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Barclays settles Libor 'test case' before UK trial

By Steve Slater LONDON (Reuters) - Barclays <BARC.L> has reached a settlement with a UK care home operator weeks before the start of a court case that was seen as a test case for whether customers might sue banks over the manipulation of Libor interest rates. Barclays had been accused by the care home operator of mis-selling products linked to benchmark interest rates and senior Barclays employees and former executives, including former chief executive Bob Diamond, had been due to testify at the trial.

Barclays to cut 12,000 jobs, pays bigger bonuses

By Steve Slater and Matt Scuffham LONDON (Reuters) - Barclays said it would axe up to 12,000 jobs this year even as it raised bonuses for investment bankers, prompting fury among politicians and unions who said it had not learned the lessons of the financial crisis. Britain's third-biggest bank said up to 9 percent of employees could go, including 7,000 in Britain, as it tries to lower costs. The cuts are not concentrated in any one business area.

Scandal-hit Barclays axes jobs, lifts bankers' bonuses

Barclays will axe thousands of jobs and raise bonuses for its bankers this year, the under-fire British lender said on Tuesday as its investment arm fell into a heavy loss. Chief executive Antony Jenkins, who has himself declined a huge bonus as Barclays is probed along with other banks over possible manipulation of foreign exchange trading, said that between 10,000 and 12,000 jobs would go worldwide this year. Jenkins told a conference call with media that about 7,000 jobs would go in Britain, out of a global workforce of about 139,000.

Scandal-hit Barclays bank axes jobs, raises bonuses

Barclays will axe thousands of jobs and raise bonuses for its investment bankers this year, the under-fire British lender announced on Tuesday after posting a return to annual profits. Chief executive Antony Jenkins, who has himself declined a huge bonus as Barclays is probed along with other banks over possible manipulation of foreign exchange trading, said that between 10,000 and 12,000 jobs would go worldwide this year. Jenkins told a conference call with media that about 7,000 jobs would go in Britain, out of a global workforce of about 139,000.

Under-pressure Barclays posts mixed earnings

Barclays unveiled mixed annual earnings on Monday, as the British bank seeks to fend off fresh financial strains following the Libor rate-rigging scandal. The bank took the unusual step of posting bottom-line and adjusted pre-tax profits a day early in a brief statement, after the Financial Times business newspaper had published figures close to the mark. While statutory pre-tax profits surged last year, adjusted earnings dropped and missed the bank's own forecast amid cost-cutting across the group.

British bank Barclays announces surge in annual profit

Barclays' pre-tax profits surged last year, the British bank revealed on Monday in a surprise statement amid media speculation over its earnings. Profit before tax hit £2.9 billion ($4.8 billion, 3.5 billion euros) in 2013, compared with £246 million in 2012. Barclays revealed the figures one day before its scheduled full-year results statement. It gave no reason for the early disclosure, although the Financial Times newspaper had reported similar figures.

Barclays must hand over more ex-boss emails in Libor case

By Steve Slater LONDON (Reuters) - Barclays <BARC.L> has been told to hand over thousands more emails and other documents from its former bosses in a UK court case tied to the alleged manipulation of Libor interest rates, which will start in April. In a case being heard at London's High Court, Barclays is accused by a UK residential care home operator of mis-selling products that were based on Libor rates. The hearing will start on April 29 or 30 and is expected to last for about six weeks.

Barclays to cut hundreds more investment bank jobs: source

LONDON (Reuters) - Barclays <BARC.L> is set to cut hundreds more jobs in its investment banking division, a source familiar with the matter said on Tuesday, as the British lender keeps pushing to reform its business. The number of jobs being axed was in the "low hundreds", the source told Reuters, and the cuts will probably come in the next few weeks. Barclays is also restricting travel to meetings, according to the source, a sign it is clamping down on costs.

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 says compliance chief resigns due to stress

British bank Barclays said Wednesday that compliance chief and ex-regulator Hector Sants has resigned from the scandal-hit lender due to stress. "Hector Sants has been on sick leave since the beginning of October, suffering from stress and exhaustion," said a statement from Barclays, which was plagued last year by the Libor rate-rigging scandal. "He has concluded that he will not be able to return to work in the near term. Consequently he has decided to resign from Barclays and not return from sick leave."
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