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Dec. 1, 2015, 3:28 AM
- All U.K.-based banks have passed the country's annual stress tests, which measure the British banking sector's ability to handle global financial shocks.
- Although none of the lenders will be required to submit a revised capital plan, StanChart (OTCPK:SCBFF) and RBS only passed the exam after taking steps to improve their capital ratios during the testing process.
- Other banks included in the exercise: HSBC, Barclays (NYSE:BCS), Lloyds (NYSE:LYG), Santander (NYSE:SAN) and Nationwide.
Nov. 26, 2015, 6:28 AM
- Barclays (NYSE:BCS) has been hit with a record £72M penalty by the U.K.'s Financial Conduct Authority for failing to conduct proper checks on very wealthy and politically connected customers.
- Britain's watchdog said the failings related to a £1.9B transaction that the bank arranged and executed in 2011 and 2012.
Nov. 18, 2015, 11:24 AM
- Barclays (NYSE:BCS), says the New York Department of Financial Services, used its forex systems to automatically reject client orders that would be unprofitable due to price swings in milliseconds-long holding periods. Instead of disclosing the rejections to clients, the bank cited "technical problems."
- Alongside a $150M fine, the bank is firing a global electronic trading executive.
- Barclays earlier this year paid NYDFS $635M for forex-related misconduct.
Nov. 17, 2015, 7:35 PM
- Barclays (NYSE:BCS) is set to pay at least $100M to settle a currency-rigging probe by New York's Department of Financial Services, which regulates banks, Bloomberg reports.
- The state board investigated whether Barclays abused a "last look" practice on its currency-trading program -- where a bank can back out of currency trades that shift against them.
- That probe is separate from the case this spring where Barclays pleaded guilty to a number of federal charges related to exchange-rate rigging and paid $2.4B. Some $485M of that sum went to New York's DFS, which had said its own probe would continue.
- The $100M payment would settle the "last look" issue.
- Barclays shares were up 0.8% after hours.
Nov. 9, 2015, 4:24 AM
- The Financial Stability Board has published new rules that aim to stop banks from becoming "too big to fail," confirming its final proposals for Total Loss Absorbing Capacity, or TLAC.
- Under the plan, large lenders will have by January 2019 to hold a financial cushion of at least 16% of their risk-weighted assets in equity and debt that can be written off. That requirement will gradually increase, reaching 18% of assets weighted by risk by January 2022.
- The FSB will put the rules, which will apply to the world's top 30 banks, to the G20 later this month.
Oct. 29, 2015, 9:50 AM
- Calling the numbers "slightly disappointing" at first glance, KBW - which rates the stock an Outperform - says the miss is mostly due to £175M in higher costs that weren't offset by lower impairments or higher other income.
- Jefferies - which rates the stock a Buy - calls the results "not strong," and missing on all items except for impairments. Investment banking performance was ok with a 9% revenue increase, but increased structural reform costs could results in cuts to consensus estimates.
- Citi - also rating the stock a Buy - agrees, and expects low, single-digit reductions in EPS estimates thanks to additional costs.
- BCS -5.5%
- Previously: Barclays reports Q3 results (Oct. 29)
Oct. 29, 2015, 9:16 AM
- Barclays (NYSE:BCS): Q3 EPS of £0.179
- Revenue of £17.62B (-2.8% Y/Y).
- Shares -5.9% PM.
Oct. 29, 2015, 9:13 AM| Oct. 29, 2015, 9:13 AM
Oct. 28, 2015, 3:33 AM
- As widely expected, Jes Staley has been appointed as Barclays' (NYSE:BCS) new chief executive, after months where the bank has been led by executive chairman John McFarlane.
- "In particular, he understands corporate and investment banking well, the re-positioning of which is one of our major priorities," McFarlane said.
- Staley is currently a managing partner at BlueMountain Capital Management, and previously served as head of JPMorgan's investment bank.
- Previously: Barclays CEO-apparent interviewed by regulators (Oct. 20 2015)
- Previously: Barclays heads south after new CEO floated (Oct. 13 2015)
- Previously: FT: Jes Staley to be next Barclays chief (Oct. 12 2015)
Oct. 23, 2015, 6:32 AM
- Credit Suisse (NYSE:CS) and Barclays (NYSE:BCS) are in talks to pay as much as $150M combined to end several investigations and one lawsuit alleging improprieties related to their "dark pools," sources told WSJ.
- The settlements with the SEC and NY Attorney General could result in the two biggest penalties to date for alleged wrongdoing at bank-operated private-trading venues.
- The biggest thus far is the $20.3M New York brokerage Investment Technology Group agreed to pay the SEC in August.
Oct. 20, 2015, 10:05 AM
- In what looks like the final hurdle to clear before officially being named as the next CEO of Barclays (NYSE:BCS), Jes Staley is reportedly being quizzed by a panel of representatives from the U.K. FCA and the Prudential Regulation Authority.
- Staley was reported last week to be the frontrunner to succeed Antony Jenkins, who was fired over the summer.
- It's standard practice for U.K. regulators to interview candidates for senior bank management positions known as SIgnificant Influence Functions.
- Source: Bloomberg
- Previously: Barclays heads south after new CEO floated (Oct. 13)
Oct. 19, 2015, 3:42 PM
- Barclays (NYSE:BCS) will pay $325M and Wachovia (now part of WFC) $53M to settle claims over toxic mortgages sold to the National Credit Union Administration. The deal brings to $2.2B the total the NCUA has reaped from various bank over MBS.
- Barclays says it will include a provision in its Q3 results for the settlement.
- Next up for the NCUA are pending claims over alleged manipulation of interest rates.
Oct. 16, 2015, 4:43 AM
- According to new U.K. rules, Britain's biggest banks will have to hold up to £3.3B of extra capital between them when they are forced to ringfence their investment banking operations in 2019.
- The Bank of England's regulations are also allowing "ringfenced" banks to transfer capital from their retail arms to other parts of their businesses in the form of dividends, a move loudly applauded by the U.K.'s largest lenders.
- Related tickers: RBS, HSBC, LYG, BCS, SAN
Oct. 13, 2015, 10:18 AM
- "The process of appointing a new group chief executive officer has not yet concluded and Barclays (BCS -3.1%) will provide a further update once that is complete," says the bank, responding to numerous reports saying it's settled on former JPMorgan investment banker Jes Staley as its next CEO.
- Reaction in the financial markets to the floating of Staley has been less than stellar.
- Previously: FT: Jes Staley to be next Barclays chief (Oct. 12)
Oct. 13, 2015, 9:10 AM
- "Overall, while this removes one uncertainty regarding the future CEO we see it raising more uncertainties on the outlook which are likely to weigh on the shares," says Berenberg analyst James Chappell. "Sadly, having hoped Barclays (NYSE:BCS) might emerge as a long term winner in the sector, we fear it is returning to its bad old ways.”
- The issue is that Jes Staley is an investment banker. Is an investment banker (who one might infer is a fan of investment banking) being appointed as CEO to wind down the investment banking operation, or does his hiring signal a change in strategy for John McFarlane and the rest of the board.
- Barclays is lower by 2.9% in London action, and the ADRs are down 3.9% premarket.
- Previously: FT: Jes Staley to be next Barclays chief (Oct. 12)
Oct. 12, 2015, 5:01 PM
- Barclays (NYSE:BCS) is set to appoint former JPMorgan investment banker Jes Staley as its next CEO, according to the FT, with the appointment to be announced in the next two weeks, assuming a green light from regulators.
- He'll replace Antony Jenkins who was sacked in June. One source close to the board says Jenkins "did not understand investment banking." If so, the choice of Staley - an experienced investment banking hand who was once thought to be a possible successor to Jamie Dimon - represents a sizable shift for Barclays.
- Staley has been with hedge fund firm Blue Mountain Capital since departing JPMorgan in 2013.
- Previously: Barclays reportedly nearing choice on new CEO (Oct. 12)
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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