High street banks plan to help Treasury offload £17bn of Bradford and Bingley loans March 1, 2016 Britain’s largest high street banks are planning to help the Treasury offload £17bn of Bradford and Bingley (B&B) loans. The proposal would see Barclays, HSBC, Lloyds, Royal Bank of Scotland, Nationwide and Santander guarantee around £17bn of financing to the purchasers of the loans. It emerged at the beginning of this year that a sizeable part [...]
Barclays share price drops and Ashtead Group falls but FTSE 100 index rises as London Stock Exchange and Direct Line jump March 1, 2016 After a frankly uneventful day yesterday, the FTSE 100 index bounced higher today despite the latest PMI data showed China's manufacturing sector shrinking. The UK's blue-chip index rose 0.92 per cent to 6,152 points, as investors contemplated a corporate results onslaught. Good news was to be found with the London Stock Exchange Group, which jumped 7.17 per cent [...]
Barclays shares suspended from trading after falling 11 per cent March 1, 2016 Trading in Barclays was suspended this morning after the bank's share price plummeted more than eight per cent, following another dismal set of results and news of a major restructure. Barclays' share price tumbled 11 per cent in mid-morning trading, before being halted briefly. Trading was resumed shortly afterwards, but the share price was still down around 10.6 [...]
Barclays’ former boss Antony Jenkins pockets £505,000 bonus despite being sacked in July March 1, 2016 Barclays' ousted chief executive Antony Jenkins has picked up a cool £505,000 bonus, taking his total remuneration to £3.4m for the year. This is a 40 per cent drop on last year's total pay package – and half the bonus he got for 2014 – but it's still pretty healthy considering Jenkins was sacked in July, with [...]
Barclays’ share price drops as profits and revenues fall on non-core losses – but CET1 ratio improves March 1, 2016 Barclays' share price fell this morning after revealing a slump in profits and revenues for the full year, and a major new strategy ahead of future ring-fencing. The figures Barclays' share price fell six per cent in early trading as investors digested the bank's full year results – Jes Staley's first as chief executive – which showed further declines [...]
Barclays’ share price falls as it confirms it is selling off Africa, cutting dividend and creating two divisions ahead of ring-fencing March 1, 2016 Barclays' new chief executive Jes Staley has outlined a major new strategy to simplify the bank, confirming that it will sell off its Africa stake. The move comes as the global lender prepares "for regulatory ring-fencing requirements", Staley said this morning. As expected, the 62.3 per cent stake in Barclays Africa Group (BAGL) will be reduced "to [...]
FTSE 100 index closes flat on last day of the month as supermarkets come into focus February 29, 2016 The FTSE 100 index closed slightly higher on the quiet last day of the month after the G20 disappointed over the weekend. The UK's blue-chip index closed 0.02 per cent higher at 6,097 points. "It was almost as if investors forgot about the leap day and no investments were planned on a quiet last day of the month," said [...]
Techies and retailers beat the bankers to win 100 free lunches in Deliveroo’s corporate competition February 29, 2016 IT’S SAFE to say that City workers are bracing themselves for a disappointing bonus season. Reports earlier this month found that banker’s bonuses could plummet by almost 10 per cent, but City firms are trying to make up the difference by winning free lunches for their workforce. Up-market fast food transporter Deliveroo has launched a competition [...]
CoalFace Capital’s Declan McEvoy on clichés, robo-advisers, and pink hair February 29, 2016 Plenty of people must have sat in their banking job thinking about what could be done better and wondering if they should just pack it all in and start their own business. Declan McEvoy, founder of innovative trading platform CoalFace Capital, first realised he wanted to be this person back in 1999, while doing his [...]
Financial sector leads professional job creation – Apsco February 29, 2016 Landing a role in finance got easier in January as the number of vacancies soared 12 per cent on the same month last year. Stronger demand was reflected in pay growth. Average salaries in banking jobs have gone up 4.9 per cent, according to the data released by the Association of Professional Staffing Companies (Apsco) [...]