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Ex-Barclays boss Diamond targets Africa with new firm

Former Barclays bank boss Bob Diamond has raised $325 million (237 million euros) on the London market for a new company to tap into Africa's financial sector, it said Tuesday. US national Diamond, who resigned as Barclays chief executive last year over the Libor rate-rigging scandal, has created new firm Atlas Mara with Ashish Thakkar, head of pan-African conglomerate Mara Group. "Atlas Mara has been formed to undertake an acquisition of a target company or business," the group added in a statement.

Ex-Barclays boss Diamond targets Africa for banking return

LONDON (Reuters) - Bob Diamond, the former boss of Barclays <BARC.L>, is set to return to banking by listing a shell company in London in the next few weeks to invest in the African financial sector, a source familiar with the matter said. Diamond, who was ousted from Barclays last year after the Libor rate-rigging scandal, is finalizing plans to list Atlas Mara, a cash vehicle set up with billionaire entrepreneur Ashish Thakkar, chief executive of Mara Group, the source said.

Barclays spinout eyeing up to $1 billion for debut fund

By Chris Witkowsky Dec 4 (peHUB) - A new firm formed by former distressed debt executives from Barclays is preparing to hit the fundraising trail in search of about $1 billion, according to two people with knowledge of the situation. Glendon Capital Management, which formed in April, will likely launch its debut fund in the first half of 2014, one person said. A spokesperson for Glendon declined to comment.

Barclays Capital ordered to pay $2.1 million to NY trader

(Reuters) - Barclays Capital Inc has been ordered to pay $2.1 million to a New York-based trader it fired last year in connection with the alleged rigging of the London interbank offered rate, or Libor, according to arbitration documents. The Financial Industry Regulatory Authority in the United States ordered Barclays Capital to pay Dong Kun Lee $2.1 million in damages in their award dated Nov 15.

Barclays names new heads of Americas industrial group: memo

By Soyoung Kim NEW YORK (Reuters) - Barclays Plc <BARC.L> has named Josh Connor and John Welsh as co-heads of its Americas industrial group, according to an internal memo to staff on Thursday. The bankers in the new roles will succeed John Miller, who was promoted last month to the newly created position of head of banking for the Americas.

Detroit could pay higher loan rate, unsealed letter shows

By Tom Hals and Karen Pierog (Reuters) - Detroit could end up paying almost twice as much in interest as previously disclosed on a $350 million loan arranged by Barclays Capital, according to a fee letter made public on Monday after a judge ordered it unsealed last week. U.S. Judge Steven Rhodes on Thursday thwarted efforts to keep the cost of a debtor-in-possession (DIP) financing under wraps, noting the so-called fee letter was subject to Michigan's Freedom of Information Act.

Barclays Europe retail aims for 500 million pounds profit after revamp

By Steve Slater LONDON (Reuters) - Barclays <BARC.L> retail operations in Italy, Spain, France and Portugal will return to profit in two years and could deliver 500 million pounds ($805 million) of annual earnings once a turnaround of the business takes hold. Barclays has already shut 443 of its branches in mainland Europe this year and will cut about 1,500 jobs across the business by the end of the year, achieving the bulk of a revival plan set out in February.

Barclays bank to cut 1,700 jobs from British branch network

LONDON - Barclays bank plans to cut 1,700 jobs from its network of British branches, about 5 per cent of the total workforce. Britain's second-largest bank says it is seeking to make the cuts through voluntary buy-outs. It currently employs 33,600 people at 1,577 branches in Britain. Barclays said "the way in which our customers access their banking services is changing rapidly," with people using computers and smartphones for everyday banking and paying fewer visits to branches.

Barclays bank to cut 1,700 jobs in Britain

Barclays bank plans to cut 1,700 jobs as it reduces the number of local branches in Britain, a spokesman said Thursday. The spokesman confirmed a claim from the union Unite, saying the way customers accessed their money "is changing rapidly" and fewer branches were required. Unite said the Barclays had informed its workforce that it will be cutting 1,700 jobs, including cashiers, personal bankers, operational specialists, branch managers and assistant managers next year.

Barclays to cut 1,700 branch network jobs, Unite union says

LONDON (Reuters) - British bank Barclays <BARC.L> is cutting 1,700 jobs from its branch network as it moves to increase automation across its branches, the Unite union said on Thursday. "Barclays has today informed its workforce that it will be reducing 1,700 frontline roles from across its branch network," Unite said in a statement on Thursday. "Cashiers, personal bankers, operational specialists, branch managers and assistant manager roles will be cut throughout 2014."
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