedly wants the bank to cut almost 30% of its employees over the next ten years as he prioritizes lowering expenses. The only question, Jenkins told a recent shareholders' meeting, is "how can you eventually turn this bank into one that can operate with 100,000 staff instead of 140,000?" The comments follow Barclays' recent announcement of major job and costs cuts as part of a strategic review.
    | Mar. 8, 2013, 2:53 AM | Comment!
  • Feb. 22, 2013, 3:04 AM
    EU regulators are reportedly looking at reaching a settlement with banks over the rigging over inter-bank interest rates, although some firms don't want to open talks, as they believe that allegations of wrongdoing have no merit. The EU is carrying out three separate probes into at least a dozen banks and inter-dealer brokers.
    | Feb. 22, 2013, 3:04 AM | Comment!
  • Feb. 21, 2013, 7:07 AM
    Barclays (BCS) is upgraded to Buy at Bernstein, which cites the bank's new strategy (slash costs) and investment plan, as well as greater transparency regarding the investment bank.
    | Feb. 21, 2013, 7:07 AM | Comment!
  • Feb. 13, 2013, 12:15 PM
    Seeking to build a reputation for not being involved in speculation on food prices, Barlcays (BCS) will no longer engage in agricultural trading with hedge funds. The firm is quick to point out it isn't exiting commodities trade - of which it's a major player - just banishing agricultural trade with hedge funds.
    | Feb. 13, 2013, 12:15 PM | Comment!
  • Feb. 12, 2013, 9:10 AM
    Premarket gainers: STEM +30%. ZIOP +14%. KORS +12%. MAS +8%. AVP +7%. HERO +7%. BCS +7%. GY +6%. OPXA +6%. GTE +5%.
    Losers: MELA -17%. ORIG -5%. WNS -5%.
    | Feb. 12, 2013, 9:10 AM | Comment!
  • Feb. 12, 2013, 3:42 AM
    BNY Mellon (BK) will take a charge of $850M on its Q1 earnings after it lost a tax case with the IRS, which accused the bank, along with several of its peers, of falsely claiming foreign tax credits via loans from Barclays (BCS). BNY wanted a $900M benefit on debt of $1.5B, but the court ruled that the transactions lacked "economic substance" and were only carried out for tax purposes. The case was the first of its kind to go to trial.
    | Feb. 12, 2013, 3:42 AM | Comment!
  • Feb. 12, 2013, 3:15 AM
    More on Barclays (BCS) results and strategic review: adjusted income +2% to £29.04B; investment bank pretax profit +37% to £4.06B; Adjusted ROE 7.8% vs 6.6% in 2011, with improvements in most of its businesses. Credit impairment charges -5% to £3.6B. Adjusted operating expenses -3% to £18.54B; bonus pool -16%. Core tier 1 ratio 10.9% vs 11%. New lending in U.K. fell to £44B from £45B. (PR)
    | Feb. 12, 2013, 3:15 AM | Comment!
  • Feb. 12, 2013, 2:58 AM
    More on Barclays (BCS) results and strategy review: Job cuts: 1,800 in Corporate & Investment Bank and 1,900 in Europe Retail and Business Banking. To lower cost base to £16.8B by 2015 from £18.5B. Targets ROE of above cost of equity in 2015, which is forecast to stay at current 11.5% level. "One-time" costs of implementing strategic plan will be £2.7B by 2015. Targets common equity tier 1 ratio of above 10.5% by 2015. Aims for dividend ratio of over 30% over time. (PR)
    | Feb. 12, 2013, 2:58 AM | 1 Comment
  • Feb. 12, 2013, 2:43 AM
    Barclays (BCS): 2012 pretax profit £246M vs £5.9B in 2011, hurt by massive charges for compensating customers for mis-sold products, and loss of value of own debt. Adjusted pretax profit +26% to £7.05B, in line. To cut 3,700 jobs out of 140K as part of plan to slash £1.7B in annual costs and improve standards. To take £500M in restructuring charges in Q1. (PR)
    | Feb. 12, 2013, 2:43 AM | 2 Comments
  • Feb. 11, 2013, 3:22 AM
    Barclays' (BCS) is the subject of yet more damaging revelations, admitting that it mistakenly twice told investors, including in its 2008 annual report, that Abu Dhabi's Sheikh Mansour bin Zayed Al Nahyan was the owner of a £3B stake. At the time of the disclosures, he had already passed the investment, which helped stave of a U.K. bailout, on to the state-owned International Petroleum Investment Company. (See also)
    | Feb. 11, 2013, 3:22 AM | Comment!
  • Feb. 11, 2013, 2:54 AM
    Barclays (BCS) reportedly intends to slash at least £2B from its £20B annual cost base as part of an overhaul that CEO Anthony Jenkins is due to unveil tomorrow. Under "Project Transform," Barclays will scale back its investment-banking activities in Asia, as well as some operations in Europe. Barclays also plans to cut its tax-avoidance unit, which has generated huge profits but is seen as toxic to the bank's battered reputation.
    | Feb. 11, 2013, 2:54 AM | Comment!
  • Feb. 10, 2013, 9:00 AM
    Barclays (BCS) CEO Anthony Jenkins is due to unveil "Project Transform" on Tuesday, when he will provide details about his grand plan to restore the bank's battered reputation, improve profitability, get rid of under-performing businesses and cut expenses. "The rules have changed," Jenkins has already reportedly told staff. They can either sign up to the new culture or they can get out.
    | Feb. 10, 2013, 9:00 AM | 5 Comments
  • Feb. 6, 2013, 3:31 PM
    Dell, Liberty Media ... Haven't the bosses at Barclays (BCS) heard the news? Business is booming again. Apparently not, as the bank discloses its intention to cut 275 investment banking jobs in NYC as of May 15.
    | Feb. 6, 2013, 3:31 PM | Comment!
  • Feb. 5, 2013, 4:48 AM
    Barclays (BCS) is provisioning another £1B in Q4 to settle claims it mis-sold financial products. The bank is setting aside £600M to cover payment protection insurance following more applications from consumers for compensation, bringing total provisions to £2.6B. Barclays is adding a further £400M to cover interest-rate hedging products for a total allocation of £850M. Shares +1.1% in London. (PR)
    | Feb. 5, 2013, 4:48 AM | Comment!
  • Feb. 4, 2013, 2:58 AM
    Barclays (BCS) CFO Christopher Lucas and General Counsel Mark Harding are retiring, but they will stay in their positions until successors are found. The departures come amid attempts by new CEO Antony Jenkins to restore the bank's battered reputation, although while Lucas is under investigation over the bank's fundraising from Qatar in 2008, Jenkins said, "Their decision to retire was theirs alone." (PR)
    | Feb. 4, 2013, 2:58 AM | 1 Comment
  • Feb. 1, 2013, 6:00 AM
    The deal to take Dell (DELL) private could reportedly be finalized over the weekend and announced on Monday. As already speculated, Michael Dell will gain majority control, while Silver Lake and Microsoft (MSFT) will become minority shareholders, although there's no word on the final price. Barclays (BCS), Bank of America (BAC), Credit Suisse (CS) and RBC Capital (RY) will provide $15B of debt financing.
    | Feb. 1, 2013, 6:00 AM | 2 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.