Barclays

  • 27 Feb 2013 at 12:31 PM

Clawbacks Watch ’13: Barclays

Those Libor fines don’t pay for themselves! Read more »

Barclays Tells Hedge Funds It Can’t Be Seen With Them

Barclays’ PR-driven makeover continues, even at the expense of being a full-service investment bank. Read more »

Why would you go to Barclays for investment banking services? Like, here is what you know about Barclays:

Hey that’s super. And definitely some of the people who were ripping off customers have been fired, so your odds are … improving?

In my more cynical moods I posit that there are three reasons to do business with a bank, corresponding to three relationships that you can have with the bank:

  • Client: You trust them not to rip you off.
  • Counterparty: You (think that you) are an eyes-open counterparty; they are trying to rip you off and you are trying to rip them off and you hope that you’re smart enough to survive.
  • Co-conspirator: You’re working together to rip someone else off.

Most – not all – of what is scandalous in finance comes from one or both parties misunderstanding which relationship they’re in.1

The co-conspirator model is in some sense the most attractive for the bank. Read more »

If you like delayed gratification you’ll love the payment plan management has come up with. Read more »

It’s getting to be a struggle to be amused by Libor manipulation chats. RBS took its lumps today, and the CFTC and FSA orders are full of quotes, and you can read them in various round-ups, but, meh. Even Bart Chilton is bored; today’s imagery (“sends a signal to those who would monkey around with benchmark rates … much more than a slap on the wrist …”) is a letdown after his UBS masterpiece (“Financial sector violations are hurtling toward us like a spaceship moving through the stars”) just a few weeks ago. I get it! Everyone manipulated Libor! In writing! And then they were like “heh, fukin awexome man, u manipluated libor, gud work, i sexx u now, w champain.” Fabulous.1

Part of why RBS provides less delight than its predecessor Libor-settlers is that RBS made use of the oldest and most reliable way to avoid typos: not typing. From the CFTC order: Read more »

  • 06 Feb 2013 at 9:12 AM

Layoffs Watch ’13: Barclays

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

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, related]