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 negotiates £470 million cash injection from Japan
by Gill Montia
Story link: Barclays negotiates £470 million cash injection from Japan
Barclays is reported to be close to securing an agreement with a large Japanese financial institution that is prepared to support the bank’s fundraising efforts with £470 million injection of cash.
Earlier this week, Barclays confirmed plans to raise up to £4 billion in new capital from foreign investors.
China Development Bank and Temasek (an investment [...]
Barclays looks to overseas investors for £4bn
by Gill Montia
Story link: Barclays looks to overseas investors for £4bn
Barclays has confirmed that it will be raising new capital from foreign investors. The bank is reported to be seeking up to £4 billion from sovereign funds.
The decision will no doubt have been influenced by the experiences of Bradford & Bingley (B&B), Royal Bank of Scotland and HBOS.
The rights issues of all three banks [...]
London remains world’s most influential financial centre
by Gill Montia
Story link: London remains world’s most influential financial centre
Despite a battering from the credit crisis and the Northern Rock debacle, London has been named as the most influential financial centre in the world.
The capital received the award for the second consecutive year from MasterCard, which completes an annual survey to compile its Centres of Commerce Index.
New York took second place, followed by [...]
High Street five support B&B fundraising
by Gill Montia
Story link: High Street five support B&B fundraising
Bradford & Bingley (B&B) will receive the support of the UK’s five largest High Street banks in its troubled fundraising event.
The buy-to-let lender originally planned to raise £330 million from shareholders in a rights issue but had to redraw its plans when a profit warning left its share price plummeting close to the issue price.
The [...]
RBS and Barclays named in OFT investigation
by Gill Montia
Story link: RBS and Barclays named in OFT investigation
The Office of Fair Trading (OFT) has confirmed that it raided offices of Royal Bank of Scotland (RBS) and Barclays two weeks ago and has since been investigating allegations of anti-competitive practices at both banks.
The extent of the investigation is apparently narrow, focusing on commercial loans made to the professional services sector, which includes law [...]
Barclays cuts unauthorised overdraft fees
by Gill Montia
Story link: Barclays cuts unauthorised overdraft fees
As the High Court case over unreasonable bank charges lapses into an appeal that could delay the outcome for months, Barclays has announced that it is reducing its overdraft fees.
From 18th August, the bank’s £35 charge will be cut to £8 and its 11 million current account holders will also be offered a temporary [...]
Barclays revises PPI ahead of Competition Commission report
by Gill Montia
Story link: Barclays revises PPI ahead of Competition Commission report
Barclays has dropped the payment protection insurance (PPI) that had been tied to its Firstplus mortgage range.
The bank says it is in the process of revising its entire PPI range, so that it can offer customers a pick-and-mix choice of life, accident and sickness and unemployment cover.
The move comes ahead of a report from the [...]
Barclays writes down £1bn and considers rights issue
by Gill Montia
Story link: Barclays writes down £1bn and considers rights issue
In a trading update, Barclays has revealed that it has written down a further £1 billion in relation to the credit crisis, in the first quarter of the year.
The bank’s investment division, Barclays Capital, absorbed a £1.006 billion write down as credit market conditions worsened. However, the unit remained profitable overall.
Profit for the first quarter [...]
Barclays refuse to rule out rights issue
by Richard Kilner
Story link: Barclays refuse to rule out rights issue
Barclays, the third largest bank in the UK, has neither confirmed nor ruled out the possibility of a rights issue in order to raise capital.
Recently the Royal Bank of Scotland was forced to ask for billions of pounds from shareholders through such a mechanism, after earlier statements indicating such a course of action would not [...]
Banks face losses as commercial property stocks fall
by Gill Montia
Story link: Banks face losses as commercial property stocks fall
Capital Economics is warning that UK banks could face large losses as a result a sharp fall in the value of the UK’s commercial property.
The economic forecasting consultancy is warning that £7 billion could be wiped off commercial property stocks in the next two years and that the figure could rise to £18 billion should [...]
Barclays’ president heads for the US
by Gill Montia
Story link: Barclays’ president heads for the US
The president of Barclays PLC, Bob Diamond, will be spending more time in New York in the future.
Mr Diamond, who is also chief executive of Barclays Capital, Barclays Global Investors and Barclays Wealth, will split his time equally between Manhattan and London in a move aimed at building the bank’s presence on Wall Street.
The [...]
Barclays reports 26% rise in Isa take-up
by Gill Montia
Story link: Barclays reports 26% rise in Isa take-up
Barclays has reported a 26% increase in the number of individual savings accounts (Isas) opened in January and February of this year, compared with the same period in 2007.
The bank is interpreting the rise as evidence that investors remain confident in the medium and long-term performance of Isas, despite the recent turmoil on the global [...]
US Barclays in money laundering probe
by Gill Montia
Story link: US Barclays in money laundering probe
Barclays in being investigated by authorities in the US following allegation that the bank has been conducting business with foreign states suspected of sponsoring terrorism.
The US Department of Justice and the New York district attorney are scrutinising payments made in dollars through a New York branch of the bank.
They will seek to establish whether [...]
Barclays acquires Expobank of Russia
by Gill Montia
Story link: Barclays acquires Expobank of Russia
Barclays is expanding in Russia with the purchase of Expobank, a retail and commercial bank with branches in and around Moscow and St Petersburg.
Currently, Barclays Capital, the bank’s investment business, has a presence in the country but the proposed acquisition, for £373 million, will mark its entry into Russian retail banking.
Expobank, which is owned by [...]
UBS contacts bankers over chairman position
by Dave Nixon
Story link: UBS contacts bankers over chairman position
UBS has quietly contacted some of Europe’s zenith bankers to join its board of directors and ultimately replace the troubled Swiss bank’s incumbent chairman, Marcel Ospel.
The executives approached by headhunters acting for the bank consist of Bob Diamond, president of Barclays; Michael Cohrs, head of global banking at Deutsche Bank; and John Studzinski, Blackstone‘s [...]
Barclays posts flat profit of £7bn
by Gill Montia
Story link: Barclays posts flat profit of £7bn
Barclays has recorded pre-tax profit of £7 billion for 2007, a 1% decrease on 2006.
Barclays Capital, the bank’s investment arm, recorded writedowns totalling £1.6 billion for the year, on loans connected to the US sub-prime mortgage crisis.
Despite the charge, Barclays Capital reported a 5% increase in pre-tax profit, to £2.3 billion.
Profit at the bank’s international [...]
Dividends to rise for Barclays and Lloyds TSB
by Richard Kilner
Story link: Dividends to rise for Barclays and Lloyds TSB
This week Barclays and Lloyds TSB are predicted to increase their dividend payouts.
The move would be seen as a ray of sunshine in a distinctly overcast banking sector.
It would also been seen as a sign that both banks, amongst the largest in the UK, believe they suffered the worst of the fallout from the [...]
Barclays acquires Goldfish
by Gill Montia
Story link: Barclays acquires Goldfish
Barclays is acquiring the Goldfish credit card brand from Discover Financial Services of the US.
The bank is paying £35 million for Goldfish which has 1.7 million UK credit card clients with outstanding balances totalling £2 billion.
The acquisition should be completed this summer and Barclays plans to integrate Goldfish into Barclaycard, which has 9.6 million UK [...]
Barclays Lead Charges Defence
by Stewart Douglas
Story link: Barclays Lead Charges Defence
Retail bank Barclays has today fought back in the high profile bank charges test case with what it described as “throwing down the gauntlet” in order to establish the law relating to the penalties levied against customers straying into their overdraft without permission.
Its argument, lead by representing QC Iain Milligan from 20 Essex Street Chambers [...]
Barclays encouraged by US Supreme Court ruling
by Gill Montia
Story link: Barclays encouraged by US Supreme Court ruling
Barclays and other banks that are involved in US court cases emanating from the Enron scandal have won a significant victory.
Earlier this week the US Supreme Court ruled that investors could not sue third parties for helping a business to commit fraud.
In the case of Stoneridge Investment Partners v Scientific-Atlanta the court ruled by [...]
