BarNLoungeclays announced today that the British bank posted a 14% increase in first-half net income, and said definitively that subprime mortgage defaults across the pond won’t hurt the investment bank this year. The chippies were able to protect their bottom line because as a group they are “very risk aware” and know that if you click your heels three times, subprime won’t affect profits (at least in 2007). 1st _ ½_P rose to 2.63 billion pounds ($5.35 billion, 40.1 pence/share), up from 2.3 billion pounds (35.1 pence/share) last year.
BarCap, conveniently located above Beer Bar, which Barclettes have not yet vouched for, will see a profit increase of at least 15% a year through 2008, and has limited risks in subprime mortgages, Barclays President Robert Diamond said. (Why, what have you heard?)
Barclays Says Subprime Risks Won't Reduce 2007 Profit [Bloomberg]
Posted by Andy, Aug 02, 2007 12:59PM
Oh....Maria is going to be pissed at you Bess. You know showed up at 10:45 eastern on CNBC bags packed (under eyes) and all to be the ONE to do the interview about how Barclays was doin. It may have been John who referred to Maria's work as "goin down on her sources". That might be the answer. Thanks