Barclays

What to Eric Schneiderman’s naked eye appears as fraud, Barclays customers apparently understand is just totally legitimate ways of doing business, according to the bank. Therefore, it wants this dark pools lawsuit dismissed and never mentioned again. Not once! Read more »

Until recently, like, say, this morning, Bill White headed the group that made headlines this week for fraud (allegedly lying to clients about high frequency trading, this and that). And, technically, he’s still got his job, though for the time being it will involve answering questions posed by Attorney General Eric Schneiderman, and not coming within 200 feet of clients. Obviously, CEO Antony Jenkins would prefer to fire White or at the very least spend an hour or so pelting him crumpets, since he really kind of put his boss in an awkward spot in light of the whole promise Jenkins made re: Barclays not being the kind of bank that does this kind of stuff anymore. But time and place, etc. Read more »

Antony Jenkins, promoted to run Barclays Plc after the Libor scandal, pledged to overhaul the bank’s culture, committing to values of integrity and respect. Allegations of fraud on his watch are undermining his plan. Barclays lied to customers and masked the role of high-frequency traders as it sought to boost revenue at one of Wall Street’s largest private trading venues, New York Attorney General Eric Schneiderman said in a civil complaint filed June 25. He cited a pattern of misleading and false representations that went on as recently as April. The first allegations of new misconduct since Jenkins was named chief executive officer of the London-based bank in August 2012 mark a setback in his efforts to break with the past and sent shares plunging the most since he took over. A hit to the reputation of the Barclays LX dark pool also would hinder Jenkins’s effort to turn around the firm’s investment bank by focusing on equities. [Bloomberg]

  • 08 May 2014 at 2:50 PM

Layoffs Watch ’14: Barclays Has A Plan

In addition to the 12,000 aforementioned cuts, the Brits will be handing out an addition 7,000 pink slips between now and 2016. Read more »

  • 06 May 2014 at 4:08 PM

Layoffs Watch ’14: Barclays

That big round of cuts CEO Antony Jenkins has been chomping at the bit to announce are expected to come later this week. Read more »

If the UK Serious Fraud Office and the people who are in charge of extradition have anything to say about it. Read more »

Antony Jenkins knows people are pissed. He knows it looked bad to increase bonuses after profits fell. He knows investors want results. He knows everyone is tense. He also knows that if everyone would just sit tight, and give him a couple weeks to finish a project he’s been working on, a lot of people will feel a lot better about the pay situation come May 8, when he officially announces the firing of a boatload of employees. Read more »