Barclays

  • barcapbird

    News

    Layoffs Watch ’13: Barclays

    The Brits are said to have alerted some staff that their services are no longer required at the bank.

    / Feb 6, 2013 at 9:12 AM
  • Barclays chief executive Antony Jenkins

    News

    Barclays CEO Promises To Clear Out His Desk In Hypothetical Scenario In Which Bank Decides To Start Engaging In Rampant Fraud Again

    Mr. Jenkins and the firm’s chairman, David Walker, told politicians on Tuesday that they were prioritizing ethics and reducing risky trading activity, adding that they would take responsibility if future problems were discovered at the bank. The Barclays’ chief, who agreed to forgo his bonus in response to the series of scandals that have hit Barclays in recent years, said he would resign if another scandal was uncovered while he was leading the bank. “The chief executive is responsible for what happens during their tenure and when incidents happen the price needs to be paid and I believe were I to find myself in that position I would do the right thing,” Mr. Jenkins said on Tuesday. When politicians asked Mr. Jenkins if he was eradicating the culture that he inherited from his predecessor Robert E. Diamond Jr., Barclays’ new chief said he was indeed “shredding that legacy” of sometimes being “too self-centered and too aggressive.” [Dealbook]

    / Feb 5, 2013 at 3:05 PM
  • I've  missed you Bob! This is totally unfair, it was before his time; John Varley was CEO. Still.

    News

    When No One Else Would Invest In Barclays, Barclays May Have Just Invested In Itself Itself

    We’ve talked a lot about bank capital today but there’s still time for one quick […]

    / Jan 31, 2013 at 6:14 PM
  • barclaysballoon

    News

    Layoffs Watch ’13: Barclays

    Earlier this week Barlcays promised not to dawdle when it comes to canning the 2,000 employees slated to be cut. Today employees in Asia got to experience that follow-through in action!

    / Jan 24, 2013 at 2:33 PM
  • Barclays-headquarters-in-008-260x156

    News

    Barclays Promises To Be Snappy About Its Upcoming Layoffs

    No more long, dragged out firings. No more dread-filled days wondering if HR is coming for you and, if so, when. If you’re a Barclays employee set to be canned, you’re getting canned A-SAP.

    / Jan 22, 2013 at 12:53 PM
  • Antony Jenkins

    News

    Barclays Chief Understands Not Everyone At The Bank Will Be Comfortable Complying With New Company Policy That Dictates They Follow The Law

    Earlier today, Barclays chief Anthony Jenkins sent out a memo to employees informing them that moving forward, there’d be a new way of doing things ’round the bank. Namely, that whereas during his predecessor’s tenure, manipulating interest rates and engaging in other forms of criminal activity was acceptable, such things would no longer fly. And not in a “this sort of thing is now frowned upon” way but in a “you actually can’t do this anymore/if that presents a problem for you than clean out your desk and leave” way. Aware that change can be very difficult, that it often causes great anxiety, and that many will be initially resistant, Jenkins chose to take 1,479 words to get his message across, taking the time to acknowledge not everyone will be on board with acting “fairly, ethically and honestly,” rather than writing: “Hey, we have a new policy called ‘not doing illegal shit.’ It’s a little unorthodox and it may not be for everyone, so please take some time to think it over. If it’s not for you, we wish you good luck in your future endeavors.”

    / Jan 17, 2013 at 1:26 PM
  • barcapbird

    News

    Bonus Watch ’13: Barclays, Credit Suisse Bonuses To Spend Some Time In The Pool

    Like Deutsche Bank, management at BARC and CS think shrinking bonuses up to 20 percent […]

    / Jan 14, 2013 at 5:42 PM
  • Bob Diamond, now and forever

    News

    Fines For Banks Who Made Up Numbers Seem To Be Made-Up Numbers

    I assume that there’s someone somewhere whose job it is to think about this, but […]

    / Dec 13, 2012 at 5:30 PM
  • woman-with-mango-vert

    News

    Layoffs Watch ’12: Some Barclays Senior Executives Want To Crank Things Up A Notch

    Earlier this month, it was reported that Barclays’ investment bank chief Rich Ricci was working on a little something called Project Mango,* which is similar to Bank of America’s Project New BAC in that one aspect of it involves firing a bunch of people, as part of a plan to revamp the unit. According to the Journal, management is now putting the finishing touches on Project M and all that is left to decide is whether cutting 2,000 IBD jobs is enough or if they should think bigger.

    / Dec 13, 2012 at 1:53 PM
  • I was gonna give you more Bob Diamond, but Guido Ravoet of the European Banking Federation is surprisingly dapper and like stubble-goateed.

    News

    Banks In Trouble For Making Up An Interest Rate In Response To Request For Made-Up Interest Rate

    The best way to read this Journal article about how a bunch of banks manipulated […]

    / Dec 10, 2012 at 3:22 PM
  • mango

    News

    Layoffs Watch ’12: Barclays

    Remember when Bank of America said it was working on a little something called “Project New BAC,” and it involved firing a whole bunch of employees? Barclays is apparently working on a coupla “projects” of its own.

    / Dec 3, 2012 at 7:33 PM
  • Bob-Diamond415

    News

    Barclays Has Fired All The Employees Involved In Libor Manipulation That Didn’t Slip Out A Side Door And Beat Them To The Punch

    Barclays has fired five employees following its internal investigation of the rigging of Libor interest […]

    / Nov 29, 2012 at 11:41 AM
  • Hi, I'm Antony Jenkins, I'm actually the CEO of Barclays, not Bob Diamond it turns out.

    Banks

    Qatar Holdings Sells Its Barclays Warrants, Sort Of

    Is there a better word in the English language than “monetize”?1 When you have a […]

    / Nov 26, 2012 at 10:33 AM
  • oliverdesbarres

    News

    Barclays’ (Now Former) Head Of FX Strategy In Asia Has A Moment

    Have you ever had construction going on nearby your home? Was it loud? Annoying? Did keep it keep you up in the middle of the night? Did you seriously consider opening your window and screaming “Hey! Shut the hell up down there!” or even confronting the people making all that racket face to face? Olivier Desbarres can relate. Or at least he can half relate. Because while most of you were probably talked out of making some sort of scene, either by your significant other or your own impulse control, on October 20th Desbarres decided to go in another direction, the one that involved introducing himself to the construction workers building a house near his own by screaming “I’m gonna go after you, I will haunt you, I’m gonna burn your fucking house down, I will find your fucking family,” a task he noted would be fairly simple and straightforward (“I can find [them] very easily,” he explained, “I’m a man with resources”), in case there were doubts (a fairly reasonable concern, as there are a lot of people in Singapore and how were these guys supposed to know he had an army of Barclays researchers at his disposal?). 

    Still worried that the group wasn’t taking his threats seriously on account of the casual look he was sporting that morning– shorts and sandals– Desbarres then picked up some sheet metal and launched it in their direction, presumably to demonstrate he meant business.* Although that would have been a good time to make his exit, at that point Desbarres noticed that one of the men had been recording him without his consent, leading to:

    “You’re filming me? You think that’s good? Put your fucking phone down because I’m going to wait for you to come out and take that phone and shove it up your fucking ass.”

    According to one local publication, this whole thing started because the construction crew began working at 8:45am one day in October instead of 9am, the time Desbarres preferred. In related news, according to a person familiar with Barclays’ policies concerning construction site meltdowns, “We consider such behavior and language unacceptable. It does not meet the high standard of conduct that we expect of our employees.” Desbarres, who is no longer with the bank, has not yet returned Dealbreaker’s call for comment.**

    Foul-mouth foreigner threatens workers and warns he will hunt down their families [Stomp]
    Barlcays Far Too Candid Camera [Sunday Times via Ian Fraser]
    Barclays Capital Appoints Olivier Desbarres as Head of FX Strategy, Asia-Pacific Ex-Japan [BarCap]
    Related (re: Barclays employees losing their shit in public): Barclays Global Head of Investment Banking Writes Tear-Stained Letter To Son’s School, Demands Teacher’s Firing For Trash Talking Barclays, Making Son Cry

    *Insane ranting + shorts + sandals can leave room for interpretation re: is this guy serious or not; insane ranting + shorts + sandals + grabbing whatever shit from a construction site is within arm’s reach and throwing at people is generally– though not always!– pretty clear. 
    **Possibly because we called in the middle of the night local time and he is on his way to New York to throw a piece of sheetrock at us; you know how he gets when his sleep is interrupted. 

    / Nov 8, 2012 at 1:39 PM
  • MANIPULATE ALL THE THINGS

    News

    Barclays Did Plenty Of Non-Libor Manipulating Too

    What can we make of this Barclays FERC thing? Besides, like, ha ha ha Barclays […]

    / Nov 1, 2012 at 2:07 PM
  • News

    Layoffs Watch ’12: Barclays

    Cuts are said to have gone down with more a-comin’.

    Barclays PLC is cutting about 50 employees from its equities business, the latest effort by the British bank to reduce costs at its investment-banking arm. A week ago, the U.K. lender announced internally that about 10% of the jobs at its equities business across Europe, Africa and the Middle East would be lost, a person familiar with the matter said Friday. During the first half of the year, Barclays’s equities and prime services business, which employs about 500 people, saw revenue fall 12% on the year to £973 million ($1.57 billion). The business has suffered as market volumes have dried up in recent quarters…The work-force reduction could be a taste of things to come for Barclays’s investment bank. At the beginning of 2009, former Barclays Chief Executive Bob Diamond hired more than 400 bankers, mainly in equities and research, as part of a drive to turn the predominately debt-focused bank into a multi-asset powerhouse. Following Mr. Diamond’s departure in the wake of a rate-fixing probe, new CEO Antony Jenkins has started a review of the bank’s businesses to assess their profitability and whether and how they affect the lender’s reputation. This, combined with tougher regulatory requirements, is expected to result in Barclays shrinking its investment bank, analysts say.

    Barclays To Cut 50 Equities Jobs [WSJ]

    / Oct 19, 2012 at 6:26 PM
  • News

    Bonus Watch ’12: Barclays Employees To Get Paid (Or Not) For Being ‘Good Citizens’

    Breaking the speed limit in a school zone, for example, will cost you a couple mill, while volunteering with your local Boy Scouts chapter to help the troops earn their “Libor Manipulation” badges will translate to a few extra zeros on payday.

    Barclays’ new chief executive said he will pay employees based in part on whether they are good citizens, as the British bank tries to restore its tarnished reputation. Within the next six to 12 months, Barclays will devise a “balance scorecard” with metrics that measure performance across a range of areas, including how the actions of executives affect the environment, Antony Jenkins said in a brief interview on Sunday at the Clinton Global Initiative…Jenkins, who previously ran Barclays’ business and retail banking division, said he managed the unit with a scorecard that rated employees on how their actions affected all stakeholders, including investors, customers, other employees and “society.” The scorecard includes a “citizenship” component, according to a bank spokesman.

    Barclays New Chief Ties Compensation To Societal Goals [Reuters]

    / Sep 25, 2012 at 11:51 AM
  • News

    Former Barclays Employee Sentenced To 52 Weeks In Jail

    Breathe easy, friends of Bob Diamond and the guy who wrote “Anything for you, Big Boy,” as a response to the request, “Can you manipulate Libor for me today when you’ve got a sec? Thanks a mill.” In this case we speak of Rachael Claire Martin, the ex-Barlcays employee who used customer funds to pay for breast augmentations, dental work, liposuction, drugs, alcohol, shoes, and jewelry, despite initially telling authorities she covered the tricks and treats with money she earned engaging in sex for payment (an excuse anyone facing questioning for their own alleged misconduct should feel free to use. Just because one judge didn’t buy it doesn’t mean another won’t).

    Mother-of-one and law graduate Rachael Martin, 24, ‘spent money like water’ after getting a job with Barclays in Liskeard, Cornwall, where she was responsible for dealing with cheques. The stolen cash paid for a breast enlargement, thought to be worth £4,000, dental work worth £1,700, and liposuction, as well as nights out, drink and drugs. She has now been jailed after stealing £46,000 in just two months from her employers. Extravagances included £1,687.95 at the Windsor Place dental surgery in Liskeard, and £500 on unspecified cosmetic surgery at Harley Medical, the court heard. Martin also lavished £670 at exclusive jewellers Tiffany, and £506 on a pair of Jimmy Choo shoes.

    When she was arrested, Martin, from St Austell in Cornwall, told police she earned money as an escort in Bristol, adding that she was ‘a common prostitute’. But the claim was a cover for her criminal behaviour, said prosecutor Iain Leadbetter. Recorder Jeremy Wright jailed Martin, who has an eight-year-old son, for 52 weeks, telling her she had demonstrated a ‘concerted, clever and serious breach of trust’.

    Bank worker, 24, who stole £46,000 to fund boob job and party lifestyle told police she earned the money working as an escort [DM]

    / Sep 21, 2012 at 4:02 PM
  • News

    Financial Services Authority Had Doubts About This Bob Diamond Character Back In 2010

    The regulator didn’t specifically suspect anything re: propensity for manipulating Libor, just a general feeling it couldn’t necessarily trust the guy, which Barclays chairman Marcus Agius conceded was not entirely off base.

    On Wednesday a British parliamentary committee release an internal record from the Financial Services Authority dating back to September 2010. The note details a discussion between Barclays Chairman Marcus Agius and then FSA chief Hector Sants during the final stages of the regulatory approval process for Mr. Diamond’s promotion to CEO. In the note Mr. Sants said that Mr. Diamond had not reached “the level of openness, transparency and willingness to air issues with the FSA” of his predecessor. Mr. Agius agreed and said that the outgoing Barclays CEO John Varley would “coach” Mr. Diamond on the issue…During a meeting with lawmakers after Mr. Diamond’s resignation, Mr. Agius said that the Libor issue had not been raised by the FSA when it vetted the CEO.

    U.K. FSA Warned Barclays Over Diamond in 2010 [WSJ]

    / Sep 19, 2012 at 4:48 PM
  • transformations

    A Changed Barclays No Longer Cares About Financial Returns

    Barclays will take the axe to its controversial tax structuring unit, as the UK lender […]

    / Sep 11, 2012 at 1:33 PM
  • News

    New Barclays CEO May Or May Not Have The Balls To Take An Ax To Bob Diamond’s Baby, Says Guy

    Antony Jenkins said he will outline his plans for Barclays in the first quarter of […]

    / Aug 30, 2012 at 12:37 PM
  • News

    Deferring ‘Significant’ Amounts Of Compensation, Placing Caps On Bonuses Not Working Out So Well For Barclays

    Only in that senior people the bank worked hard to recruit are quitting en masse. Otherwise, it’s great.

    Barclays spent a decade assembling a team of the most successful gas and power traders in Europe. It took less than 16 months to lose most of them. Mercuria Energy Trading SA, based in Geneva, hired five members from the group of about a dozen from March 2011 to June this year, including Phil Sutterby as head of U.K. and European gas and Roger Jones, the former global chief of commodities, according to people with knowledge of the moves. Another six left for companies including UBS, Noble Group Ltd. and Freepoint Commodities LLC. The departures from the U.K.’s second-biggest bank reflect bonus caps, limits on the amount of money traders can risk and shrinking revenue from the division that includes commodities. While hiring from hedge funds and rival lenders helped Barclays catch up with Goldman Sachs and Morgan Stanley in commodity derivatives, according to Greenwich Associates, a focus on deferred pay left the bank vulnerable to headhunters.

    “The significant amount of deferred compensation and the aggressive cap on cash payouts at Barclays has unsettled a number of individuals,” said Peter Henry, New York-based head of front-office research at Commodity Search Partners. “Add to that the fact they have been systematically targeted by privately held trading houses, specifically Mercuria, and it’s fairly understandable why senior traders are leaving.”

    Bonus Limits Spark Exodus At Barclays Trading Unit [Bloomberg]

    / Aug 28, 2012 at 11:33 AM
  • News

    Barclays New Chairman Wants Employees To Work Harder For The Money

    One of Mr. Walker’s top priorities will be reforming the bank’s image. He was known […]

    / Aug 10, 2012 at 5:09 PM
  • News

    Bonus/Layoffs Watch ’12: Barclays

    The juniorest of mistmakers have received their numbers (and a little perspective).

    “Barclays first year analyst bonuses: massive range, 20k-55k. Analysts got 20k, 25k, 35k, 40k, 45k, and 55k at top. Most groups are expecting cuts within the next few months so while some people are dissatisfied, most are just happy to have jobs.”

    / Jul 31, 2012 at 3:03 PM
  • Hugely embarrassing: this post used to contain the logo for the wrong Berkshire Bank. Sorry!

    News

    Jealous Non-Libor-Panel Banks Want Libor Lawsuits Too

    Apparently a lot of law school graduates are unemployed and starving so as a public […]

    / Jul 30, 2012 at 2:28 PM
  • News

    Barclays Film Division Releases Debut Title: 12 Minute Libor

    The bad news is that former Barclays chief operating officer Jerry del Missier is still out of a job and it may be some time before he gets a new one, on account of “investigations conducted by American and British authorities [demonstrating] he was a central figure” in the scandal du jour and “asked other bank officials to lower the firm’s submissions to Libor.” The good news is that Jer is still (probably) getting paid, unlike some people he knows.

    Barclays was mired in fresh controversy on Wednesday night after handing almost £9m to a top banker who left following the Libor scandal and after one of its highest profile non-executive directors suddenly quit, taking the toll at the top to four. Jerry del Missier, who resigned after telling subordinates to reduce the bank’s Libor submission during the October 2008 banking crisis, was reported to have been handed £8.75m cash as part of his leaving package.

    Shadow Treasury minister Chris Leslie called on del Missier to follow Diamond and waive the bulk of his payoff. “Having resigned from Barclays over the Libor fixing scandal, people will find the scale of this award completely inappropriate. Bob Diamond rightly waived most of his pay off and Mr del Missier ought to do the same,” Leslie said.

    £9m leaving deal for Barclays deputy Jerry del Missier [Guardian]
    Former Top Barclays Official in Line for $13.6 Million Payout [Dealbook]

    / Jul 26, 2012 at 2:57 PM
  • New rule: every financial regulator, bank CEO, whatever, when they're sworn in, they have to pose for two pictures, one doing "thiiiis small" and the other doing "the fish was thiiiiiis big."

    News

    Tim Geithner Dealt With Libor Manipulation By Writing Strongly Worded Letters And Then Lending Billions Of Dollars At Libor-Based Rates

    Tim Geithner had a nice chat with Congress about Libor in a theoretically unrelated hearing […]

    / Jul 25, 2012 at 4:55 PM