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Barclays PLC (BCS)

  • Jan. 31, 2013, 5:33 AM
    Barclays (BCS), HSBC (HBC), Lloyds (LYG) and RBS (RBS) may have to pay small-business customers hundreds of millions of pounds in compensation over the mis-selling of products that were supposed to lower their clients' interest-rate risks. The FSA has ordered the banks to review the sales after the U.K. regulator found that banks breached rules in over 90% of 173 deals that it looked at. Barclays has already provisioned £450M for the purpose.
    | Jan. 31, 2013, 5:33 AM | Comment!
  • Jan. 23, 2013, 5:27 AM
    Barclays (BCS) is reportedly reducing the headcount at its investment bank by up to 2,000 out of a total of 23,000 employees as part of its strategic overhaul, which CEO Antony Jenkins is due to unveil along with the bank's 2012 results in February. The cuts are in line with Jenkins intention not to "break-up the bank or exit from whole business lines."
    | Jan. 23, 2013, 5:27 AM | 1 Comment
  • Jan. 22, 2013, 12:58 PM
    "(This) exercise is being carried out so that we can start to effect some of the strategic changes," reads a Barclays (BCS) memo sent out to its 9K U.K. employees as the firm prepares to slash jobs in its investment bank. The results of the "exercise" are expected on Feb. 12.
    | Jan. 22, 2013, 12:58 PM | Comment!
  • Jan. 15, 2013, 12:34 PM
    Laszlo Birinyi calls it buying on "nonrecurring bad news." Barclays (BCS) is now well above the level it stood at before the Libor scandal hit, and up 76% since CEO Bob Diamond was forced out on July 3.
    | Jan. 15, 2013, 12:34 PM | Comment!
  • Jan. 7, 2013, 4:04 AM
    Credit Agricole (CRARF.PK) leads major European banks higher, rising 4.7% after regulators ease Basel liquidity rules, followed by Deutsche Bank (DB) +4.3%, Unicredit (UNCFY.OB) +4.3% and Barclays (BCS) +3.7%. Also, SocGen (SCGLF.PK) +3.4%, HSBC (HBC) +0.75%, Lloyds (LYG) +1.9%, Santander (SAN) +2%, RBS (RBS) +1.5%, UBS (UBS) +2% and Credit Suisse (CS) +3.4%. Italy's Banca Monte dei Paschi di Siena (BMDPY.PK) +15%.
    | Jan. 7, 2013, 4:04 AM | Comment!
  • Jan. 3, 2013, 5:36 AM
    British banks intend to increase loans to companies and consumers after having already provided more mortgages in Q4, a Bank of England survey has found. The government will no doubt be happy given that banks cited its funding-for-lending scheme, which offers banks cheap loans for re-lending to businesses and individuals, as a major factor in the increased availability of credit.
    | Jan. 3, 2013, 5:36 AM | Comment!
  • Dec. 19, 2012, 3:01 PM
    Fannie Mae and Freddie Mac may have lost more than $3B as a result of Libor-rigging (UBS settlement earlier), according to an FHFA report, which urges the GSEs to sue the banks involved. The companies have begun exploring legal options.
    | Dec. 19, 2012, 3:01 PM | 3 Comments
  • Dec. 19, 2012, 7:10 AM
    Following a 5-month 43% move higher in the EUFN, the European financial sector is upgraded to Neutral from Sell at Credit Suisse. Earlier this week, Meredith Whitney turned bull on the U.S. financial sector after its torrid 2012 run.
    | Dec. 19, 2012, 7:10 AM | 3 Comments
  • Dec. 17, 2012, 4:44 AM
    The U.K.'s Parliamentary Commission on Banking Standards is expected to call for banks to be broken up rather than just forcing them to ring-fence their retail operations from their investment banking activities, as recommended in the Vickers Report. The Commission will makes its call in its own report, which is due to be released on Friday.
    | Dec. 17, 2012, 4:44 AM | Comment!
  • Dec. 13, 2012, 3:50 AM
    Barclays (BCS) is reportedly planning to cut up to 2,000 out of 23,000 positions at its investment bank as part of a company wide overhaul that could see the firm reduce jobs at other divisions as well. Barclays would follow peers such as UBS and Citigroup if it does downsize its investment bank.
    | Dec. 13, 2012, 3:50 AM | 2 Comments
  • Dec. 10, 2012, 6:03 AM
    The Bank of England and FDIC unveil the first cross-border plan to deal with too-big-to-fail banks that start...failing. Senior management would be sacked, shareholders would be wiped out, and unsecured bondholders "can expect that their claims would be written down to reflect any losses that shareholders cannot cover," which didn't happen in the financial-crisis bailouts. (PR)
    | Dec. 10, 2012, 6:03 AM | 21 Comments
  • Nov. 29, 2012, 4:35 PM
    Perhaps tired of never-ending regulatory scrutiny, Barclays (BCS) says it will go to court to fight the FERC if it moves forward with about $470M in fines over alleged electricity-market manipulation. "It will establish precedent," says a former FERC official, who can't ever remember the agency being challenged like this.
    | Nov. 29, 2012, 4:35 PM | Comment!
  • Nov. 29, 2012, 6:34 AM
    The Bank of England's Financial Policy Committee accuses British banks of possibly misleading investors about the health of their finances. In its semi-annual report, the panel says banks may be overstating capital levels by not recognizing potential losses on loans and playing down risks. Banks may also not have made enough provisions to cover the costs of compensating customers for the mis-selling of certain financial products.
    | Nov. 29, 2012, 6:34 AM | 1 Comment
  • Nov. 28, 2012, 1:57 PM
    The pendulum continues to swing towards too much capital for banks as the Fed considers forcing U.S. units of foreign lenders to house the businesses in regulated holding companies. It makes sense from the Fed point of view - the U.S. unit of, say, Barclays, could be more easily wound down in a crisis. For the banks, it's another hit to ROE.
    | Nov. 28, 2012, 1:57 PM | Comment!
  • Nov. 28, 2012, 3:56 AM
    The Fed is reportedly considering forcing foreign banks to combine their U.S. operations into American holding companies, which would require the units to meet minimum capital standards regardless of the resources of the parent firms. The move could increase costs, force foreign banks to inject billions of dollars into their U.S. ops, limit the movement of capital and even hurt lending.
    | Nov. 28, 2012, 3:56 AM | 6 Comments
  • Nov. 27, 2012, 7:54 AM
    Royal Bank of Scotland (RBS) is upgraded to Buy at UBS, which believes Mark Carney's appointment to head the Bank of England signals a more conciliatory regulatory environment for U.K. banks. Gerard Lane of Shore Capital disagrees: "He strikes us as a hardliner." Citigroup notes average bank core tier 1 capital ratios are lower in Canada than in the U.K.
    | Nov. 27, 2012, 7:54 AM | Comment!
BCS vs. ETF Alternatives
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.