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UK lawmakers meet to thrash out bank reforms

June 8, 2013 20:56
By Matt Scuffham LONDON (Reuters) - New proposals to improve standards and culture within UK banks will be thrashed out by British lawmakers in important meetings next week which could shape the industry for years to come. The Parliamentary Commission on Banking Standards, led by Conservative Andrew Tyrie, was set up by the government last July after Barclays <BARC.L> was found to have manipulated global interest rate benchmarks, sparking public outrage.

Barclays pulled into U.S. money laundering investigation

June 2, 2013 13:41
LONDON (Reuters) - Barclays <BARC.L> has been dragged into an international money laundering investigation after U.S. prosecutors discovered that Arthur Budovsky, the founder of digital currency exchange Liberty Reserve, held an account with the British bank. U.S. prosecutors have filed an indictment against the operators of Liberty Reserve, accusing the Costa Rica-based company of helping criminals around the world launder more than $6 billion in illicit funds linked to everything from child pornography to software for hacking into banks.

RBS seeks approval to issue CoCos to boost capital

April 26, 2013 10:45
LONDON (Reuters) - State-backed Royal Bank of Scotland <RBS.L> said it would ask shareholders for approval to issue debt that converts into equity if the bank hits trouble. The bank said on Friday that in response to UK regulatory requirements for banks to hold more capital and to allow it "to manage its capital in the optimal way" it would seek approval to issue loss-absorbing capital instruments in the form of equity convertible notes (ECNs), also known as "CoCos".

Barclays promises angry investors to crack down on pay

April 25, 2013 10:15
By Steve Slater LONDON (Reuters) - Barclays promised a rigorous review of executive pay on Thursday, as shareholders at the bank's annual meeting said they remain unconvinced that big bonus payouts will be abandoned by its new bosses as part of a new ethical drive. Chief Executive Antony Jenkins, drafted in last year to tear up Barclays' profits-at-all-costs culture, told shareholders it would take time for them to see the benefits of his multi-billion-pound overhaul.

Barclays promises "rigorous" pay review

April 25, 2013 05:00
By Steve Slater LONDON (Reuters) - Barclays <BARC.L> promised a rigorous review of executive pay and a cooperative relationship with regulators as it tries to dispel a reputation for reckless risk-taking and unethical behaviour that caused a series of scandals. The British bank said on Wednesday it would reform its standards and culture, from improving coordination within its executive team to forcing all staff to attend a course on the company's new values.

Scandal-hit Barclays returns to first-quarter profits

Agence France-PresseApril 24, 2013 13:01
British bank Barclays, seeking to recover from last year's damaging Libor rate-rigging scandal, announced on Wednesday that it bounced back into net profits in the first quarter of 2013. Earnings after taxation stood at £839 million ($1.28 billion, 983 million euros) in the three months to March 31, Barclays said in a results statement. That contrasted with a net loss of £598 million in the same part of 2012.

Barclays bank returns to profit in first quarter

Agence France-PresseApril 24, 2013 03:16
British bank Barclays, seeking to fix its battered reputation caused by last year's Libor rate-rigging scandal, said Wednesday that it returned to profit in the first quarter with net earnings of £839 million ($1.28 billion, 983 million euros) after a loss in the first three months of 2012. Barclays recorded a profit after tax following a net loss of £598 million in the first quarter of last year, the bank said in an earnings statement.

Barclays investment banking shines as overhaul costs hurt

April 24, 2013 02:45
By Steve Slater LONDON (Reuters) - Investment banking made most of the first quarter profit at British bank Barclays, highlighting the challenge for the lender's new boss in making money as he shrinks that part of the business. Chief Executive Antony Jenkins was brought in to bring a more ethical approach to Britain's third largest bank after scandals over rate-fixing and big bonuses in the investment banking arm that was built up by his predecessor Bob Diamond.

Barclays continues shake-up with two new directors

April 22, 2013 08:15
LONDON (Reuters) - Barclays <BARC.L> named two new non-executive directors on Monday as new bosses attempt to put a series of scandals behind the British bank. The board was criticised last year for being too indulgent with management and failing to spot the risks from a free-wheeling, risk-taking culture under former Chief Executive Bob Diamond. Alison Carnwath quit as head of its remuneration committee in July and said later that she had clashed with the board over Diamond's bonus.

Diamond era ends at Barclays with Ricci exit

April 18, 2013 06:30
By Steve Slater LONDON (Reuters) - Rich Ricci, the boss of Barclays' investment bank who collected $26 million (17 million pounds) in deferred bonuses last month, is leaving the scandal-hit bank as its new chief executive seeks to cut back executive pay and repair its image. The American-born Ricci, a star performer at Barclays known for his love of horse racing, was a key lieutenant of Bob Diamond, the former chief executive who left Britain's third largest bank last year after a Libor interest rate rigging scandal.
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