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Barclays 'Ambitious' Revenue Targets Have Buzzkill To Contend With

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Earlier today in London, Barclays announced some very exciting news- it "intends to generate additional revenue of as much as 6.4 billion pounds ($10.4 billion)" by 2013. Sounds great, right? Everyone else thought so too. Everyone except one analyst henceforth known as Debbie Downer, whose response suggested he's of the belief you can't just tell people your plan is to generate eleventy billion dollars of additional revenue by some random target date and have the market instantly absorb it as fact, propelling your stock to previously unseen heights.

“This looks like a pretty ambitious target to set,” Alex Potter, an analyst at Berenberg Bank who has a “buy” rating on the bank and a 310 pence a share target, said. “They’re going to have to give the market quite a lot of detail on exactly where this is coming from before the market will believe them.”

Barclays Sets ‘Ambitious’ Target of $10.4 Billion in Extra Revenue by 2013 [Bloomberg]


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]

Bonus Watch '13: Barclays Managing Directors Have Something To Look Forward To In 2016

If you like delayed gratification you'll love the payment plan management has come up with.

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)."