Barclays braces for pandemic blow with extra £1.6bn cushion July 29, 2020 Barclays has set aside £1.6bn to insulate itself against further loan losses in the coronavirus-hit second quarter of 2020, it revealed today, a higher sum than analysts expected. Bank forecasts had pointed to a £1.42bn total but the £1.6bn figure for April to June brings Barclays’ total provisions to £3.7bn. That sum could reach £5.79bn [...]
Barclays’ bailout talks peppered with sexist language, court hears July 23, 2020 Barclays bankers seeking credit crisis-era emergency funding used sexist and disparaging language when discussing the businesswoman whose firm led a £3.25bn investment in the bank in 2008, according to court documents. Stephen Jones, a former Barclays banker who resigned as CEO of British bank lobby group UK Finance in June over historic remarks about Amanda [...]
Barclays squares up for latest legal battle as £1.5bn Staveley suit hits High Court June 8, 2020 Financier Amanda Staveley’s private equity firm today told the High Court it had received a “substantially worse” deal than Qatar when its syndicate invested billions of pounds in Barclays during the financial crisis in 2008, as it launched a civil case against the bank. PCP Capital Partners is claiming damages of up to £1.5bn for [...]
The CEO Perspective: How is COVID-19 defining business purpose? May 1, 2020 | City Talk When the dust settles, will business emerge having played its part and who will have stayed true to their purpose? As leaders strive to steer their corporate ships through unimaginably stormy waters, there’s an understandable need to focus solely on the management of immediate, operational and financial issues. But in the midst of uncertainty, companies [...]
Barclays boss: Government prepared to go ‘well beyond’ £330bn in business support April 29, 2020 Barclays boss Jes Staley has said that the government is prepared to go “well beyond” its initial £330bn coronavirus business rescue package, labelling its efforts so far “an extraordinary tsunami”. Speaking to analysts this morning, Staley said: ‘£330bn was a first indicative number, but I think it’s pretty clear that they are willing to go [...]
Barclays’ first quarter profit falls by £600m amid coronavirus disruption April 29, 2020 Barclays’ profit has tumbled to £923m in the first quarter, down from £1.54bn in the same period last year, due to the coronavirus pandemic. it revealed today. The bank also booked an impairment charge of £2.1bn, which it said reflected its “initial estimates of the impact of the pandemic”. However, Barclays’ shares jumped five per [...]
Barclays outlines new climate policy amid mounting pressure from activists March 30, 2020 Barclays said it plans to cut its net greenhouse gas emissions to zero by 2050 and will only provide financing to projects aligned with the Paris Agreement climate goals. The London-based bank said it will table a resolution on its new climate policy for shareholders to vote on at its annual general meeting (AGM) in [...]
DEBATE: Should companies use tracking software to monitor their staff? March 9, 2020 Following the Barclays scandal, should firms use tracking software to monitor their staff? YES, says Jasmit Sagoo, senior director and head of technology UK and Ireland at Veritas Technologies Monitoring is not the same as “spying”. In most cases, it is businesses being obliged to track activities for compliance — and it’s almost always better [...]
Bob Diamond appoints ex-Barclays colleague Rich Ricci to lead Panmure Gordon March 6, 2020 Bob Diamond has hired his former right-hand man from his time at Barclays to head up loss-making stockbroker Panmure Gordon. Diamond appointed Rich Ricci as chief executive of London-based Panmure, which he acquired two years ago. The former Barclays boss will be reunited with 56-year-old American investment banker Ricci, who ran the old Barclays capital [...]
Greenpeace targets Barclays branches over fossil fuel financing March 2, 2020 Greenpeace activists have targeted almost 100 Barclays bank branches this morning in protest over the bank’s financing of fossil fuel companies. Some 29 branches in London are affected, according to Greenpeace, with activists disabling many of the branches’ lock mechanisms so they are unable to open as usual. Campaigners are demanding the banking giant — [...]