Barclays banker says she knew nothing of £322m services deal with Qatar February 26, 2019 Evidence from a former vice-chairman of Barclays Capital was read to a London court today, revealing she was not aware of two services agreements the bank struck with Qatar in 2008. Gay Huey Evans, who is currently deputy chairman of the Financial Reporting Council, said Barclays’ former executive chairman of investment banking Roger Jenkins was [...]
Barclays and Bank of Ireland sued over film finance tax evasion scheme February 26, 2019 Barclays and Bank of Ireland are being sued as part of a £180m lawsuit brought by investors in a film finance scheme the pair were involved in. Investors in the Eclipse film financing scheme lost out after tax authorities ruled the vehicle, which purported to invest in Disney films, was actually a tax avoidance scheme. [...]
Ex-Barclays Bank chairman Sir Gerry Grimstone to chair Investcorp and Aberdeen Standards joint venture February 26, 2019 Former Barclays Bank chairman Sir Gerry Grimstone has been appointed chairman of Investcorp and Aberdeen Standard’s gulf infrastructure investment joint venture. Grimstone, who stepped down from his role at Barclays investment arm on Friday, is rejoining Standard Life Aberdeen after resigning as chairman in January this year. Read more: Chairman of Barclays' investment banking arm [...]
Barclays rallies as shareholders promised more February 25, 2019 In a bear trend since 2007, Barclays has won over the market with this update, at least temporarily. These numbers from Barclays (LSE:BARC) have been well received on the basis of "jam tomorrow", as the high street bank continues to suffer from litigation and conduct fines, whilst growing strongly excluding these charges. The increase to [...]
Ed Bramson’s Barclays board bid suffers double blow as investment banking unit outperforms European rivals February 22, 2019 Barclays executives doubled down on efforts to scupper activist investor Ed Bramson’s bid to join the board yesterday, armed with better-than-expected results in its investment banking unit. In a further blow for Bramson, who has called for Barclays to scale back its investment bank, one of his key allies in the City, Aviva, said his [...]
Barclays Bank chairman Sir Gerry Grimstone to step down later this month February 22, 2019 The chairman of Barclays’ investment arm Sir Gerry Grimstone will step down at the end of the month, the bank said today. Grimstone, chairman of Barclays Bank PLC – the group’s non-ring-fenced investment banking wing – has been a member of the bank’s board since 2016 and will also step down as a non-executive director. [...]
Serious Fraud Office drops probes into Rolls-Royce and GSK February 22, 2019 Britain’s corruption watchdog closed the curtains on major probes into Rolls-Royce and GlaxoSmithKline (GSK) this morning. The Serious Fraud Office (SFO) said today that it is closing its investigations into both the car maker and the pharmaceuticals giant. The long-standing investigation into Rolls Royce, which centred around bribery and corruption to win business in countries [...]
Theresa May tells quitting MPs the Conservative Party is not ‘warped’ like Labour February 21, 2019 Theresa May has insisted the Conservative party has not become “warped” after three resigning MPs accused it of being in the control of zealots. In an open letter to Anna Soubry, Sarah Wollaston and Heidi Allen – all of whom quit the Tories on Wednesday – the PM rejected any comparisons between her party and [...]
Tories and Labour brace for more defections to Independent Group as Brexit patience wears thin February 21, 2019 The newly formed Independent Group could soon be welcoming more disaffected Labour and Tory MPs as a number of senior figures took to the airwaves to warn of more resignations. Former Tory MP Heidi Allen, who resigned from the party yesterday along with Remain-supporting colleagues Anna Soubry and Sarah Wollaston, told ITV last night that [...]
Barclays profits slip as bank sets aside £150m for Brexit February 21, 2019 Profits missed estimates at Barclays last year, the bank revealed today, as it set aside £150m for Brexit and paid out billions of pounds in misconduct and litigation charges related to its role in the financial crisis. Read more: Ex-Barclays chair Agius tells court he was unaware of £280m Qatar deal The figures Profit before [...]