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Barclays PLC (BCS)

  • Nov. 11, 2012, 2:16 AM
    U.S. authorities are investigating Barclays (BCS) over whether it made improper payments in 2009 to obtain a license to operate a wealth-management arm and investment bank in Saudi Arabia, the FT reports. The probes adds to a number of other inquiries Barclays faces, including over payments made to Qatar in 2008 during a cash call and manipulation of U.S. power markets.
  • Nov. 9, 2012, 10:31 AM
    Arrests by U.K. authorities of former traders at Barclays (BCS), RBS, and UBS in conjunction with the Libor issue are near, according to a source with knowledge of the investigation. The arrests don't necessarily mean charges will be filed, but instead allow prosecutors to more closely question those involved.
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  • Nov. 2, 2012, 5:32 AM
    Citigroup (C), Deutsche Bank (DB), HSBC (HBC) and JPMorgan (JPM) will have to hold an extra 2.5% of Tier 1 Capital on top of the 7% minimum required under Basel III rules, regulators said yesterday. Barclays (BCS) and BNP Paribas will need an extra 2%, while eight banks, including BofA (BAC) and Goldman Sachs (GS), will need 1.5%. Overall, 28 banks are considered "global systemically important" and have to hold extra capital. Lloyds (LYG) has dropped off the list but BBVA (BBVA) and StanChart have joined it.
  • Nov. 1, 2012, 5:27 AM
    The Federal Energy Regulatory Commission (FERC) yesterday gave Barclays (BCS +1.25% in London) 30 days to show why it shouldn't be fined $470M for allegedly manipulating the Californian power markets by deliberately making losses on physical electricity prices in order to profit from related swaps positions. The strategy apparently used to be fairly common, and Barclays says it will fight FERC.
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  • Oct. 31, 2012, 10:50 AM
    You're next, says UBS Chairman Axel Weber to competitors angling for more business as UBS plans to axe 10K jobs from its investment banking unit (and eliminate fixed-income altogether). "I suspect that many banks have not yet really understood ... the consequences of the new capital rules." Among those eyeing a big meal who instead may end up on the menu: Barclays (BCS) and Deutsche Bank (DB).
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  • Oct. 31, 2012, 5:13 AM
    Phillips-Van Heusen (PVH) agrees to acquire Warnaco (WRC) for about $2.9B in cash and stock in a deal that "reunites the House of Calvin Klein." Based on PVH's last closing stock price, the deal is worth $68.43 a share, representing a 34% premium over Warnaco's close on Friday. PVH has also received commitments for $4.33B in financing from Barclays (BCS), BofA (BAC) and Citigroup (C), some of which PVH will use for the merger. (PR)
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  • Oct. 31, 2012, 4:38 AM
    More on Barclays (BCS) Q3: discloses two more investigations in the U.S.: the SEC and DOJ are looking at whether Barclays violated the Foreign Corrupt Practices Act. The bank implies without saying specifically that the probe is related to payments to Qatar investors who helped it avoid a taxpayer bailout. The Federal Energy Regulatory Commission is looking at Barclays over the possible manipulation of power prices in the from 2006-2008. Shares -3.9% in London. (PR)
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  • Oct. 31, 2012, 4:26 AM
    Barclays (BCS): Q3 adjusted pretax profit +29% £1.73B, in line; profit including £700M charge for mis-selling payment protection insurance -23% to £1.03B. Investment bank revenue +17% to £2.63B, underlying profit more than doubles to £937M. Retail adjusted pretax profit £794M vs £1.14B last year. (PR)
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  • Oct. 30, 2012, 9:19 AM
    Barclays (BCS +2.1% in London) yesterday became the first bank ordered to face a trial in the U.K. over the manipulation of Libor rates. Barclays is being sued for up to £37M by residential care home operator Guardian Care Homes over the alleged mis-selling of swaps. The trial could lead to new revelations and will be a test case for thousands of small companies that also believe they were mis-sold such instruments.
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  • Oct. 25, 2012, 4:52 AM
    Incoming Barclays (BCS) Chairman David Walker is planning to overhaul the bank's board and replace most of its non-executive directors as he seeks to repair its reputation following the Libor scandal, the FT reports. Walker thinks the board needs to be more representative of the "real economy" and wants more non-bankers, although some critics argue that it needs to strengthen its banking expertise.
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  • Oct. 22, 2012, 6:24 AM
    No more light-touch regulation in the U.K.: the Financial Services Authority is forcing banks to hold £150B of "Pillar 2 buffer" capital on top of the £186B needed under Basel rules. The additional amount is much higher than the £20B required prior to the financial crisis. The FSA's Andrew Bailey tells the FT that the extra cushion allows regulators to experiment with ideas to encourage lending.
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  • Oct. 19, 2012, 3:20 AM
    EU leaders agree to a deal that will give the ECB oversight of eurozone banks starting from next year, a critical step that will allow the ESM to begin recapitalizing troubled institutions and that will lead to the creation of banking union. The ECB will begin by supervising banks that received state aid and then large cross-border firms, with all of the eurozone's 6,000 banks set to come under its aegis by 2014.
  • Oct. 18, 2012, 12:33 PM
    Saying it has experienced higher-than-anticipated claims over payment protection insurance policies it sold, Barclays (BCS -1.5%) reserves an additional £700M. The bank has thus far paid out £1.2B in claims, and the U.K. banking industry as a whole has set aside more than £10B.
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  • Oct. 12, 2012, 7:44 AM
    The EU could delay the phasing in of tough new Basel rules on banks by a year from the international start date of January 1, 2013, Bloomberg reports. Banks have said that the date is "wholly unreasonable" given that the EU still hasn't finalized how it will implement the measures.
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  • Oct. 9, 2012, 6:18 AM
    Barclays (BCS) agrees to acquire ING Direct U.K., with the British bank taking on deposits of £10.9B and mortgages of £5.6B, as well as 1.5M customers and 750 employees. The mortgage book has a loan-to-value ratio of 50% as of Aug 31, with Barclays paying a 3% discount but buying the deposit book at par. ING (ING) is taking a €320M after-tax loss on the sale. (PR: Barclays, ING)
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  • Oct. 4, 2012, 11:25 AM
    Barclays (BCS) shakes up the organizational chart at its investment banking business, according to an internal memo seen by Retuers. The moves appear aimed at streamlining some teams into a new groups with new lines of command, and include several senior level departures.
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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.