Job cuts in the City: A case study in political double standards May 8, 2014 IT’S amazing how fashions change. Just a few years ago, prior to the financial crisis, Big Pharma was demonised. It could do nothing right, and was blamed for many of the world’s ills. At the very same time, banks were lionised and lauded as the new saviours of the economy, with Alex Salmond, the leader [...]
Bottom Line: Barclays is moving to the post-crisis age May 8, 2014 BARCLAYS came through the 2007-08 global financial crisis in relatively good shape, tapping up investors across the world to stay afloat rather than sinking like RBS or Lloyds. But there was no way it could keep on playing as it did in the boom years – weak markets hit profits and investors became more aware [...]
HSBC in lead on swaps redress May 8, 2014 HSBC is ahead of the other big banks in contacting small firms who were mis-sold interest rate swaps, the Financial Conduct Authority said yesterday. The bank has sent outcome statements to 99 per cent of customers who opted into the scheme. Lloyds is next with 96 per cent, with Barclays at 78 per cent and [...]
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 [...]
Gimme 5 … Wonders of property tech May 8, 2014 Barclays Pingit App A partnership between Barclays and estate agent Savills led to the first house being bought by app at auction in February. The buyer transferred a £23,000 deposit in seconds by scanning a Savills QR code into the app. Available for free on Android and iTunes, Savills now uses it at every national [...]
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 [...]
What you need to know before the open May 8, 2014 A higher open is expected for European markets, following yesterday’s bumpy trading. A more appeasing message from President Putin yesterday, urging Ukrainian separatists to postpone plans for a referendum, has helped buoy markets. On top of that, better than predicted trade data from China – although expectations were very low – has caused some optimism. [...]
Analysts fear for Morrisons as sales plunge 7.1pc May 8, 2014 Morrisons has reported a 7.1 per cent drop in like-for-like sales in the 13 weeks to 4 May. That’s considerably worse than expected – and worse than the 5.6 per cent fall it saw over the festive season. Jefferies had forecast a seven per cent decline, whereas Barclays was predicting one of 6.3 per cent. [...]
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 [...]