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Oct. 1, 2015, 5:11 PM
- JPMorgan Chase (NYSE:JPM) will pay almost a third of a $1.86B settlement to resolve accusations that a dozen big banks conspired to limit competition in the credit default swaps market, Bloomberg reports.
- JPM reportedly will pay $595M, followed by Morgan Stanley (NYSE:MS) with $230M, Barclays (NYSE:BCS) at $175M, Goldman Sachs (NYSE:GS) at $164M, Credit Suisse (NYSE:CS) at $160M and Deutsche Bank (NYSE:DB) at $120M; BofA (NYSE:BAC), BNP Paribas (OTC:BNPZY), UBS, Citigroup (NYSE:C), Royal Bank of Scotland (NYSE:RBS) and HSBC would pay less than $100M each.
- The deal would avert a trial and end years of litigation by hedge funds, pension funds, university endowments, small banks and other investors, who sued as a group.
Sep. 16, 2015, 5:36 PM
Sep. 9, 2015, 6:07 PM
- New York regulators have sent letters seeking information to big banks that are primary Treasury dealers as part of a probe on potential manipulation of bond auctions, Reuters reports.
- The banks -- including Barclays (NYSE:BCS), Deutsche Bank (NYSE:DB), Goldman Sachs (NYSE:GS), Societe Generale (OTCPK:SCGLY) and Credit Suisse (NYSE:CS) -- aren't charged with specific wrongdoing at the moment, as the investigation is still in early stages.
- Boston's public employee pension fund, State-Boston Retirement System, had sued 22 primary dealers in July alleging conspiracy to manipulate Treasury auctions; meanwhile, little-known hedge fund Element Capital has been buying tens of billions of dollars worth of bonds at the auctions, well over its $6B assets under management, the WSJ reports, drawing attention from the Treasury Dept.
- Element Capital has been the largest purchaser in dozens of auctions over the past 10 months.
Sep. 3, 2015, 9:21 AM
- The buyer is Bankinter, Spain's seventh-largest lender, and the €100M price tag represents about 40% of book value. In a separate deal, Bankinter and Mapfre SA are buying Barclays' (NYSE:BCS) life insurance and pension operations in Portugal for about €75M.
- The move is in line with Barclays' plan to focus on core areas (the bank sold its Spanish retail operations last year, and its Italian unit is also on the block).
- Barclays will book an after-tax loss of about €200M. The deal is expected to close in Q1 of 2016.
Aug. 26, 2015, 6:38 PM
- A federal judge has dismissed the "Flash Boys" suit filed against Barclays (BCS +2.4%), though he says he won't "wade into the larger public debate" about high-frequency trading, and plaintiffs could amend and refile.
- Providence, R.I., and other investors had filed suit last year against Barclays and a number of other high-finance players, alleging that they had siphoned billions by rigging the markets with HFT, as described in Michael Lewis' book Flash Boys: A Wall Street Revolt.
- Judge Jesse Furman said plaintiffs failed to show complaints were "legally sufficient." City of Providence lawyers say they are discussing the decision and haven't yet decided on an appeal.
- In April, three other class-action suits against stock exchanges that were inspired by the book were thrown out by another Southern District of New York judge.
Aug. 25, 2015, 2:05 PM
- Barclays (BCS +4%) and Lloyds (LYG +3.8%) are turning in strong days after the FTSE posted a 3.1% gain - the S&P is currently up 1.5% - and Investec upgraded both British banks to Buy. Barclays was upgraded from Sell, and Lloyds from Hold.
- Investec's Ian Gordon suggests the upgrades are valuation-driven, rather than motivated by any change in fundamentals. "[W]hile we now see reasonable upside for Barclays, we think RBS offers a stronger capital story, HSBC a higher dividend yield, and One Savings Bank vastly superior growth and returns.”
Aug. 14, 2015, 2:07 AM
- Five more banks have agreed to settle U.S. investor lawsuits tied to a global currency-rigging scandal, which claimed the institutions conspired to manipulate the $5.3T-a-day foreign-exchange market.
- HSBC (NYSE:HSBC), Barclays (NYSE:BCS), Goldman Sachs (NYSE:GS), BNP Paribas (OTC:BNPZY) and Royal Bank of Scotland (NYSE:RBS) now join a list of nine firms which previously settled the class actions, bringing the total amount investors have recovered to $2B.
Aug. 12, 2015, 4:20 AM
- Credit Suisse (NYSE:CS) and Barclays (NYSE:BCS), two of the largest operators of dark pools, have entered settlement negotiations with the SEC and NY attorney general over facilitating unfair advantages, incorrect stock pricing and other wrongdoing in their trading platforms.
- Credit Suisse is in talks to pay a fine in the high tens of millions, which would be the largest fine ever levied against a private trading venue operator, while Barclays' discussions also suggest a large fine.
Jul. 29, 2015, 6:22 AM
- Barclays (NYSE:BCS) reports 1H15 total income net of insurance claims at £12.98B down 3% as non core income reduced to £42M.
- Profit before tax at £3.73B up 11% reflecting improvement in core operating business,
- EPS at £0.13/share vs. £0.11/share in 1H14.
Jul. 29, 2015, 3:46 AM
- Impatient with the pace of change, Barclays (NYSE:BCS) Executive Chairman John McFarlane is set to wield the axe even more quickly at the bank, after firing CEO Antony Jenkins just a few weeks ago.
- Barclays now plans to cut non-core assets from £57B ($89B) to £20B by the end of 2017 and set aside more money to cover the cost of redress.
- The move comes as the lender reported a sharp rise in second-quarter net profit to £1.15B ($1.8B) from £161M in the same period last year.
Jul. 24, 2015, 7:40 AM
- Plans to sell Barclays' (NYSE:BCS) retail operations in both Portugal and Italy have speeded up since John McFarlane took over as chairman, and the bank has reportedly entered into exclusive talks with Spain's Bankinter for the Portuguese unit.
- The sale is likely to exclude the bank's investment banking and credit card operations in that country.
- Barclays has 85 branches in Portugal and 90 in Italy.
- Source: Reuters
Jul. 23, 2015, 2:41 PM
- Elkhorn founder and CEO Ben Fulton once ran ETFs at Invesco's Powershares before leaving in 2013 and earlier this year launched his own suite of products. The strategic partnership with Barclays (NYSE:BCS) will be to collaborate on new investment strategies and products.
- Barclays: "Elkhorn is pioneering a new chapter in investment management by developing a wide array of investment structures -- including on UITs, ETF-linked and market-linked solutions -- based on world-class research."
- Fulton: "We are seeing a greater demand for more custom investment products across a variety of market segments. By partnering with Barclays, we are able to offer clients a range of innovative investment opportunities."
Jul. 20, 2015, 1:56 AM
- Barclays (NYSE:BCS) is planning to cut more than 30K jobs within two years as the struggling bank considers accelerating a group-wide cost-cutting program after firing CEO Antony Jenkins earlier this month.
- The layoffs, which could lead to the bank's global workforce below 100K by the end of 2017, is thought to be the only way to address Barclay's chronic underperformance and double its share price, according to The Times.
Jul. 10, 2015, 8:03 AM
- Barclays (NYSE:BCS) may not pick its next chief executive until early next year, potentially leaving new Chairman John McFarlane in charge for at least eight months.
- McFarlane, who fired CEO Antony Jenkins on Wednesday, said he was in no rush to name a successor and will conduct a global search of internal and external candidates.
- Previously: Barclays' Jenkins latest target of Mack the Knife (Jul. 08 2015)
Jul. 8, 2015, 12:15 PM
- Barclays (BCS -1.6%) chairman for just the last three months, John McFarlane earned his nickname for his brutal restructurings of financial institutions across the globe, which often included the slashing of investment banking jobs.
- Now former CEO Antony Jenkins might have had cause to believe he and McFarlane saw things eye to eye, but it turned out his experience as chief of Barclays' retail and business bank proved little use in tackling issues at the investment bank, with McFarlane saying change was taking too long and the bank had come too clunky and bureaucratic.
- Source: WSJ
- Previously: Barclays fires CEO Antony Jenkins (July 8)
- Previously: "Mack the Knife" headed to Barclays (March 12)
Jul. 8, 2015, 8:40 AM
- Unveiling the summer budget, U.K. Chancellor Osborne says the government will gradually phase out the bank levy over the next six years, replacing it with a new 8% surcharge on profits. The difference? The new charge applies only to U.K. assets, while the bank levy applied to global balance sheets.
- Osborne may have made the change in response to threats from banks to leave the U.K. because of the levy (which Osborne increased 50% in the last budget).
- The FTSE 350 banking index is higher by 1.6% following the news. Watching with interest: HSBC, RBS, Barclays (NYSE:BCS), Lloyds (NYSE:LYG), Standard Chartered (OTCPK:SCBFF).
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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