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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.

Barclays CoCo plan seeks to allay investor dilution threat

April 17, 2013 10:30
By Steve Slater LONDON (Reuters) - Barclays <BARC.L> is seeking to head off any future row with shareholders about dilution of their holdings by proposing they get the right to buy shares if new instruments kick in that force debtholders to convert to equity. Regulators are demanding that bondholders help strengthen a bank if its capital position weakens, which would provide greater protection for depositors and taxpayers. Banks are trying to develop the best structure for such debt.

Barclays investment bank boss cashes in $26 million award

March 20, 2013 14:00
By Steve Slater LONDON (Reuters) - Rich Ricci, the head of Barclays' investment bank, has sold shares worth more than 17 million pounds straight after receiving them as part of previous deferred bonuses or long-term awards. Barclays said on Wednesday Ricci was awarded 5.7 million shares on Monday and had sold them all when the shares were priced at 308.1 pence, valuing the stake at 17.6 million pounds. Barclays shares have fallen through this week and closed on Wednesday at 295.2p.

UPDATE 1-Barclays, RBS making plans to boost capital - sources

February 25, 2013 14:45
By Aimee Donnellan and Steve Slater LONDON, Feb 25 (IFR/Reuters) - Barclays and Royal Bank of Scotland are planning to raise more capital via bonds that convert into shares in times of crisis, to help meet safeguards for taxpayers that are being demanded by regulators. British bank Barclays could issue up to 7 billion pounds ($11 billion) in so-called contingent convertibles, or CoCos, people close to the matter said on Monday, adding to the 3 billion it raised in November.

Barclays to slash jobs after suffering 'reputational damage'

February 12, 2013 08:30
Barclays will cut at least 3,700 jobs this year and slash costs, the scandal-hit bank announced on Tuesday as it also revealed that it had plunged into an annual net loss amid the Libor rate-rigging crisis. The British bank said in a statement that it would "reduce headcount by at least 3,700 across the group, including 1,800 in the Corporate & Investment Bank and 1,900 in Europe Retail and Business Banking." Barclays employs 140,000 staff.

Barclays bank takes extra £1.0-bn charge for mis-selling

February 5, 2013 05:00
Scandal-hit British bank Barclays said Tuesday that it will set aside another £1.0 billion ($1.6 billion, 1.2 billion euros) to cover compensation for the mis-selling of both credit insurance and interest rate hedging products. Barclays, which was rocked last year by the separate Libor rate-rigging scandal, said in a brief statement that it hiked its provision for the mis-selling of payment protection insurance by another £600 million, taking its total bill to £2.6 billion.

URGENT ¥¥¥ Barclays bank takes extra £1.0-bn charge for mis-selling

February 5, 2013 04:00
British bank Barclays said Tuesday that it will set aside another £1.0 billion ($1.6 billion, 1.2 billion euros) to cover redress for the mis-selling of both credit insurance and interest rate hedging products. Barclays, rocked last year by the Libor scandal, said in a statement that it will set aside another £400 million to cover the mis-selling of interest rate swap products, and another £600 million to cover the mis-selling of payment protection insurance. rfj/rl

UPDATE 4-Barclays ducks Qatar questions, takes $1.6 bn mis-selling hit

February 5, 2013 04:00
* Makes 1 bln stg provision for PPI, interest rate swaps * Signals rival UK banks need to set aside more cash * Says cannot comment on Qatar fundraising investigation * "We are shredding" some behaviours of the past -CEO By Steve Slater and Matt Scuffham

Barclays announces departure of senior bank staff

February 4, 2013 04:30
Barclays on Monday said that its finance director and top legal expert had decided to leave the bank, as the British lender undergoes a shake-up in the wake of the Libor rate-rigging scandal. "Barclays has today announced that the Group Finance Director Chris Lucas, and the Group General Counsel Mark Harding, have decided to retire from the company," the bank said in a statement. The pair would remain in their roles until the appointment of successors -- a process expected "to take a considerable time to complete" considering the seniority of the positions, Barclays added.
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