Barclays

  • 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

    Barclays wants all its employees to learn that they never, ever should try to rig […]

    / Jul 27, 2012 at 11:47 AM
  • News

    Bob Diamond Lieutenant Jerry Del Missier Ended Up Faring A Bit Better In The Parting Gifts Department Than The Boss

    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
  • News

    Colby College Protesters Don’t Want (Any More Of) Bob Diamond’s Dirty Money

    Protesters at Colby College on Saturday afternoon called on the administration to “restore Colby’s moral […]

    / Jul 23, 2012 at 5:46 PM
  • News

    Former Barclays Employee Is Probably Going To Jail

    Before anyone takes to Twitter to give the UK a piece of her mind, though, breathe easy: the misconduct is related to funds used to pay for breast augmentations and other cosmetic enhancements and could even take some of the heat off of Bob Diamond et al, who’ve yet to be accused of using customer money to pay for lipo.

    A bank clerk stole £46,000 to fund a boob job, liposuction and hair extensions to help her achieve her dream of becoming a model. Rachael Claire Martin admitted taking the money over an eight-week period from Barclays Bank in Liskeard, Cornwall, where she worked. The 24-year-old, from St Austell, Cornwall, is thought to have spent £4,000 on breast enlargement and £1,700 on dental work, which included teeth whitening treatment. The mother of one also travelled to Bristol on wild shopping sprees – buying make up and other items before enjoying nights out on the town back at home. While working at the bank, she regularly stole relatively small sums of £2,000 and £1,000, which she siphoned into her own account. On one occasion she managed to take £6,000.
    She initially denied 25 separate counts of theft from the bank between September 1 and October 3 in 2010.
    But the prosecution charged her with just one count of stealing £46,000 over the same period at Truro Crown Court yesterday and she pleaded guilty…She will face a jail term when she returns to court in September. Police were called when the theft was realised – but she had apparently already spent most of the stolen cash on her appearance, in the hope of realising her modelling dream.

    Barclays bank clerk stole £46,000 and spent it on boob job, liposuction and wild shopping sprees to fulfill her dream of becoming a model [DM]

    / Jul 17, 2012 at 11:48 AM
  • News

    Former Barclays Executive Jerry del Missier Not Doing Bob Diamond Any Favors

    Barclays ex-chief operating officer, Jerry del Missier, contradicted Robert Diamond, saying his former boss told […]

    / Jul 16, 2012 at 5:56 PM
  • News

    Barclays Is ‘Truly Sorry’ It Got Caught Manipulating Libor Though Not Sorry Enough To Make Amends In Person

    An ad in the paper will have to suffice.

    Barclays has made a public apology to customers and clients, saying they have “been let down” by the bank. “We are truly sorry for what has happened,” Barclays said in a advertisement published in several British newspaper today, including the Financial Times, the London-based Times and the Guardian. “You are the lifeblood of our business, and we will not allow ourselves to be distracted from what really matters — delivering for you, day in and day out,” the statement, signed by Chairman Marcus Agius, says. “I also thank you for your business. It is our responsibility to earn the right to retain it.”

    Barclays Says ‘Truly Sorry’ For Letting Down Customers, Clients [Bloomberg]
    Barclays Makes Public Apology [HIC]

    / Jul 16, 2012 at 2:55 PM
  • Why yes I think I have heard this one before

    News

    “Same Old Boring Story”

    The Barclibor scandal waits for no man; the municipal borrowers have had their day in […]

    / Jul 13, 2012 at 2:04 PM
  • News

    Libor Manipulating Banks Used Baltimore’s Tax Dollars To Help Pay Off Your Mortgage, Or Something

    There is a line forming to the left for people to beat up on Libor-manipulating […]

    / Jul 11, 2012 at 6:31 PM
  • Please don't leave us Bob

    LIBOR, News

    When You’ve Got A Global Financial Crisis To Worry About, A Few Trillion Dollars Of Fraud Don’t Seem Like That Big A Deal

    The Libor scandal presents a whole range of questions from the very micro “how much […]

    / Jul 10, 2012 at 11:28 AM
  • News

    Banks Defend Against Libor Lawsuits By Asking “Libor? Who Uses Libor, Anyway?”

    It’s no surprise that more Liborneriness is coming to a bank near you; with Barclays […]

    / Jul 6, 2012 at 6:05 PM
  • Another for the why-would-you-ever-make-this-face-on-camera file

    Barclays, News

    Who Should Be Sharpening Their Pitchforks For Barclays?

    The Barclibor scandal doesn’t seem to be going away, so it might be productive to […]

    / Jul 5, 2012 at 3:37 PM
  • HMD

    Bob Diamond’s Daughter Releases Statement Re: Father’s Firing

    While most offspring are typically not available for comment following the resignations, voluntary or otherwise, of their banker dads (lookin’ at you, Jimmy Cayne, Jr.), earlier today prolific Tweeter Nell Diamond had this to say to the Brits who have been cheering her father’s departure: “George Osborne and Ed Miliband you can go ahead and #HMD.”

    Unfortunately the note has since been deleted (and replaced with “No one in the world I admire more than my dad. 16yrs building Barclays. Shame to see the mistakes of few tarnish the hard work of so many”) but the vigorous defense was appreciated nonetheless. Previously Nell, a 2011 Princeton graduate, has had words for Ben Bernanke (“you know what bernanke? maybe tomorrow I will make lots of “projections” and YOU will miss the dumpling truck. how ya like them apples B?”), the slag heaps at Coachella (“every girl at coachella looks like pocahontas went to burning man. ugh. you probably can’t even pronounce rodarte”), and the amateur hour fucks who think her name is Neil and who she should stab with a trident (“number of people who have called me neil today: 4 via email, 1 via phone. number of people to add to my billy madison lipstick kill list: 5.”).

    Bob Diamond’s Daughter Defends Her Dad [NS via DI]

    / Jul 3, 2012 at 1:13 PM
  • And now we just draw in the arrow for "fraud," and ... done.

    News

    Libor Was Whatever Barclays Wanted It To Be

    Good lord are these Barclays settlements juicy. Basically every day for two years one Barclays […]

    / Jun 27, 2012 at 12:31 PM
  • News

    Experience The Collapse Of Lehman Brothers Again, For The First Time

    How will you be spending your weekend? I know what I’ll be doing, which is […]

    / Apr 27, 2012 at 5:56 PM
  • News

    Barclays Will Agree To Disagree On Executive Comp

    The atmosphere at the [shareholder] meeting was hostile from the start and the speeches were […]

    / Apr 27, 2012 at 1:48 PM
  • News

    Bonus Watch ’12: Second Year Barclays CEOs

    In an effort to strike a balance between being competitive and responsible, Bob Diamond will only receive 6.3 million pounds ($10 million) for his work in 2011, down from $9 million in 2010. Technically, his total package amounts to 17 million pounds ($26.9 million), but that includes stuff from previous years. [Reuters]

    / Mar 9, 2012 at 5:51 PM
  • News

    Layoffs Watch ’12: Barclays

    Cuts are said to have gone down in Bob Diamond’s den yesterday.

    “FYI: layoffs yesterday at Barclays Capital. Lev Fin was hit hard (though Barclays was nice enough to do the cuts after bonuses were handed down, in addition to giving 1-month’s pay).”

    / Mar 2, 2012 at 10:51 AM