In charts: Just how big is Barclays’ record £38 million fine? September 23, 2014 Barclays has been fined £38m for failing to protect customer’s money, the largest ever handed out for such client asset breaches. The financial watchdog ruled Barclays put at risk £16.5m of customer money and failed to protect it from potential costs, delays and loss of assets if the bank were to become insolvent. The size [...]
Barclays hires wealth chief September 22, 2014 Barcalys poached InfraHedge’s boss Akshaya Bhargava yesterday to run its wealth and investment management business. Bhargava set up the fund in 2010, and it was taken over by State Street last year. Before that he worked at Butterfield Fulcrum, Infosys BPO and Citibank. The new chief joins on 13 October and replaces Peter Horrell who [...]
Dark pools might never recover from accusations at Barclays September 16, 2014 BANKS’ private trading platforms for clients have taken a serious knock since Barclays was accused in the US of misleading customers, analysts warned yesterday. The British bank is fighting the accusations made by New York Attorney General Eric Schneiderman, but its trading volumes have not recovered. Analysts at Bernstein Research fear the damage might be [...]
Incoming Barclays chairman John McFarlane to face “very challenging requirements” September 12, 2014 Aviva chairman John McFarlane will face "very challenging requirements" in his new role as chairman of Barclays, said the man who recruited him today. McFarlane, who is one of Scotland's most senior businessmen, will pick up the reins at Barclays' next AGM next April when incumbent Sir David Walker steps down. He is [...]
Barclays to make a £500m loss on its Spanish arm as it agrees sale to CaixaBank September 1, 2014 Barclays has agreed to sell its Spanish business to CaixaBank, Spain's third-largest lender, for €800m (£630m). The bank will make a £500m loss on the deal to sell its Spanish retail banking, wealth and investment management, and corporate banking businesses, but leverage exposure will be trimmed to the tune of £15bn. Shares in Barclays were [...]
New Barclays chair should be female – CNBC Comment August 11, 2014 It’s time for a woman to be the chair of Barclays. And yes, simply because she is a woman, it would make things better. Rona Fairhead, the former Financial Times boss and finance director of parent company Pearson, is rumoured to be on a shortlist to take over from Sir David Walker next year. She [...]
Rona Fairhead in running for Barclays chairman job August 10, 2014 Long serving HSBC non-exec director Rona Fairhead could be a frontrunner to take over as Barclays’ chairman, it emerged over the weekend. The former Financial Times chief executive could replace outgoing chairman Sir David Walker, though no formal timetable has been laid out. Sir Howard Davies is also thought to be a candidate. Barclays declined to [...]
Barclays’ Isa changes to hit savers August 6, 2014 Barclays is set to move around 2.3m savers on to a new type of Isa which for two thirds of them will mean worse interest rates. The bank has already closed 11 of its cash Isas to new customers and will now be withdrawing them from existing customers too. The new Isas will pay less than [...]
Barclays’ dark pool still reeling from New York legal accusations August 4, 2014 Barclays’ private trading facility is still struggling to bounce back from claims in the US that it lied to investors, industry data showed yesterday. The British bank is fighting the claims, arguing it did not mislead investors and that the New York attorney general has got his facts wrong. Just 95.8m shares were traded on the Barclays [...]
Barclays’ Antony Jenkins says his bank has turned corner July 30, 2014 Antony Jenkins had a new spring in his step yesterday. Payment protection insurance mis-selling might have blown another near-billion pound hole in his profits, but he had the look of a man who knows he is on the verge of something great. Like most post-crisis banking chiefs, Jenkins took the reins at Barclays in the wake [...]