Jenkins slashes jobs and pay to shore up profit February 12, 2013 BARCLAYS shares soared as the bank announced a major cost-cutting plan yesterday, shutting four business units and shaking up another 32 of its 75 units to streamline the institution and shore up profits in the face of a weak economic outlook. Chief executive Antony Jenkins announced 3,700 job cuts – well above the 2,000 expected [...]
Barclays’ new broom shows he can balance the books February 12, 2013 CONSIDERING the glee with which investors reacted to Antony Jenkins’ plans yesterday, you’d been forgiven for thinking his cost cuts and clean-up had come out of the blue. But these changes were widely trailed – almost down to the letter – so why was an extra 26p added to the bank’s share price yesterday, on [...]
Fight club finds a new home at City tailor shop February 12, 2013 TWO ex-bankers turned bespoke City tailors have found themselves playing host to a group of their former contemporaries – not for suit fittings – but a series of rather unorthodox Skype conferences. Ian Meiers and James Sleater, co-founders of City tailor Cad & the Dandy, are sponsoring the self-defence seminars given by macho-man Tim Larkin. [...]
City Moves for 13 February 2013 | Who’s switching jobs February 12, 2013 RBS The bank has announced the appointment of Jonathan Barrow as regional director for the east of England in its corporate and institutional banking coverage team. Barrow joined RBS 17 years ago, and has worked in various regional corporate locations in the UK, as well as at RBS’s New York office. Smith and Williamson The [...]
Barclays leads FTSE to top day of month so far February 12, 2013 ASURGE in Barclays’ shares led the FTSE 100 past the psychologically important 6,300 level yesterday, as the blue chip bank’s planned overhaul raised hopes for the troubled sector’s revival. Barclays gained 8.4 per cent, leading FTSE 100 gainers and adding over 12 points to the index alone, after unveiling plans to slash annual costs by [...]
Tighter regulations won’t restore the City’s reputation for integrity February 12, 2013 FINANCIAL regulation is often defended on the grounds that financial products are complex and consumers do not understand them properly. But that is nothing special in itself. I know little about car repair. When I take my car to the garage, the mechanics start talking Esperanto to me about their plans, followed by “OK?” We [...]
Letters to the Editor February 12, 2013 EU food testing [Re: Horse row no laughing matter – but NHS scandal even worse, yesterday] On the subject of Britain’s food chain, this article completely misses the point – along with most of the media. Food testing is an EU competence as part of the Single Market. All the faults, therefore, lie with the [...]
FTSE boosted by Barclays February 12, 2013 The FTSE 100 edged up in early trading, with Barclays topping the blue chip leader board. The bank this morning unveiled new cost-cutting measures in a restructuring that will see it axe 3,700 jobs this year. It rose more than 2.5 per cent in early deals. “Significant management changes have been implemented, a universal banking [...]
Barclays to axe 3,700 jobs in strategic restructuring February 12, 2013 Barclays is to axe at least 3,700 jobs across the company this year, in a bid to reduce the bank’s cost base by £1.7bn in 2015 as part of a strategic restructuring announced this morning. Within the job cuts, 1,800 will come from the corporate and investment bank and 1,900 will come from within the [...]
Who said money can’t buy love February 11, 2013 THERE are many ways to show your love to the object of your affection this Valentine’s Day. However, expressing it by “downloading a message for them on a Barclays personalised debit card” is perhaps not one of them. There are some things money can’t buy – but a thoughtful, romantic gift isn’t one of them. [...]