Barclays PLC

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  • Sep. 5, 2014, 8:14 AM
    • More extensive background checks have forced UBS and Barclays (NYSE:BCS) to pull job offers and push back start dates for new hires, reports Bloomberg. The time it takes readying an application for a new hire to get regulatory permission to work in London "has triple, quadrupled, and quintupled," says a lawyer. "In the old days, it took a day."
    • Also tougher is the vetting of existing employees to work in new jurisdictions.
    • “The people aren’t crooks,” says the lawyer. In U.K. bank hiring now, there’s “an ultra-conservative view; it’s our version of puritanism and risk aversion.”
    | Sep. 5, 2014, 8:14 AM | 3 Comments
  • Sep. 5, 2014, 3:41 AM
    • U.S. Federal Judge Denise Cote has ruled that investors may press claims against 12 major banks for violating antitrust law by limiting competition and fixing prices in the $21T CDS market, even though improved liquidity should have driven costs down.
    • The defendants include BofA (NYSE:BAC), Barclays (NYSE:BCS), BNP Paribas (OTC:BNPZY), Citigroup (NYSE:C), Credit Suisse (NYSE:CS), Deutsche Bank (NYSE:DB), Goldman Sachs (NYSE:GS), HSBC (NYSE:HSBC), JPMorgan (NYSE:JPM), Morgan Stanley (NYSE:MS), RBS (NYSE:RBS) and UBS (NYSE:UBS).
    | Sep. 5, 2014, 3:41 AM | 34 Comments
  • Sep. 1, 2014, 2:11 AM
    • Caixabank (OTCPK:CAIXY) has announced that it will buy Barclays’ (NYSE:BCS) Spanish operations, including its retail bank, wealth management business and commercial banking business for €800M ($1.1B).
    • The deal will cement Caixabank’s position as the largest retail bank in Spain by adding 250 branches and 550K new clients, along with assets worth €21.6B.
    • The acquisition will not include Barclays' Spanish credit card and investment banking arms.
    | Sep. 1, 2014, 2:11 AM
  • Aug. 29, 2014, 8:57 AM
    • Barclays (NYSE:BCS) will provide Detroit with $275M in financing to help fund its exit from bankruptcy, should a judge approve the city's debt-cutting plans at a trial next week.
    • The money will be used to pay off an $120M loan, some creditor claims and help revitalize the city.
    | Aug. 29, 2014, 8:57 AM | 2 Comments
  • Aug. 18, 2014, 3:47 AM
    • Eurozone banks are expected to borrow about €250B in cheap four-year money from the European Central Bank in September and December under the ECB’s "targeted long-term financing operations".
    • The new loans would come on top of the more than €1T in cheap finance the ECB pumped into the financial system between late 2011 and 2012 to avert a financial crisis.
    • The new funds are expected to boost lending to the region’s credit-starved businesses.
    • Europe’s economic outlook has not been pretty. Last week, figures outlined a slowdown in Germany and France and Italy in recession.
    • Related stocks: SAN, DB, IRE, CS, ING, BBVA, BCS, RBS, HSBC, LYG
    • ETFs: EUFN
    | Aug. 18, 2014, 3:47 AM | 3 Comments
  • Aug. 13, 2014, 1:32 PM
    | Aug. 13, 2014, 1:32 PM
  • Aug. 12, 2014, 10:29 AM
    • Adding to Wall Street's migration the hedge fund and private equity industries, a Barclays (BCS +1.4%) trading team leaving to start a quantitative operation will take 60 of the bank's employees with it, reports Bloomberg.
    • Amid a restructuring of its investment bank, Barclays is exiting businesses where there is no client interaction, and NQuants - originally started at Lehman Brothers - is among the noncore operations on the block.
    | Aug. 12, 2014, 10:29 AM
  • Aug. 6, 2014, 8:48 AM
    • The Federal Reserve and the FDIC say the bankruptcy plans submitted by 11 of the largest banks make "unrealistic or inadequately supported" assumptions and "fail to make, or even to identify, the kinds of changes in firm structure and practices that would be necessary to enhance the prospects for" an orderly failure. Ouch!
    • Full feedback
    • The 11 dinged: BAC, BK, C, GS, JPM, MS, STT, and the U.S. units of BCS, CS, DB, and UBS.
    • To review: Dodd-Frank requires banks annually submit a "living will" detailing their operations and exposures and how they could be dismantled without the need of a bailout in the event they near failure. Pleasing the regulators is a must as they have the power to force tougher capital rules or restrictions on growth, or even mandate a breakup of the lenders. As for the current failures, the banks have about a year to address D.C.'s concerns.
    • "Despite the thousands of pages of material these firms submitted, the plans provide no credible or clear path through bankruptcy that doesn't require unrealistic assumptions and direct or indirect public support," says the FDIC's #2 official, Thomas Hoenig.
    | Aug. 6, 2014, 8:48 AM | 33 Comments
  • Aug. 5, 2014, 7:18 AM
    • Moody's view of the sector is downgraded to "negative" from "stable," suggesting ratings cuts could be in the offing. At issue are new rules designed to prevent the use of taxpayer funds to rescue struggling operators.
    • Also of note, says Moody's analyst Carlos Suarez Duarte, is continued exposure to both conduct and litigation charges."
    • Those with negative outlooks include: LYG, BCS, RBS, HSBC.
    | Aug. 5, 2014, 7:18 AM
  • Aug. 4, 2014, 5:22 AM
    • Goldman Sachs (NYSE:GS) has hired Paul Parker, Barclays' (NYSE:BCS) former global head of mergers, who left the bank earlier this year ahead of the restructuring of its investment-banking unit.
    • Parker is expected to start the new role in the next few weeks, and will become co-chairman of M&A.
    | Aug. 4, 2014, 5:22 AM
  • Jul. 30, 2014, 7:18 AM
    • Barclays (NYSE:BCS) Q2 net income of £161M was ahead of expectations and compared to last year's Q2 loss of £168M.
    • Amid a restructuring plan which includes the slashing of 19K jobs over the next three years, management - on the earnings call - said about 5K have been eliminated so far this year and headcount is at its lowest since 2007.
    • The bank also set aside another £900M to compensate clients for improper sales of payment protection insurance. Thus far, Barclays has paid out £3.56B in claims.
    • Full report
    • Shares +4.2% premarket
    | Jul. 30, 2014, 7:18 AM
  • Jul. 30, 2014, 4:01 AM
    • The New York Department of Financial Services wants government monitors placed in the U.S. offices of Deutsche Bank (NYSE:DB) and Barclays (NYSE:BCS) as part of its investigation into the foreign-exchange market.
    • The two banks have been chosen to host monitors because data collected over the course of the probe pointed to them for having the greatest amount of potential problems.
    | Jul. 30, 2014, 4:01 AM
  • Jul. 25, 2014, 8:03 AM
    • A check of other U.K. lenders amid RBS's near 13% gain following strong Q2 results finds Barclays (NYSE:BCS+2.3%, Lloyds (NYSE:LYG+1.4%, and HSBC +0.4% in London action.
    | Jul. 25, 2014, 8:03 AM
  • Jul. 21, 2014, 1:39 AM
    • Trading firms and employees raised concerns about high-speed traders at Barclays' (NYSE:BCS) dark pool months before the NY Attorney General Eric Schneiderman's accusation of favoring high frequency traders, WSJ reports.
    • The activity under investigation dates back to 2010, when Barclays executives developed a plan to boost trading in the bank's dark pool known as Barclays LX.
    • Barclays is expected to reply to the attorney general's civil complaint this week.
    | Jul. 21, 2014, 1:39 AM | 3 Comments
  • Jul. 17, 2014, 4:54 AM
    • Prior to its takeover of European bank supervision on November 4, the ECB will release collections of data on the euro zone's 128 most important lenders to insure the banks can withstand future crises.
    • The published review in the second half of October will outline leverage measures, standardized ratios of non-performing loans and other statistics, giving the banks only two weeks to come up with plans to deal with capital shortfalls.
    • Related stocks: SAN, DB, IRE, CS, ING, BBVA, BCS, RBS, HSBC, LYG
    • ETFs: EUFN
    | Jul. 17, 2014, 4:54 AM
  • Jul. 15, 2014, 2:49 AM
    • Trading in Barclays' (NYSE:BCS) U.S. dark pool has fallen 37%. The drop follows the New York Attorney General's lawsuit last month which accused the bank of deceiving clients about how the pool operated.
    • During the final week of June, 197M shares traded on the dark pool, down from 312M the previous week.
    • Although the bank is still investigating the allegations, most major brokers including Credit Suisse, Deutsche Bank, ITG and RBC have shut down their connections to the pool.
    | Jul. 15, 2014, 2:49 AM | 3 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.