Barclays has sold its Russian retail and commercial operations to investors including Igor Kim, who is recognised as one of Russia’s leading bankers – he already holds stakes in MDM and Orient Express Bank. The group announced its intention to offload Barclays Bank LLC in February but Barclays Capital will continue to operate in Russia [...]
Barclays has appointed Ian Ackerley as investments director, UK retail business banking, responsible for leading the development of integrated investment services. Mr Ackerley joins from Virigin Money where he was managing director of investments and pensions. Earlier this year, Barclays launched an enhanced online platform aimed at giving investors access to simple, jargon-free information and [...]
The European Commission has confirm that its officials have undertaken a number of “unannounced” inspections at companies active in the market for financial derivative products linked to the Euro Interbank Offered Rate (EURIBOR). EURIBOR is one of the benchmarks for interest rates on loans between banks, and the Commission says it is responding to concerns [...]
Barclays Capital has become a member of the London Stock Exchange’s (LSE’s) Order Book for Retail Bonds (ORB). The electronic trading platform, launched only last year, should allow the firm to build on its presence as an arranger and distributor of retail bonds in the UK market. The firm also believes its membership of ORB [...]
Banks worldwide are focused on Asia as the number one region for growth, according to the annual Barclays Corporate Global Banking Survey. Africa is seen as providing “significant” growth opportunities, while the potential for growth in Europe and North America has become “very limited”. However, the majority (61%) of respondents expect the US dollar to [...]
“Banks occupy a unique position in our economy and enjoy privileges that other industries can never hope for.” The claim comes from the New Economics Foundation (NEF), which argues that the UK’s large banks are benefiting hugely from lower borrowing costs, which are only possibly because an implicit taxpayer guarantee means the markets view lending [...]
Barclays, HSBC and Royal Bank of Scotland (RBS) are listed among 17 financial institutions being sued by the US Federal Housing Finance Agency (FHFA) over the sale of residential mortgage-backed securities (RMBSs). The FHFA came into being in 2008 when US state-backed mortgage lenders, Fannie Mae and Freddie Mac, had to be rescued, and law [...]
Barclays Corporate has added to its string of recent appointments by hiring Chris Harrison as Head of UK MNC Trade Finance Origination. The lengthy job title means Mr Harrison is responsible for delivering trade and working capital solutions to multinational corporations. In particular, he will be developing cross-border parent subsidiary solutions. Joining from Lloyds TSB, [...]
Customer complaints are down 9% at Barclays, with new cases falling from 276,315 in the final six months of 2010, to 251,563 in the first half of 2011. However, in the general insurance and protection category, volumes increased 25% to 73,692 with payment protection insurance (PPI) complaints behind the surge. The group expects PPI volumes [...]
Commerzbank has reported its financial results for the second quarter and first six months of the year, which saw its Core Bank biannual operating profits rise, year-on-year, from €1.1bn to €2.1bn. Following the eurozone summit last month, the bank has set aside €760m in provisions against exposure to Greek bonds. In the first six months [...]
Barclays is offering emergency support to business and personal customers affected by riots. The bank says its business managers will be proactively contacting customers to assess any damage or disruption and offer solutions to ease cash flow problems, including repayment holidays of up to six months on some existing loans. Meanwhile, riot-struck personal customers with [...]
The Government has launched Big Society Capital (BSC), its promised social projects lender. Sir Ronald Cohen, the venture capital and social investment pioneer, has agreed to serve as unpaid interim chair, and Nick O’Donohoe, formerly global head of research at JP Morgan, will take the helm as chief executive officer. In addition to the £200 [...]
Barclays has launched the first bank-led UK infrastructure debt fund with the aim of broadening sources of finance backing UK infrastructure. The Senior Debt Infrastructure Fund I has a target size of £500 million and will invest in social infrastructure, economic infrastructure, renewable energy, electricity transmission and waste-to-energy senior debt executed by Barclays Corporate. Open [...]
Northern Trust has announced that it has successfully closed the acquisition of Omnium LLC from Chicago-based Citadel LLC. Omnium is a leading hedge fund manager with roughly $70bn in assets under management, and formally became a target for Northern Trust when the latter firm announced its intention to acquire Omnium on 16 May. Peter Cherecwich, [...]
Barclays Corporate has hired Filipe Oliveira to take on the role of relationship director, funds team. Based in London, Mr Oliveira’s focus will be on providing corporate and investment banking solutions to asset managers and funds across Western Europe. He brings significant experience in the funds area, most recently as a vice president at the [...]
Barclays Corporate has hired Tom Addyman as a relationship director for its specialist retail and wholesale team, based in Birmingham. Mr Addyman joins from Gulf Finance Corporation in the UAE, where he spent three years working with medium to large corporates. Previously he was with Lloyds TSB corporate markets, based in both London and the [...]
An ex-Barclays employee has been jailed after he stole more than £600,000 from dead, elderly and ill customers, to fund his online gambling addiction. James Leonard Finnigan, 42, from Twickenham, Middlesex received a four-year jail term at the Old Bailey last week, having previously pleaded guilty to the fraud. DS Ben Flannaghan, who led the [...]
Barclaycard is claiming a first in the UK with the launch of a new Platinum card with a two-year 0% balance transfer period. Furthermore, customers who apply for the card directly through Barclaycard.co.uk will receive a discount of £20 on the 2.8% handling fee, if they transfer more than £3,000. Barclaycard Customer Europe chief executive [...]
Barclays has launched Student Addition, its new student package for 2011, which offers an interest-free overdraft facility of up to £2,000 for the duration of a degree course. The account also includes a mobile phone deal with Phones 4u, giving £75 cashback on any monthly phone contract, on top of any other promotions offered by [...]
Barclays has appointed Greg Beecham to the new role of commercial director of its UK insurance and investments business. Having worked for the bank for 24 years, Mr Beecham now leads the development of the group’s products in these areas of business, with responsibility for short and medium-term growth plans. Commenting on his appointment, he [...]
KBC reports smaller annual profits
KBC has reported its financial results for the full-year and fourth quarter of 2011, including quarterly net profits of €437m. This is substantially less than the €724m of the corresponding period last year but a huge improvement on the net loss of €1,579m the firm suffered during Q3 2011. KBC also reported an annual net [...]
Barclays posts £5.9 billion profit
Barclays has posted pre-tax profit of £5.9 billion for 2011, with the figure down 3% when compared with 2010. Credit impairment charges improved 8%, to £3.8 billion. At Barclays Capital, profit before tax fell 32% year-on-year and overall, the group’s pay and bonus pool shrank 26%, with the cash element of bonuses capped at £65,000. [...]
ECB holds eurozone rates at 1%
The Governing Council of the European Central Bank (ECB) has decided to leave unchanged the eurozone’s interest rate at its record low of 1%. Today also saw the Bank of England leave the UK interest rate at 0.5%, although the quantitative easing asset purchase programme was increased by £50bn to £325bn. Growth remains sluggish in [...]
Bank of England holds rates and increases QE
The Monetary Policy Committe (MPC) of the Bank of England has decided to leave the interest rate of the United Kingdom unchanged at 0.5%. However, the MPC has chosen to increase the scope of the quantitative easing (QE) asset purchase programme (effectively printing money) by £50bn, taking it to £325bn in total. The Bank of [...]
Credit Suisse reports disappointing Q4 results
Credit Suisse has reported that in the fourth quarter of 2011 it incurred a net loss attributable to shareholders of CHF637m. This is significantly worse than the net income of CHF841m the firm made in the corresponding period last year and the CHF683m of Q3 2011. The bank also reported a core results pre-tax loss [...]
