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Barclays PLC (BCS)

  • 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
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  • 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.
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  • 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.
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  • 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. 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
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  • 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. 10, 2014, 9:44 AM
    • When the going gets tough, the tough suspend trading. Portugal has halted trade in Banco Espirito Santo with the stock off 17.2% on the session and 54% over the last month. At issue are financial troubles for the bank's privately-owned holding company, Espirito Santo International. Its accounts are currently under review by an external auditor who has identified irregularities and concluded the company "is in serious financial condition."
    • Santander (SAN -5.8%), UBS (UBS -1.8%), Deutsche Bank (DB -3.1%), Bank of Ireland (IRE -5.6%), Credit Suisse (CS -2.8%), ING (ING -3.2%), BBVA (BBVA -3.1%). U.K. banks: Barclays (BCS -3.8%), RBS (RBS -1.9%), HSBC (HSBC -1.9%), Lloyds (LYG -2%).
    • European financial sector ETF: EUFN -2.4%.
  • Jun. 30, 2014, 1:21 PM
    • Bank of America (BAC +0.4%) names Jeremy Murphy a managing director in its consumer and retail investment banking unit after he exited a similar position at Barclays (BCS -1.5%).
    • Barclays is in the midst of restructuring its investment banking division, and management has promised 7K job cuts by 2016. The challenge is cutting heads without cutting revenue.
  • Jun. 27, 2014, 4:59 AM
    • Barclays (BCS) has begun an internal investigation of its dark pool, which was accused this week of false representation and favoring high frequency traders over other investors. Deutsche Bank, RBC, and ITG severed their connections with the dark pool yesterday.
    • "The success of our business depends crucially on our clients being able to rely absolutely on our honesty and integrity," says Barclays CEO Antony Jenkins.
    • The last major lawsuit to hit the bank, was the Libor rigging scandal of 2012.
    • BCS +2.3% premarket
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  • Jun. 26, 2014, 1:29 PM
    • Broker-dealers including Deutsche Bank, RBC, and ITG have removed connections to dark pool Barclays LX from their routing systems, reports the WSJ, in wake of a fraud lawsuit filed by the state of New York.
    • "We have had a lot of requests to turn them off," says David Mechner, CEO of Pragma Securities.
    • Barclays (BCS -6.1%) is accused of lying to customers about how it favors high-frequency traders in its dark pool, and email excerpts in the suit show bank executives allegedly working to change reports and client communications to mislead them about the operation of the dark pool.
    • Previously: New York sues Barclays for fraud over dark pool
  • Jun. 26, 2014, 9:17 AM
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  • Jun. 26, 2014, 8:40 AM
    • "This is another chapter in the story of US lawmakers versus high-frequency trading, with cynics also suggesting it is part of a continued assault on European investment banks," says IG Traders' Will Hedden, after NY sues Barclays (BCS) for fraud over its dark pool.
    • The stock is off 5.5% in London action and the ADRs are lower by a similar amount premarket.
    • "The integrity of the markets is a top priority of Barclays,” says a Barclays spokesman. “We take these allegations very seriously.”
    • Previously: New York sues Barclays for fraud over dark pool
  • Jun. 26, 2014, 2:42 AM
    • Barclays (BCS) has withdrawn a $1.5B bond offering, after yesterday's news that NY attorney general Eric Shneiderman will sue the bank for securities fraud. The bank already received more than $4.5B in orders for the 10-year subordinated deal, before the lawsuit took its toll.
    • The claim accuses Barclays of favoring high frequency traders over other investors, and charges the bank of falsely representing the concentration of HFT in its dark pool.
    • BCS -0.3% AH
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  • Jun. 25, 2014, 4:43 PM
    • "The facts alleged in our complaint show that Barclays (BCS) demonstrated a disturbing disregard for its investors in a systematic pattern of fraud and deceit,” says NY AG Eric Schneiderman. "“Barclays grew its dark pool by telling investors they were diving into safe waters. According to the lawsuit, Barclays’ dark pool was full of predators – there at Barclays’ invitation.”
    • Contrary to promises made by Barclays to clients, according to the complaint, Barclays never stopped any trader - no matter how predatory - from participating in its dark pool, did not regularly update the ratings of HFT firms monitored by Liquidity Profiling, and "overrode" certain Liquidity Profiling ratings by assigning safe ratings to traders otherwise known to be toxic.
    • Previously: More on NY's suit against Barclays
    • Previously: Report: Dark pool case to be filed against Barclays today
  • Jun. 25, 2014, 3:44 PM
    • The NYT is also reporting a suit against Barclays (BCS -0.9%) currently being filed by the New York Attorney General. Eric Schneiderman will charge the bank with favoring high frequency traders over other investors, and accuse it of falsely representing the concentration of HFT in its dark pool. Barclays also will be charged with favoring its own dark pool when routing client orders.
    • Schneiderman is expected to provide more detail at a news conference later today.
    • Previously: Report: Dark pool case to be filed against Barclays today
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  • Jun. 25, 2014, 2:59 PM
    • Dark pools are off-exchange trading venues which don't post buy and sell orders, and only report action after a trade has taken place. Their large bank operators say they allow big clients trade massive blocks of stock without moving the market.
    • It's been previously reported NY Attorney General Eric Schneiderman is looking into ones run by Barclays (BCS), Goldman, and Credit Suisse, among others, and Charlie Gasparino reports Schneirderman is set to file a case against Barclays later today.
    • Previously: NY AG reportedly probing dark pools
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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.