Exclusive: Barclays tries to avoid shocking markets again July 31, 2013 BARCLAYS is considering changing the way it reports capital and leverage ratios to match regulators’ calculations more, City A.M. has learned, after the authorities shocked markets with fears over the bank’s stability. The lender had been considered one of Britain’s safest major players, but this week was forced into a £5.8bn rights issue, as well [...]
Banks hold talks on remittances July 31, 2013 The British Bankers’ Association and the government yesterday held talks on the problems faced by remittance services. The payments firms allow individuals to send money abroad, but 250 face having their accounts closed by Barclays because the bank is worried about the risks of the services being abused by money launderers and other criminals. The case [...]
City Moves for 1 August 2013 | Who’s switching jobs July 31, 2013 Premier Farnell The electronics company has announced the appointment of Andrea Dunstan as chief people officer. Dunstan has over 20 years’ experience in human resources (HR). She was previously group HR director at Wincanton. Prior to that, she worked at AstraZeneca. Royal Bank of Canada The bank’s capital markets division has recruited Sian Hurrell as head [...]
London Report: US growth gives the FTSE fuel for a further rally July 31, 2013 THE FTSE 100 rallied yesterday as the quickening pace of the global economy’s heartbeat revived confidence that economic recovery can be sustained even if stimulus is withdrawn. Economic growth in the US unexpectedly accelerated in the second quarter, with gross domestic product growing at a 1.7 per cent annual rate, stepping up from the first-quarter’s [...]
RBS hopes to name new chief executive on Friday July 31, 2013 The Royal Bank of Scotland is hoping to name its new chief executive alongside its results on Friday, according to Sky sources. Sky Sources: RBS hopes to name new chief executive to replace Stephen Hester along with results on Friday — Sky News Newsdesk (@SkyNewsBreak) July 31, 2013 However, there is no formal deadline for [...]
Banks take a bashing July 30, 2013 ■ Barclays forced to fix £12.8bn gap ■ JP Morgan pays $410m settlement ■ Billions more set aside for PPI ■ Deutsche Bank cuts balance sheet ■ RBS investors file £4bn claims BILLIONS of pounds were wiped off banks’ stock market values yesterday as a barrage of regulatory and legal action shocked markets. Barclays [...]
Bankers as trapeze artists, central planners and markets July 30, 2013 THERE are three ways we can organise banking. The first, which I don’t recommend, is to adopt the pre-2008 model; the second is the current approach, which seeks to micro-manage everything and which will also fail; and the third would be to allow genuine market discipline to be reinstated. Under the first approach, there [...]
Investors rally round Barclays’ boss July 30, 2013 INVESTORS and analysts hit out at regulators yesterday, accusing the Bank of England of making arbitrary and unreasonable demands on banks. Barclays had pleased investors in February with a plan to cut its least efficient units and get back on a sustainable footing with return on equity (RoE) above its cost of capital in [...]
Bottom Line: Antony Jenkins’ plans are being undermined for no good reason July 30, 2013 Antony Jenkins must wonder if it is really worth all the effort – despite everything he has done to rehabilitate Barclays’ image after last year’s disasters, the authorities have still found ways to keep investors worried. The chief took over after the former chairman, chief executive and chief operating officer all quit in the [...]
Bank to fight watchdog’s Qatari claims July 30, 2013 BARCLAYS yesterday vowed to fight the Financial Conduct Authority’s findings after the City watchdog investigated claims of wrongdoing in the bank’s 2008 fundraising round. The bank’s announcement comes as the Treasury is considering giving another £2m to the Serious Fraud Office to further investigate the case. The lender raised £5.3bn from the Middle Eastern [...]