Things Are Better At Barclays But Still Not Back To 'Normal'
Wed, Apr. 27, 4:48 AM
- Barclays (NYSE:BCS): Q1 EPS of £0.027.
- Income of £5.04B (-10.8% Y/Y)
- Shares +3% in London.
- Press Release
Wed, Apr. 27, 3:13 AM
- Barclays' (NYSE:BCS) Q1 pretax profit slumped 25% to £793M ($1.15B) and revenue dropped 13% to £4.6B, although the latter figure exceeded consensus of £4.48B.
- Trading revenue slipped 4%, a smaller decline than at Barclays' U.S. competitors.
- Barclays said it is making "good progress" in its strategy to refocus on its core operations, where pretax income climbed 18% to £1.6B, and disclosed that it is in talks to sell its French Retail Banking operations to AnaCap Financial.
- "The performance of the core today shows the potential power of the group once it is freed from the drag of non-core," says CEO Jes Staley.
- Shares are +3.9% in London.
Tue, Apr. 26, 5:09 AM
- U.K. listed investment vehicle Atlas Mara, which was created by billionaire Ashish Thakkar and former Barclays (NYSE:BCS) CEO Bob Diamond, has confirmed that it is interested in acquiring the U.K. bank's 62% holding in its African operations.
- However, Atlas Mara didn't disclose whether Carlyle (NASDAQ:CG) is involved in the process despite reports saying that the U.S. firm is in talks with Diamond over the deal.
- Barclays Africa Group is listed in Johannesburg with a market capitalisation of 123B rand ($8.5B), putting the value of the 62% stake at $5.27B. (PR)
Mon, Apr. 25, 3:15 AM
- Carlyle (NASDAQ:CG) has joined up with former Barclays (NYSE:BCS) CEO Bob Diamond to bid for the U.K. bank's 62% holding in its African operations, reports say.
- Barclays Africa Group is listed in Johannesburg with a market capitalisation of 122B rand ($8.5B), putting the value of the stake at $5.27B.
- Barclays is selling the unit due to increasing regulatory pressures.
Wed, Apr. 13, 9:18 AM
- The bank has cut headcount by 8K in just four months, reports the FT. It's the fastest pace of reduction in at least five years, and comes following the hiring freeze (in combination with investment banking job cuts) imposed by CEO Jes Staley when he took over in December.
- Barclays (NYSE:BCS) had nearly 130K full-time employees as of year-end 2015.
- It's not good enough for some, with one sizable investor telling the FT, the cutting of the dividend was a mistake, and the bank needs a more aggressive approach to slashing investment banking operations. "You are either 100% in that space or you withdraw."
- Staley is leaning against the call for further investment banking reduction or a sale, reminding that those banks with diversified revenue streams did better through the financial crisis than those without.
Wed, Apr. 13, 9:16 AM
Thu, Apr. 7, 9:22 AM
- European bank investors haven't reacted kindly to a string of dividend cuts from the likes of Santander (NYSE:SAN), Deutsche Bank (NYSE:DB), Barclays (NYSE:BCS)and Standard Chartered (OTCPK:SCBFF), but BIS Chief Economist Hyun Song Shin believes payouts have been too high since the financial crisis.
- Returning too much capital, he says, is stifling lenders' ability to lend and thus crimping future profits, he argues. Even more absurd, a number of banks are raising capital while at the same time promising to maintain payouts - in other words, asking investors for money so they can give some of it right back (minus the underwriter's fee, of course). Credit Suisse (NYSE:CS) was the latest to do so last October.
- The most curious part of investor demands for dividends is that when banks retain profits, it's still shareholder money as long as said funds are spent on silly acquisitions (or bonuses).
Thu, Apr. 7, 4:18 AM
- Barclays (NYSE:BCS) has agreed to sell its wealth and investment management business in Singapore and Hong Kong to Oversea-Chinese Banking Corp for $320M, in the U.K. bank's latest move to pare back its presence in the region.
- The sale of the division, which had $18.3B in assets under management at the end of 2015, came after Barclays said in late January that it would axe its cash equities business and 1,000 jobs in Asia.
- BCS -1.4% premarket
Wed, Apr. 6, 5:14 AM
- Britain's Financial Conduct Authority has granted an electronic money license to Circle, a firm that uses the virtual currency to enable P2P payments using a mobile app, or what the business calls "social payments."
- The authorization makes it possible for Circle to establish a banking relationship with Barclays (NYSE:BCS), marking the first time a large global bank has agreed to work directly with a Bitcoin (COIN, OTCQB:BTCS) company.
Mon, Mar. 7, 8:23 AM
- Leading the team as chairman of Barclays' (NYSE:BCS) M&A for Europe, Middle East, and Africa will be former Bank of America banker Carlo Calabria. Coming on board along with Calabria are eight others from CMC Capital, the boutique shop he helped launch four years ago.
- Cuts are seemingly happening everywhere at Barclays, but the bank is expanding in some areas of investment banking, and has made a number of M&A hires of late.
Fri, Mar. 4, 7:49 AM
- Second-round bids are due in mid-March for Barclays' (NYSE:BCS) SIngapore and Hong Kong private-wealth business, and Nomura (NYSE:NMR) and United Overseas Bank are among those interested, reports Bloomberg.
- Barclays is hoping get up to $400M for the operation.
- The bidders want to boost market-share in Asian wealth management, and the seller is shifting its focus to more profitable businesses in the U.S. and U.K.
Tue, Mar. 1, 9:19 AM
Tue, Mar. 1, 8:09 AM
- Barclays (NYSE:BCS): Q4 net loss of £2.14B.
- Shares -9.1% in London.
- Press Release
Tue, Mar. 1, 4:14 AM
- Barclays (NYSE:BCS) is taking further restructuring steps and cutting its dividend after reporting a full year net loss of £394M, compared with a loss of £174M in 2014.
- The radical overhaul will see the bank split into two core divisions: Barclays U.K. - which will become a U.K. ring-fenced bank - and Barclays Corporate and International.
- The lender will also sell down its 62.3% holding in Barclays Africa.
- BCS -7.9% premarket
Mon, Feb. 29, 4:25 AM
- Barclays' (NYSE:BCS) new chief executive Jes Staely will likely announce Tuesday that the British bank has decided to exit its African operations to refocus on its core U.K. and U.S. markets, FT reports.
- The board has delegated authority to a subcommittee to examine the practicalities of how and when to sell Barclays Africa, one of its four main lines of business. Through the move, the lender avoided having to disclose the decision immediately.
- Barclays Africa Group -5% in Johannesburg
Fri, Feb. 19, 9:08 AM
- Tom King is set to announce his retirement as head of Barclays (NYSE:BCS) investment bank in the coming days, reports the WSJ.
- King clashed with former CEO Antony Jenkins last year, and more or less gave the bank a "me or him" ultimatum in the summer. Jenkins is gone, replaced by Jes Staley, but the investment bank cuts are continuing, if not accelerating.
Barclays Plc operates as a bank holding company that engages in the business of providing retail banking, credit cards, corporate and investment banking and wealth management services in Europe, the Americas, Africa and Asia. The company operates in nine segments: UK Retail & Business Banking,... More
Industry: Foreign Money Center Banks
Country: United Kingdom
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