Fed policymaker Dennis Lockhart says US interest rates should be raised this year August 24, 2015 A senior Fed policymaker has called for US interest rates to be raised this year, despite the panic that has hit global markets over China's economy. Read more: Black Monday 2015: US stocks battered in biggest fall since 2011 Dennis Lockhart, President of the Federal Reserve Bank of Atlanta, said in a speech today [...]
HSBC, Barclays and RBS among nine banks signing up to $2bn US foreign exchange settlement August 14, 2015 Nine banks including HSBC, Barclays and Royal Bank of Scotland (RBS) have agreed a $2bn (£1.3bn) settlement with US investors over currency rigging-accusations. Goldman Sachs, BNP Paribas, Bank of America, JP Morgan, Citibank and UBS also signed up to the deal, according to lawyers negotiating on behalf of the investors. A statement by law firm [...]
As Barclays bans jeans and flip-flops at its head office, is it right to clamp down on casual dress? August 9, 2015 Jeff Watt, director of Greentarget, says Yes. Some might say that the clothes don’t make the man, but in my view, flip-flops are for the beach, not the boardroom. The introduction of dress down Friday – or #DDF, as the Twitter generation might call it – resulted in most men simply adopting another form of [...]
Barclays cuts 150 investment bank jobs July 31, 2015 Barclays is planning to cut around 150 jobs in its investment banking arm, City A.M. understands. The cuts come shortly after chief executive Antony Jenkins was ousted by new chairman John McFarlane, who has earned the nickname "Mack the knife" thanks to his no-holds-barred approach to cutting headcounts. Deputy chairman Sir Mike Rake has also [...]
Barclays boss John McFarlane looks to cut costs despite profit rise in bid to streamline bank July 30, 2015 Barclays, Britain’s largest bank after HSBC, yesterday delivered £3.1bn of pre-tax profits for the first half of this year, boosted by a 36 per cent rise in the performance of its investment banking arm, which chipped in almost half the total. The investment bank made £1.44bn pre-tax profit. John McFarlane, who joined the bank as [...]
John ‘Mac the Knife’ McFarlane raises fears with investors that egos will rule the roost at Barclays July 29, 2015 Is there a bank director with a thicker hide than John McFarlane? The tone of yesterday’s interim results from Barclays, which comfortably beat City forecasts, would more ordinarily be accompanied by the praise of a chairman for their chief executive. Instead, the newly installed executive chairman, McFarlane, struggled to find reasons for burying him. The [...]
This chart shows how many current account switchers Barclays, HSBC, Lloyds and NatWest have lost July 29, 2015 New rules which make it easier for customers to change current accounts resulted in a four per cent increase to 1.1m switches, compared to 1.06m during in same period a year earlier. The rules, introduced in October 2013, allow customers to switch accounts within seven working days, with all outgoing and incoming payments transferred automatically. [...]
Barclays profits beat expectations as executive chairman John McFarlane sets out new strategy July 29, 2015 Barclays' share price climbed more than 2.3 per cent this morning having beaten expectations for second quarter profits, with net income rising to £1.85bn – ahead of the £1.8bn expected – as chairman John McFarlane set out his three point plan to strengthen the bank. The figures Total income rose to £6.55bn in the three months [...]
Which banks will offer the Help to Buy Isa? Barclays, Lloyds Banking Group, Nationwide, NatWest, Santander and Virgin Money July 25, 2015 Barclays, Lloyds Banking Group, Nationwide, Natwest, Santander and Virgin Money are among the banks and building societies which will offer the government's widely anticipated Help to Buy Isa. Help to Buy Isas, unveiled by chancellor George Osborne in his Spring budget, aim to give first-time buyers a much needed helping hand onto the property ladder. [...]
Barclays and UK fraud office eye deal over criminal probe into Qatar July 21, 2015 Barclays is widely believed to be in talks with the Serious Fraud Office (SFO) over a potential deal to resolve a long-running criminal probe into the bank’s dealings with Qatari investors in 2008. The SFO has proposed the possibility of a deferred prosecution agreement (DPA) linked to the bank’s fundraising activities during the financial crisis. [...]