Revamp rocks Barclays bank November 3, 2009 BARCLAYS announced the surprise departure of the head of its global retail and commercial banking (GRCB) division yesterday in a management shake-up that will boost the empire overseen by the group’s president Bob Diamond. Barclays said it was splitting up GRCB and that its boss Frits Seegers had resigned as a director and would leave [...]
TIMELINE: HOW BRITAIN’S BANKING SECTOR WENT SOUR November 3, 2009 21 February, 2008Britain passes legislation allowing the government to nationalise Northern Rock after rejecting two private bids. Northern Rock is nationalised months after the Bank of England stepped in to provide support. 21 AprilThe BoE unveils the Special Liquidity Scheme to swap banks' risky mortgage assets for at least £50bn of government debt. 18 SeptemberLloyds [...]
Miners and oils jump on improved commodity prices November 2, 2009 BRITAIN’S top shares closed 1.2 per cent higher yesterday, as miners and oil firms rose, underpinned by firmer commodity prices on the back of bullish economic data, while RBS fell as the lender faces asset sales. The FTSE 100 closed 59.95 points higher at 5,104.50 points, recouping some losses from Friday’s 1.8 per cent fall. [...]
Traders look to hedge fund guru for lead on Barclays November 2, 2009 AFTER eight months of holding onto his 1.5 per cent stake in Barclays, one of London’s top hedge fund managers announced last week that he has sold his stake in the high-street bank, which has risen in value by 550 per cent over the period. Crispin Odey, head of Odey Asset Management, cited uncertainty over [...]
HOW SERIOUS IS RYANAIR ABOUT SCALING BACK GROWTH PLANS? November 2, 2009 HENK POTTS BARCLAYS WEALTH“O’Leary is fantastic at using his results to communicate to passengers, as well as to business partners on how his company can benefit them. Yesterday’s numbers further demonstrate that no frills airlines are finding it easier than flag carriers to get through the downturn.” MANOJ LADWAR ETX CAPITAL“That was a very interesting [...]
Spreadex breaks records in October November 2, 2009 SPREAD betting firm Spreadex recorded its highest ever monthly betting volumes in October, boosted by the launch of its new website at the start of the month. The numbers – which include trading on the company’s ShortsandLongs.com platform – were up 8.6 per cent on previous best-ever levels. The privately-owned company declined to give actual [...]
Barclays extends its sponsorship November 1, 2009 Barclays agreed to extend its sponsorship of the Singapore Open until “at least” 2012 and keep the prize money at $5m (£3bn) while expanding the field, tournament organisers said yesterday. As Briton Ian Poulter was sinking the winning putt for a one-stroke victory on the 72nd hole of this year’s tournament, Barclays were finalising the [...]
CITY MOVES WHO’S SWITCHING JOBS November 1, 2009 GrosvenorThe property group’s Britain and Ireland business has appointed Heather Rabbatts as a non-executive director.Rabbatts is also currently a non-executive at Crossrail, Shed Media and Millwall Holdings, where she was also previously chief executive. She has previously held positions as a non-executive at the Bank of England, a trustee of the British Council and governor [...]
WHAT THE OTHER PAPER SAY THIS MORNING November 1, 2009 THE SUNDAYSThe Sunday TelegraphODEY CASHES IN ON BARCLAYS SHARES OVER EU “UNCERTAINTY”Crispin Odey, the hedge fund manager who has made millions of pounds calling the fate of British banks, has sold part of his stake in Barclays. The boss of London-based Odey Asset Management, who built a 1.5 per cent stake in Barclays shortly after [...]
Barclays at a loss after K1 hedgie fraud November 1, 2009 BARCLAYS may have lost up to $240m (£146m) in a case involving a German hedge fund founder arrested following a corruption probe into a caribbean-registered fund he ran. The bank is among a number of institutions affected by the case, in which German and US authorities are investigating Helmut Kiener, 50, who founded Germany’s K1 [...]