Barclays

  • 01 Apr 2014 at 3:32 PM
  • Banks

Bob Diamond Is So Very Close To Running A Bank Again

The former Barclays chief’s new hobby is buying financial firms in Africa. Read more »

Jenkins, 52, is trying to revive profitability at the securities unit, the biggest source of income for the London-based firm, while wrestling with demands for higher pay from its bankers. He has fallen behind on targets he set as CEO and faces calls to outline a clear plan as he prepares to meet shareholders at the annual meeting next month…His efforts to revive profit have been hampered as revenue from trading bonds, currencies and commodities dwindles across the industry and regulators press Britain’s second-largest bank to increase capital or shrink assets to meet limits on leverage. Barclays’s full-year adjusted profit excluding one-time items as well as gains or losses on the value of the lender’s debt fell 32 percent to 5.2 billion pounds. The firm raised about 5.8 billion pounds in a rights offering in October. “There’s a feeling he has lost control of the business,” Christopher Wheeler, an analyst at Mediobanca SpA (MB) in London who last week cut Barclays to neutral from outperform, wrote in a March 24 note to clients. “The threat of an uncomfortable annual general meeting is becoming very real.” [Bloomberg]

  • 18 Mar 2014 at 4:17 PM

Bonus Watch ’14: Barclays Senior Staff

Dealbook reports that, like the rest of the firm, Barclays top executives did pretty well for themselves this bonus season, despite the bank doing not so well re: earnings. As previously mentioned, Chief Executive Antony Jenkins found himself between a rock and a bunch of employees who said they would quit if they weren’t made to feel loved in the way of compensation this year, and decided he had not choice but to increase bonuses. Clocking it at the highest paid member of Team Barclays was Hugh Skip McGee III, which is probably a good thing, as he’s been known in the past to make a stink when things don’t go his way. Read more »

Back in February, Barclays announced that it would be making some changes around the office; specifically, that it would be asking approximately nine percent of the company to pack up their things to leave, for good. According to the FT, a couple more people may want to prepare themselves for an uncomfortable chat in the conference room with HR. Read more »

  • 05 Mar 2014 at 5:05 PM

Bonus Watch ’14: Barclays Had Two Choices

Choice number one was to cut bonuses for a second year in a row, lose all its investment bankers in the US, and turn the place into a Gold’s Gym. Choice number two was to increase bonuses and stop the mass exodus. After many a sleepless night, CEO Antony Jenkins decided to go with the latter but lest anyone be getting ideas, this was a one time thing. Next year he won’t worry about placating anyone, mass exodus or not, and if you don’t like that you can, as his predecessor’s daughter would say, HHD. Read more »

  • 28 Feb 2014 at 2:15 PM

Barclays Cares About Its Junior Bankers Too Ya Know

Like Goldman Sachs, JP Morgan, Bank of America, Credit Suisse, Bank of Montreal, and Citigroup before it, Barclays has decided that all work and no play make for grumpy junior mistmakers. Unlike the “protected weekend” adopted by JPMorgan and Citi, and the 36-hour weekend favored by Goldman Sachs and Credit Suisse, the Brits are taking a three-pronged approach to unshackling its little workers bees from their desks by: making sure they take their vacations, not letting anyone work more than 12 days straight without a break to catch their breath, and forbidding the assigning of projects after 12 on a Friday, unless it’s really important in which case, settle in. Read more »

  • 26 Feb 2014 at 3:37 PM
  • Banks

Layoffs Watch ’14: Barclays

The last handful of traders standing at the power-trading desks are standing no more. Read more »