Barclays news
Barclays is a global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services.
Barclays operates through six main business sectorss: UK Banking, Barclaycard, International Retail and Commercial Banking, Barclays Capital, Barclays Global Investors and Barclays Wealth.
Main Barclays products:
- Current accounts
- Personal investments (including ISA's)
- Loans
- Mortgages
- Home insurance
- Car insurance
- Travel insurance
Website: Barclays
Latest Barclays News:
Barclays rolls out contactless plastic for businesses
by Gill Montia
Story link: Barclays rolls out contactless plastic for businesses
Barclays says it has become the first bank in Europe to provide contactless debit cards for business customers.
The technology enables users to pay for low-value transactions by holding their card over a reader, without the need to enter a PIN or insert the card into a terminal.
The bank’s personal customers began using the cards [...]
Barclays increases contactless payment limit
by Gill Montia
Story link: Barclays increases contactless payment limit
Barclays has announced that its maximum limit for contactless card transactions in the UK has increased from £10 to £15.
The bank began rolling-out contactless payment technology in the UK in 2007, allowing customers to settle small transactions by holding their card over a “reader”, without the need to enter a PIN or insert the card [...]
Barclays hikes authorised overdraft charges
by Gill Montia
Story link: Barclays hikes authorised overdraft charges
Barclays is increasing overdraft interest rates for two million of its current account customers.
Graduate Account holders who go into the red will be hardest hit by the hikes, as their authorised overdraft rate increases from 9.9% to 14.9%.
At the same time, Additions Active and First Additions account holders face paying interest at 18.3% (up from [...]
Barclays announce 92% rise in annual profits
by Richard Kilner
Story link: Barclays announce 92% rise in annual profits
Barclays has enjoyed a surge in profits for its full-year 2009 results, which showed that profits had soared by 92% to £11.6bn.
The BBC has reported that the firm’s profits were enhanced by the sale of BGI fund management arm to BlackRock.
Without the sale, profits would have fallen from 2008, standing at £5.3bn, down from the [...]
Co-op registers 38% rise in current account sales
by Gill Montia
Story link: Co-op registers 38% rise in current account sales
Co-operative Bank Current Accounts saw an impressive 38% rise in current account sales during 2009.
Twenty-two per cent of new customers were switchers and the figures show a 31% increase in switching activity from the UK’s big four banks (Lloyds Banking Group, HSBC, Barclays and RBS).
According to research, those looking for a new current account provider [...]
Barclays enhances mobile banking service
by Gill Montia
Story link: Barclays enhances mobile banking service
Barclays has made some changes to its mobile phone banking service which will now allow customers to make payments to third parties.
Claiming a first in the UK, the bank says the latest addition means that customers can pay funds to existing or new beneficiaries set up on online banking.
An interface has been developed specifically [...]
Barclaycard launches “groundbreaking” loyalty scheme
by Gill Montia
Story link: Barclaycard launches “groundbreaking” loyalty scheme
Barclaycard is launching a “groundbreaking” new loyalty scheme which the group claims will be the broadest retail rewards scheme the UK has ever known.
With no joining fee Barclaycard Freedom will be available to over eight million cardholders from March.
According to the lender, as well as household names, a great many small and medium retailers [...]
Barclays defers bonus payments
by Gill Montia
Story link: Barclays defers bonus payments
Barclays is to defer paying 2009 bonuses to directors and senior staff for up to three years, the BBC has reported.
The bank is still calculating last year’s bonus pot, which it says will be paid mostly in shares between now and the end of 2013.
According to the BBC, the scheme will be adopted as formal [...]
Barclays Capital to acquire NYSE securities trader
by Gill Montia
Story link: Barclays Capital to acquire NYSE securities trader
Barclays Capital has agreed to acquire the New York Stock Exchange Designated Market Maker (DMM) assignments of LaBranche & Co Inc.
LaBranche is responsible for approximately 700 NYSE-listed securities, making it the third largest DMM in the number of securities traded.
Barclays says the acquisition will enhance its position as the leading DMM at the NYSE, [...]
US banks to repay “every single dime” of bail out cash
by Gill Montia
Story link: US banks to repay “every single dime” of bail out cash
America’s largest banks are to repay $117 billion to the US taxpayer.
President Barack Obama has announced a new levy aimed at recouping the money needed to bail out the country’s financial institutions, as a result of the financial crisis.
Explaining the move, the President said: “My commitment is to recover every single dime the American people [...]
Huge pay rises for Barclays’ investment bankers
by Gill Montia
Story link: Huge pay rises for Barclays’ investment bankers
Barclays has reportedly awarded investment bankers huge pay rises.
The bank is understood to be increasing salaries for some Barclays Capital staff by up to 150%, with the average boost to income at 25%.
At the height of the financial crisis, Barclays shunned the Government’s Asset Protection Scheme (APS) in favour of raising capital from Middle Eastern [...]
Barclays to provide £150m in SME loans
by Gill Montia
Story link: Barclays to provide £150m in SME loans
Barclays has announced that it will be providing a further £150 million in funding for small and medium-sized enterprises (SMEs).
The bank was quick off the mark to support small businesses when the credit crisis hit, working with the Government to secure funding from the European Investment Bank (EIB) support scheme.
The lender’s latest commitment is to [...]
Barclays considering backdated payrises
by Richard Kilner
Story link: Barclays considering backdated payrises
Bankers’ bonuses are once more in the headlines, and Paul Mumford, senior fund manager at Cavendish Asset Management, has commented on the recent speculation regarding the prospective £1.5bn bonuses at RBS.
Elsewhere, Barclays Capital is thought to be considering 150% backdated payrises for staff.
Mumford has described the rumoured move by Barclays as an indicator of how [...]
Barclays and BlackRock complete Global Investors’ deal
by Gill Montia
Story link: Barclays and BlackRock complete Global Investors’ deal
Barclays has announced that it has completed the sale of fund management business, Barclays Global Investors, to BlackRock, Inc.
The consideration at completion was £9.5 billion, including 37.567 million new BlackRock shares, gioving Barclays a 19.9% interest in the enlarged group.
Currency and stock market movements set the price well above the £8.2 billion quoted when [...]
Barclays offers flood support to business customers
by Gill Montia
Story link: Barclays offers flood support to business customers
In response to the recent flooding in Cumbria and other areas of the UK, Barclays Local Business has announced that it is developing a financial support package for all business banking customers affected by the rising waters.
The move is aimed at allowing firms time to recover from the immediate impact of the flooding by, for [...]
Barclays faces lawsuit over Lehman Brothers gains
by Gill Montia
Story link: Barclays faces lawsuit over Lehman Brothers gains
Barclays is being sued by Lehman Brothers Holdings over $5 billion of assets acquired by the bank when Lehman Brothers collapsed in September of last year.
After walking away from discussions aimed at saving Lehman Brothers from bankruptcy, Barclays scooped up the investment bank’s New York headquarters, its investment banking and capital markets businesses plus two [...]
Barclays reports Q3 profit of £1.56bn
by Gill Montia
Story link: Barclays reports Q3 profit of £1.56bn
Barclays has reported profit £1.56 billion for the third quarter of 2009, compared with £1.61 billion in the previous three months and £482 million in the same period of 2008.
Income increased 26% over the first nine months of the year, to £23.7 billion, “driven by very strong income growth in Barclays Capital and the international [...]
Barclays faces K1 hedge fund loss
by Gill Montia
Story link: Barclays faces K1 hedge fund loss
Barclays stands to make a loss in connection with German hedge fund, K1 Group.
Currently European authorities and the FBI are investigating the fund, which is suspected of having obtained loans from the bank’s BarCap investment unit, by deception.
JP Morgan Chase and BNP Paribas have also been named as potential victims, investors facing joint losses of [...]
Barclays acquires Standard Life Bank
by Gill Montia
Story link: Barclays acquires Standard Life Bank
Barclays has announced that it has agreed to acquire Standard Life Bank, for £226 million.
Under the terms of the transaction, the group will collect a savings book of approximately £5.5 billion and a mortgage book with outstanding balances of around £8.8 billion (both figures as at 30th June 2009).
Standard Life Bank reported IFRS underlying [...]
Qatar Holdings sells 379m Barclays shares
by Richard Kilner
Story link: Qatar Holdings sells 379m Barclays shares
The Press Association has reported that 379 million shares in Barclays are being cashed in by the Qatari sovereign wealth fund, which acquired the shares during the financial crisis when other banks (such as RBS and Lloyds Banking Group) had to rely on the taxpayer to be propped up.
Qatar Holding’s shrewd move will enable it [...]
