London Report: Morrisons forecast and plans for cuts at Barclays lift FTSE May 8, 2014 BRITAIN’S top shares neared nine-week highs yesterday led by Barclays after it announced a revival plan, while investors also welcomed the possibility of more stimulus steps from the European Central Bank in June. Barclays was the standout gainer on the FTSE 100, up 7.9 per cent after it announced 19,000 job cuts in the next [...]
Why Barclays thinks investors need to go for diamonds May 8, 2014 Barclays is feeling pretty positive about the possibilities diamonds are offering investors. With the tide turning when it comes to Chinese growth, a strong dollar and worries over the health of emerging market economies, diamond demand is resurging, it says. Demand growth for diamonds arrives relatively late in an economic cycle, post job creation [...]
That bonus hike was all part of Barclays’ grand plan May 8, 2014 Remember when Barclays increased investment bankers’ bonuses even as profits fell? It went down pretty badly with investors when the 2013 results were announced back in February. At the time chief executive Antony Jenkins could only say that he had to pay more so that staff would stay at Barclays instead of jumping [...]
Barclays to slash 20,000 jobs May 8, 2014 Barclays shares are up three per cent as the bank confirmed plans to cut up to 20,000 jobs, equivalent to 15 per cent of the workforce. 14,000 jobs are set to go this year, higher than the 10-12,000 than was expected. Roughly half of these positions are in the UK. A further 7,000 jobs at [...]
Barclays profits tumble on eve of big shake-up May 6, 2014 PLUNGING investment banking revenues dragged down Barclays’ profits in the first quarter of the year, the bank said yesterday. The bank is due to announce a range of reforms tomorrow, which is likely to include the creation of a bad bank to run down underperforming units. Barclays is also expected to cut back on investment banking [...]
Barclays sees investment bank income drop 28pc May 6, 2014 Barclays has reported a rise in statutory profit before tax of 18 per cent to £1.8bn for the first quarter of 2014. However, adjusted profit before tax took a hit and was down five per cent to £1.7bn. Investment bank income dropped 28 per cent to £2.5bn, with adjusted income falling by 14 per cent [...]
Barclays loses head of Asia-Pacific business May 2, 2014 Barclays has said Robert Morrice, its Asian Pacific chairman and chief executive (CEO), is retiring after 17 years in the role. Andrew Jones and Eiji Nakai will step into the breach as co-CEOs, the bank said today. Jones is currently chief operating officer for Asia Pacific, while Nakai is chief executive of Barclays Japan business. [...]
Barclays’ Canary Wharf offices rocked by morning bomb scare May 1, 2014 STAFF at banks including Barclays and HSBC were briefly shut in their offices yesterday morning as a suspicious package was investigated in Canary Wharf. An area including the Waitrose supermarket was closed off by police at around 9am when police were called to Barclays’ headquarters, near Churchill Place. Officers sent in a robot to study [...]
Barclays cleans up with bad bank April 29, 2014 BARCLAYS will next week set up a bad bank to run down its weakest business lines as it grapples to turn its sprawling financial empire into a sustainably profitable business. Investment banking co-head Eric Bommensath will the run the bad bank, kicking off a series of major job changes on the way as part of [...]