Wed, Nov. 30, 2:28 AM
- After failing multiple hurdles in the Bank of England's toughest-ever stress test, Royal Bank of Scotland (NYSE:RBS) has bolstered its capital plan.
- Some "capital inadequacies" were revealed at two other banks, Barclays (NYSE:BCS) and Standard Chartered (OTCPK:SCBFF), though neither was required to submit a revised plan.
- The test also covered HSBC, Lloyds (NYSE:LYG), Nationwide and Banco Santander UK (NYSE:SAN).
Mon, Nov. 28, 7:53 AM
- A few months back, Barclays (NYSE:BCS) had hoped to raise $320M from the sale of its wealth- and investment-management business in Singapore and Hong Kong, but the final price was just $225M (at the end of 2015, it had been valued at $500M).
- The buyer was Singapore's Oversea-Chinese Banking Corp.
- The lower price was thanks to some clients deciding to move their assets to another bank as the price of the deal was fixed at 1.75% of AUM.
- The deal will reduce risk-weighted assets at Barclays by about £800M, a part of the bank's plan to cut RWA to £23B next year.
- Shares are lower by 1.8%, inline with a broad move down in European banks today.
Mon, Nov. 21, 5:53 AM
- U.S. lenders appear to present a bigger risk to the financial system than last year.
- Citigroup (NYSE:C), BofA (NYSE:BAC) and Wells Fargo (NYSE:WFC) all face higher capital surcharges after they rose in the Financial Stability Board's latest ranking of the most systemically important banks in the world, while HSBC, Barclays (NYSE:BCS) and Morgan Stanley (NYSE:MS) saw their buffer levels fall.
Fri, Nov. 11, 8:26 AM
- "Some Democrat appointments at the DOJ have only a few weeks left before they are replaced," says Barclays, laying out a bullish case for European lenders who are likely to face smaller mortgage-related settlements.
- Chief among them is Deutsche Bank (NYSE:DB), which has been staggered by reports that Obama's DOJ wants $14B to walk away.
- Also in talks with Justice are Credit Suisse (NYSE:CS) and RBS. Under investigation, but not necessarily in settlement discussions yet are Barclays (NYSE:BCS), UBS, and HSBC.
Thu, Nov. 10, 9:17 AM
- Gainers: TUBE +82%. SODA +18%. AHT +11%. AEG +10%. ZLTQ +10%. NAT +9%. TASR +9%. MTL +9%. SHAK +8%. KSS +8%. EBIO +8%. UBS +8%. PUK +7%. FCEL +8%. ARIA +6%. FCX +6%. RBS +6%. ENDP +6%. BCS +6%. CS +5%.
- Losers: SUNW -31%. ANTH -19%. BVX -14%. NVAX -11%. WUBA -11%. BBD -8%. SEDG -7%. RRR -6%. AZN -6%. VIV -6%. SBS -5%. NGG -5%.
Wed, Nov. 9, 10:22 AM
- Banking stocks are ripping solid gains on the heels of the Republican party taking the White House and retaining control of Congress. The prospect of higher interest rates and lighter regulation is outweighing concerns over new U.S. trade policies.
- "Bank stocks have been besieged by Dodd-Frank regulations and a climate not conducive to supporting a stronger level of economic growth," observes Smead Capital Management.
- Notable gainers include SunTrustBanks (STI +2.9%), Comerica (CMA +3.5%), Wells Fargo (WFC +2.7%), State Bank Financial (STBZ +3.7%), First Republic Bank (FRC +3.3%), Barclays (BCS +2.8%), Credit Suisse (CS +1.6%).
- Then there's JPMorgan (JPM +3.2%) and Bank of America (BAC +3.2%) which just carved out new 52-week highs.
- The SPDT KWB (NYSEARCA:KBE) is up 2.66% on the day, while the SPDR KBW Regional Banking ETF (NYSEARCA:KRE) is 2.84% higher.
Wed, Nov. 9, 4:19 AM
- Donald Trump's victory throws into question the core assumption the Fed will raise interest rates soon and follow with further gradual hikes over coming years.
- Banks are struggling on the news. Fed Funds futures are now pricing in less than a 50% chance of a December move and the ECB is likely to interpret the uncertainty with stimulus and lower rates for longer.
- Premarket movement: GS -8.3%, WFC -3.5%, C -3.2%, BAC -2.4%, CS -2.3% JPM -2.2%, LYG -1.8%, HSBC -1.7%, USB -1.4%, BCS -1.5%, ING -0.6%, MS, DB, RBS, UBS
Thu, Nov. 3, 10:35 AM
- The U.K. High Court today threw a wrench in the government's hope for a "hard Brexit," ruling Parliament must approve the invocation of Article 50. In addition, fears of earnings-crushing negative rates are brushed aside as the Bank of England shifts its focus from growth worry to the risk of too-high inflation.
- The advance for the banks today is especially notable given the 0.5% decline in the FTSE 100.
- Royal Bank of Scotland (RBS +6.5%), Barclays (BCS +4.1%), HSBC (HSBC +0.6%), Lloyds (LYG +3.8%), Standard Chartered (OTCPK:SCBFF +1.1%)
Fri, Oct. 28, 4:03 AM
- "This story is based on ill-informed speculation and contains material inaccuracies," a Barclays (NYSE:BCS) spokesman said in reference to a recent Bloomberg report.
- Sources suggested the bank was trying to cap a penalty to settle a U.S investigation into its sale of mortgage securities at $2B after receiving an opening offer it considered too high.
Thu, Oct. 27, 9:20 AM
- Barclays (NYSE:BCS): Q3 YTD EPS of 9.6p.
- Total income of £16.5B (-5.7% Y/Y).
- Press Release
- Shares +4.9% PM.
Thu, Oct. 27, 9:14 AM
Thu, Oct. 27, 2:58 AM
- Nokia's (NYSE:NOK) quarterly profit fell less than expected, boosted by resilient broadband demand and a patent licensing payment from Samsung.
- Telefonica (NYSE:TEF) grew out its customer base during Q3, but decided to cut its dividend to speed up debt reduction.
- Reflecting Brexit worries and investment delays, ABB's orders slipped while the firm appointed a new CFO.
- Statoil (NYSE:STO) reported a net loss and cut its 2016 capital expenditure again due to persistently low oil prices.
- Barclays (NYSE:BCS) posted big pre-tax profits on a bond-trading boom, but also revealed a £600M fine for mis-selling PPI.
- Also see: VW back to profit after Dieselgate blow (Oct. 27 2016)
Tue, Oct. 25, 3:14 AM
- A series of huge DOJ fines on Barclays (NYSE:BCS), Credit Suisse (NYSE:CS) and Deutsche Bank (NYSE:DB) for mis-selling mortgage securities could be postponed until after next month's presidential election, Sky News reports.
- The delay also means RBS will likely have to account for the majority of a fine in its 2017 results, making it virtually certain that the bank will record its tenth consecutive annual loss.
Mon, Sep. 5, 10:29 AM
- Barclays (NYSE:BCS) has hired JPMorgan (NYSE:JPM) banker Tim Throsby to head its Corporate and International division, ending a six-month search for the number two job under CEO Jes Staley.
- He'll also run Barclays' investment banking business within that division, filling the gap left by the departure of Tom King, who retired from the bank in March.
- Subject to regulatory approvals, Throsby is expected to take up his new role in January.
Fri, Aug. 26, 7:40 AM
- Expected in the coming weeks are announcements for the sale of the bank's Italian retail business, its Iberian credit cards operation, and its Egyptian franchise, reports the WSJ.
- The moves are all part of a plan to pare down Barclays' (NYSE:BCS) sprawling business, with CEO Jes Staley having pledged to exit £35B of unwanted assets by the end of next year.
- The lender's ROE was just 4.8% in H1, but Staley and team figure this can hit double digits after the assets are unloaded.
- Many of these sales are likely to force Barclays to book a loss, but this should be more than offset by the freeing up of capital.
Mon, Aug. 8, 1:13 PM
- Barclays (BCS +2.7%) agrees to a $100M settlement to end investigations by 43 states and D.C. into its alleged manipulation of LIBOR rates in the mid-2000s.
- The settlement comes four years after BCS resolved similar charges with U.S. and U.K. authorities; the state attorneys general, led by New York and Connecticut, launched their own probes in 2012 in the wake of those charges.
- BCS is the first of several global banks to resolve LIBOR manipulation allegations from state attorneys general that already have paid billions of dollars in penalties to resolve similar criminal and civil charges.