Barclays cuts bonus pool as profits tumble eight per cent on £500m provisions for loan defaults February 15, 2023 Barclays performed worse than expected in the final quarter of 2022, as higher expenses and an increase in bad loan provisions weighed on performance, leading to a £200m bonus cut for top staff. Profit fell in the quarter after the bank set aside £498m in impairment costs in case of bad loans, compared to a [...]
Bank chiefs hit back at accusations of profiteering on higher interest rates February 7, 2023 Chief executives from the UK’s four largest lenders today hit back at accusations from MPs that they were too quick to charge customers more interest on their mortgages without offering higher rates on savings accounts. The bank chiefs were asked why interest rates on instant savings accounts remain around one per cent while the Bank [...]
City jobs surge in year after Brexit as Barclays, JP Morgan and Revolut accelerate recruitment February 6, 2023 Finance firms ramped up efforts to hire workers in the year after Brexit, with big banks Barclays and JP Morgan and fintech Revolut leading the charge, according to exclusive figures shared with City A.M. London banks, accountants and fintechs led the recruitment charge in 2022, offering more one in two of every vacancy in England [...]
Barclays boss recounts criticism of refusing to stop work amid cancer treatment February 5, 2023 Barclays chief executive CS Venkatakrishnan said that some people accused him of “CEO swagger” when he said he intended to work through his cancer treatment. Writing in the Financial Times for World Cancer Day, Venkatakrishnan – who prefers to be known as Venkat – said he received some messages after his diagnoses that suggested his [...]
FTSE 100 close: Bleak IMF UK recession warning knocks pound and London index January 31, 2023 London’s FTSE 100 dipped and the pound stumbled today, both driven lower by the International Monetary Fund (IMF) warning the UK is on course to be the only major economy to contract this year. The capital’s premier index fell 0.17 per cent to 7,771.69 points, while the domestically-focused mid-cap FTSE 250 index, which is more [...]
Fleet Street site amongst a host of Barclays bank branch closures January 28, 2023 Barclays has announced the closure of 15 branches across the country, meaning over 100 banks are slated to shut down so far this year. The bank is set to close 14 branches across England and one in Wales from late April to the first few days on May. Sites in London, Gosport, Bridgwater and St [...]
Barclays promotes Wright and brings in ex- Credit Suisse dealmaker Deasy to co-head its investment banking division January 25, 2023 Barclays has appointed Taylor Wright and Cathal Deasy as new co-heads of investment banking yesterday. Wright and Deasy will jointly manage the business and will be tasked with “deepening client relationships and dealmaking efforts around the world”. They will replace John Miller and Jean-Francois Astier and report to Paul Compton, global head of Barclays’ corporate [...]
Mark Carney’s net zero group disputes data showing only 7 per cent of banks’ energy financing goes to renewables January 24, 2023 Only seven per cent of global banks’ energy financing between 2016 and 2022 went towards renewable energy projects, according to new data, although Mark Carney’s net zero financial coalition has disputed the claim. A report by a group of campaign groups, including BankTrack and Rainforest Action Network, indicates “major failings” by financial institutions to help [...]
Tech Nation ‘working round clock to secure future’ after Govt strips it of £12m contract and awards it to Barclays January 20, 2023 Start-up body Tech Nation said it is facing an existential crisis and was scrambling to secure funding for its future today, after the government stripped it of a major £12m government contract and handed it to Barclays. The Department for Culture, Media and Sport (DCMS) confirmed it had handed the new tech deal to Barclays [...]
UK banks’ shares slide on fears of recession and bad debt January 19, 2023 UK banks’ share prices dipped on Thursday as increasing fears of recession, bad debt and a fairly poor set of US bank earnings this week spooked investors. Barclays shed 2.8 per cent, HSBC 0.6 per cent and Standard Chartered 0.8 per cent. Domestic-focused lenders Lloyds and Natwest also traded lower, finishing down 1.0 per cent [...]