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BCS

Barclays PLC

5/21/2013, 8:59 PM ET

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Friday, May 17, 5:56 AM UBS upgrades global financials to Overweight from Underweight on a healing global economy, rebuilt capital, and the sector's shift "from being a net issuer to a net distributor of cash." Furthermore, the U.S. banking sector (XLF) is taken to Overweight as balance sheet strength and attractive valuations play well with the housing market recovery to create compelling opportunities. European banks (EUFN) are lifted to Neutral "with a preference towards Nordic and U.K. banks." Financials respond in London with LLoyds Banking Group (LYG) +2.3%, Royal Bank of Scotland (RBS) +3.3%, and Barclays (BCS) up 0.5%. 5 Comments [Financials, Global & FX]
Tuesday, May 7, 11:48 AM Citigroup (C) sues Barclays (BCS) to recover nearly $142M related to foreign exchange trading amidst the Lehman bankruptcy. Citi claims Barclays promised to indemnify Citi against any losses from settling trades for Lehman between Sept. 17-19, 2008. Citi says it lost $580M during this period, but has reduced the amount (plus legal fees) to $141.8M. Comment! [Financials]
Wednesday, April 24, 3:58 PM Richard Pzena (PZN) - still heavily overweight financials (XLF) and mature tech (XLK) - makes his case for global banks in today's earnings call (transcript): With capital levels of 11-13% at JPM, C, and BCS double what they were pre-crisis, will regulators allow banks to earn a decent return on said capital? A definite "yes," says Pzena, seeing no reason demand for financial products won't continue to grow faster than GDP, and noting bank managers' "laser-like focus" on improving returns. An average price-to-book ratio of 0.7x combined with a modest ROE of 12-13% suggests fair value more than double current prices. Comment! [Financials, Tech, Quick Ideas]
Wednesday, April 24, 7:20 AM More on Barclays (BCS) Q1 earnings: The company missed overall expectations, but profit at its investment banking unit beat estimates thanks to the bank's cost-cutting efforts - which management says remain on track. "The Barclays thesis can't work unless the returns on the investment bank work, and we like the clear strategy," says Bernstein's Chirantan Baura. Shares -2% in London after initially popping nearly 5% higher. Comment! [Financials, Earnings, On the Move]
Wednesday, April 24, 6:44 AM Barclays (BCS): Q1 Adj. profit of £1.79B. Shares -1.7% premarket. (PR) Comment! [Earnings, Breaking News, Financials, On the Move]
Thursday, April 18, 8:57 AM New Barclays (BCS) CEO Antony Jenkins continues distancing the bank from the legacy of Bob Diamond, the company announcing investment banking chief Rich Ricci and wealth-management boss Tom Kalaris - the last 2 remaining of Diamond's management team - are stepping down. Shares -0.7% premarket. Comment! [Financials]
Wednesday, April 17, 1:38 PM "Too little has been changed to avoid a repeat of the problem," says the Boston Fed's Eric Rosengren, arguing banks with broker-dealer units continue to hold too little capital. "The status quo represents an ongoing financial stability risk." The largest ones still standing are MS, UBS, GS, C, DB, CS, BAC, BCS, and JPM, and each of the U.S. ones passed the Fed stress test and are returning capital. 5 Comments [Financials]
Wednesday, April 3, 7:04 AM Barclays (BCS) needs more board members with banking experience to "challenge effectively the performance of management," according to an internal review ordered in wake of the Libor scandal. Led by stud lawyer Anthony Salz, the review chides the bank's culture as one more focused on profits rather than customers. Comment! [Financials]
Thursday, March 28, 9:21 AM The "generous" capital ratio imposed by the Bank of England - 7% by 2013's end vs. 10% in 2019 by Basel - may allow the country's lenders to avoid dilutive share shales. "There is no trigger for any fresh equity issuance," says analyst Ian Gordon, expecting "very limited" impact on existing capital plans. RBS -0.7%, LYG +0.7%, BCS +1.8%, HBC +1% premarket. Comment! [Financials]
Wednesday, March 27, 6:15 AM While the FTSE and the pound dropped after the BOE's statement about the capital shortfall of British banks, Barclays (BCS) is +1.5% in London, Lloyds (LYG) +2.8% and RBS +0.5%. However, HSBC is -0.2%. 1 Comment [Financials, On the Move, Global & FX, Top Stories]
Wednesday, March 27, 6:09 AM Various markets dive after the BOE spells out the continued massive risks to British banks. Half of the £25B that banks must raise this year has been factored into their capital-raising plans. All in all, major banks and building societies face a £50B reduction in their regulatory capital, although HSBC (HBC) doesn't face a shortfall. FTSE 100 -0.1%, S&P futures -0.2%. (PR) 1 Comment [Financials, Top Stories, On the Move, Global & FX]
Wednesday, March 27, 5:48 AM The Bank of England says U.K. banks must raise another £25B by the year-end to protect themselves against potential losses. The losses that the sector faces over three years on high-risk loans exceeds existing provisions by £30B; banks also face £10B of additional fines and costs for misconduct. (PR) 5 Comments [Breaking News, Global & FX, Financials]
Wednesday, March 20, 3:56 AM Freddie Mac (FMCC.OB) has sued Bank of America (BAC) JPMorgan (JPM), Citigroup (C) and 12 other major banks for losses caused by the manipulation of the Libor rate. Freddie, which invested in mortgage bonds and swaps tied to U.S. dollar Libor, is seeking a whole gamut of damages for what it sees as fraud, antitrust violations and breach of contract. The FHFA has already calculated that Freddie and Fannie Mae lost $3B in total because of the Libor manipulation. 11 Comments [Financials]
Wednesday, March 13, 5:25 PM Moving on from Libor, the CFTC is reportedly having an informal look at whether the London fix for gold and silver is open to manipulation. Gold prices are set twice daily by five banks via teleconference (silver by 3), with the fixings then used worldwide as benchmarks for any number of transactions. The banks involved: BCS, DB, HBC, BNS, SCGLY.PK. 3 Comments [Commodities, Financials]
Monday, March 11, 6:01 AM The U.K.'s Parliamentary Commission on Banking Standards has called for the government to assume the power to mete out collective punishment on the country's banks, saying that it should consider breaking them all up into retail and investment-bank activities if even just one of them breaches new ring-fencing rules designed to avoid another bailout.
2 Comments [Financials]
Friday, March 8, 2:53 AM Barclays (BCS) CEO Antony Jenkins reportedly wants the bank to cut almost 30% of its employees over the next ten years as he prioritizes lowering expenses. The only question, Jenkins told a recent shareholders' meeting, is "how can you eventually turn this bank into one that can operate with 100,000 staff instead of 140,000?" The comments follow Barclays' recent announcement of major job and costs cuts as part of a strategic review. Comment! [Financials]

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