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Barclays bank reports return to profit, and bigger bonuses

Scandal-hit Barclays bank returned to net profit in 2013 and said on Tuesday that staff will receive increased bonuses, a source of public anger against banks at the height of the financial crisis. Annual group profit after tax stood at £540 million ($886 million, 649 million euros). That compared to a net loss of £624 million in 2012, Barclays said in a statement. It increased the money available for bonuses by almost 10 percent to £2.378 billion.

Barclays bank reports return to to profit, and bigger bonuses

Scandal-hit Barclays bank returned to net profit in 2013 and said on Tuesday that staff will receive increased bonuses, a source of public anger against banks at the height of the financial crisis. Annual group profit after tax stood at £540 million ($886 million, 649 million euros). That compared to a net loss of £624 million in 2012, Barclays said in a statement. It increased the money available for bonuses by almost 10 percent to £2.378 billion.

Barclays bank reports return to to profit, and bigger bonuses

Scandal-hit Barclays bank returned to net profit in 2013 and said on Tuesday that staff will receive increased bonuses, a source of public anger against banks at the height of the financial crisis. Annual group profit after tax stood at £540 million ($886 million, 649 million euros). That compared to a net loss of £624 million in 2012, Barclays said in a statement. It increased the money available for bonuses by almost 10 percent to £2.378 billion.

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.

Barclays found liable in $300 million Black Diamond dispute

By Joseph Ax NEW YORK/LONDON (Reuters) - British bank Barclays Plc <BARC.L> breached a derivative agreement with a Black Diamond Capital Management unit and must return an estimated $297 million in collateral to the hedge fund, a divided New York state appeals court ruled on Thursday. Barclays said on Friday it disagreed with the decision and was considering an appeal against it.

Barclays found liable in $300 million dispute with Black Diamond

By Joseph Ax NEW YORK (Reuters) - Barclays Plc <BARC.L> breached a derivative agreement with a Black Diamond Capital Management unit and must return an estimated $297 million in collateral to the hedge fund, a divided New York state appeals court ruled on Thursday. The Connecticut-based fund's BDC Finance LLC filed a lawsuit against the bank in 2008, claiming Barclays had defaulted on a $40 million collateral call made at the height of the financial crisis.

Barclays needs pay reform after Libor crisis

Britain's troubled Barclays bank needs to further overhaul its pay policy after an "overly generous" bonus culture was blamed for problems which sparked last year's Libor rate-rigging scandal, an independent review said Wednesday. The report was carried out by top lawyer-turned-banker Anthony Salz, who was commissioned by Barclays in July 2012 to examine the bank's culture in the wake of the damaging Libor affair.

Barclays axes 3,700 jobs after scandal-hit year

Britain's troubled Barclays bank will axe at least 3,700 jobs this year, it announced on Tuesday after revealing that it plunged into the red in 2012 amid the notorious Libor rate-rigging crisis. The lender 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.

TIMELINE-Barclays' takes new hit on mis-selling

Feb 5 (Reuters) - Here is a look at Barclays bank as the bank announced on Tuesday it had made a 1 billion pounds ($1.57 billion) provision to compensate customers for the mis-selling of payment protection insurance (PPI). 2005 - Barclays traders seek to manipulate the London Interbank Offer Rate (Libor) between 2005 and 2009 while Bob Diamond headed the British bank's investment banking operations, according to documents from British and U.S. regulators. 2011 - Diamond takes over as chief executive on Jan. 1.

Barclays boss gives up 2012 bonus after scandal-hit year

Barclays bank chief executive Antony Jenkins announced on Friday that he would forego his 2012 bonus after a "very difficult year" at the lender, which has been plagued by the Libor rate-rigging scandal. The announcement followed media reports that the crisis-hit lender was preparing to pay Jenkins a bonus worth at least £1.0 million ($1.6 million, 1.2 million euros) for last year. Jenkins has a potential maximum bonus entitlement of £2.75 million or 250 percent of his £1.1-million annual salary.
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