How much have RBS, Barclays, JP Morgan, Citigroup, UBS and HSBC set aside for potential costs from the FCA forex market rigging probe? October 31, 2014 RBS is the latest bank to set aside a hefty pot of cash for the potential costs of settling with the City regulator after a major investigation into the manipulation of forex markets. The bank revealed that figure stands at £400m in its third quarter results today. It’s a large sum, but by no means [...]
Barclays sets aside £500m to pay forex bill October 30, 2014 BARCLAYS is set to pay £500m to settle claims its traders tried to manipulate foreign exchange benchmarks. “These are ongoing discussions with certain regulatory agencies,” said finance director Tushar Morzaria. The news came as Barclays reported pre-tax profits of £1.59bn for the third quarter, up 14.8 per cent on the year. Revenues slid one per [...]
Barclays share price rises as it sets aside £500m to pay regulators over foreign exchange probe October 30, 2014 Are Barclays' regulatory woes about to reach a conclusion? Investors seemed confident this morning – the bank's share price opened 1.6 per cent higher as it revealed it has put aside £500m in the face of ongoing investigations into Foreign Exchange practices. Barclays is not the only bank to have made such provisions: HSBC and [...]
Exclusive: Barclays recruits staff to complement digital growth October 9, 2014 Barclays is hiring more staff to advise small businesses and exporters, in a change to its plan to automate every service possible, Morning Wire has learned. Chief executive Antony Jenkins is pushing to use cutting-edge technology wherever possible to automate processes and cut down on the need to retain an enormous workforce. But the bank [...]
Barclays’ Sam Dean makes speedy return to bank as chairman of global finance and risk solutions October 8, 2014 When Barclays’ head of equity capital markets Sam Dean announced he was taking a sabbatical last December it raised a number of eyebrows in the City. Dean, a highly popular and well-respected part of the Barclays team, cited family reasons for his break, but that didn’t stop the bank’s rivals from gossiping about whether the [...]
Barclays is the most complained about bank September 25, 2014 Barclays is the most complained-about bank, according to new figures from the Financial Conduct Authority. The bank received more than a quarter of a million complaints in the first half of the year. But it was not out on its own – Barclays was closely followed by Bank of Scotland and Lloyds. Despite taking the [...]
Barclays’ Antony Jenkins needs to perform soon – Bottom Line September 23, 2014 Another day, and another fine for Barclays. The FCA’s £38m fine on the bank for failing to protect its clients from the risk of loss will not substantially weaken Barclays financially. Nor will it impact on the authority of chief executive Antony Jenkins since the failings occurred before his appointment. Jenkins, however, must be feeling [...]
In charts: Just how big is Barclays’ record £38 million fine? September 23, 2014 Barclays has been fined £38m for failing to protect customer’s money, the largest ever handed out for such client asset breaches. The financial watchdog ruled Barclays put at risk £16.5m of customer money and failed to protect it from potential costs, delays and loss of assets if the bank were to become insolvent. The size [...]
Barclays hires wealth chief September 22, 2014 Barcalys poached InfraHedge’s boss Akshaya Bhargava yesterday to run its wealth and investment management business. Bhargava set up the fund in 2010, and it was taken over by State Street last year. Before that he worked at Butterfield Fulcrum, Infosys BPO and Citibank. The new chief joins on 13 October and replaces Peter Horrell who [...]
Dark pools might never recover from accusations at Barclays September 16, 2014 BANKS’ private trading platforms for clients have taken a serious knock since Barclays was accused in the US of misleading customers, analysts warned yesterday. The British bank is fighting the accusations made by New York Attorney General Eric Schneiderman, but its trading volumes have not recovered. Analysts at Bernstein Research fear the damage might be [...]