No-deal Brexit could lead to tariffs of £9.3bn on EU food, report warns September 27, 2018 Food and drink costs could increase by £9.3billion a year if the UK does not slash tariffs in a 'no deal' Brexit, a new report has warned. Research by Barclays claims leaving the EU without a trade agreement would create an average tariff of 27 per cent on food and drinks coming from the [...]
Barclays apologises for giving customers wrong PPI information September 26, 2018 Barclays has apologised for giving customers seeking compensation for mis-sold payment protection insurance (PPI) false information. The bank told a number of customers using claims management firms that they did not hold PPI policies when they did. Read more: PPI scandal turning Brits into 'fraudsters', Barclays boss claims A "very small percentage of customers" were [...]
Sky’s the limit: Dramatic auction between Comcast and Fox nears its conclusion September 22, 2018 The dramatic fate of Sky is nearing its finale, as a £26bn head-to-head auction between two of the world’s most powerful media companies enters into its final few hours. Comcast is battling it out with Rupert Murdoch’s 21st Century Fox and its powerful soon-to-be owner Disney in a rare auction, which includes up to three [...]
Rothesay Life the frontrunner to acquire £900m Government mortgage portfolio September 20, 2018 British insurance giant Rothesay Life is the frontrunner to acquire a £900m mortgage portfolio from the Government, it has been reported. Rothesay will buy the equity release mortgages from UK Asset Resolution (UKAR), according to Sky News. Read more: What effect did the financial crash have on UK property? The news comes six months after Rothesay Life acquired [...]
Barclays faces probe from Treasury Select Committee into six-hour outage September 20, 2018 Barclays faces an investigation from the Treasury Select Committee after it yesterday became the latest lender to experience a major systems failure. Millions of customers were unable to access online banking, telephone banking, as well as branch services for as long as six hours. The Treasury Select Committee is likely to ask the bank similar [...]
Barclays’ online and telephone banking services go down September 20, 2018 Barclays today became the latest major lender to experience a systems failure, with millions of customers unable to access online banking, telephone banking, as well as some branch services at the time of writing. Problems began this morning, the bank said, although it remained unclear when they first started. The affected services were unavailable for [...]
Former Barclays trader Jay Merchant jailed for Libor rigging deported to India September 18, 2018 One of the first bankers jailed for Libor rigging has been deported to India, City A.M. can reveal. Indian-born Jay Merchant was the most senior of a group of Barclays bankers sentenced for manipulating the benchmark – used to set borrowing rates for trillions worth of loans and derivatives – following an 11-week trial at Southwark [...]
Former Barclays boss Bob Diamond claims banks are too risk-averse since financial crash September 13, 2018 The former boss of Barclays, Bob Diamond, has said that banks are too risk averse in today's post-financial crash environment. Diamond, who was once described as the "unacceptable face of banking" by Labour minister Peter Mandelson, took a different tone ahead of the 10-year anniversary of the Lehmans Brothers collapse on Saturday. "The culture of banking [...]
John McFarlane to staff: Leaked memo says Barclays needs to make “tough calls” to push up shareholder returns September 8, 2015 It's been just a couple of days since the traditional back to work season kicked off and already Barclays' boss John McFarlane has ruffled a few feathers with a memo sent to staff hinting at a cull. In a welcome back note sent to all Barclays staff this morning, City A.M. understands that the man famously [...]
Barclays offloads UK loans portfolio to Goldman Sachs-led consortium September 7, 2015 Barclays continued its asset sell-off yesterday, offloading its UK secured lending arm to a consortium led by Goldman Sachs. Since chief executive Antony Jenkins was replaced in July, the bank has picked up the pace of its cost-cutting under chairman John McFarlane. Earlier this month, it sold most of its Portuguese business, representing a £1.7bn [...]