Barclays bank http://www.globalpost.com/taxonomy/term/29197/all en Barclays boss gives up 2012 bonus after scandal-hit year http://www.globalpost.com/dispatch/news/afp/130201/barclays-boss-gives-2012-bonus-after-scandal-hit-year <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>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.</p> <p>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.</p> <p>Jenkins has a potential maximum bonus entitlement of £2.75 million or 250 percent of his £1.1-million annual salary.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130201/barclays-boss-gives-2012-bonus-after-scandal-hit-year" target="_blank">read more</a></p> Banking Barclays bank Business Finance Interest rates Labor Law Social Issues AFP Fri, 01 Feb 2013 13:30:34 +0000 Agence France-Presse 5743006 at http://www.globalpost.com TIMELINE-Barclays' takes new hit on mis-selling http://www.globalpost.com/dispatch/news/thomson-reuters/130205/timeline-barclays-takes-new-hit-mis-selling <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>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).</p> <p>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.</p> <p>2011 - Diamond takes over as chief executive on Jan. 1.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130205/timeline-barclays-takes-new-hit-mis-selling" target="_blank">read more</a></p> Banks Barclays Barclays bank Business Economy of the United Kingdom Thomson Reuters Tue, 05 Feb 2013 15:00:54 +0000 Thomson Reuters 5746453 at http://www.globalpost.com Barclays axes 3,700 jobs after scandal-hit year http://www.globalpost.com/dispatch/news/afp/130212/barclays-axes-3700-jobs-after-scandal-hit-year <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>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.</p> <p>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 &amp; Investment Bank and 1,900 in Europe Retail and Business Banking." Barclays employs 140,000 staff.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130212/barclays-axes-3700-jobs-after-scandal-hit-year" target="_blank">read more</a></p> Banking Barclays bank Business Finance Interest rates AFP Tue, 12 Feb 2013 22:46:18 +0000 Agence France-Presse 5753957 at http://www.globalpost.com Barclays needs pay reform after Libor crisis http://www.globalpost.com/dispatch/news/afp/130403/barclays-needs-pay-reform-after-libor-crisis <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>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.</p> <p>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.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130403/barclays-needs-pay-reform-after-libor-crisis" target="_blank">read more</a></p> Banking Barclays bank Finance Interest rates AFP Wed, 03 Apr 2013 16:45:17 +0000 Agence France-Presse 5800633 at http://www.globalpost.com Barclays found liable in $300 million dispute with Black Diamond http://www.globalpost.com/dispatch/news/thomson-reuters/131024/barclays-found-liable-300-million-dispute-black-diamond <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Joseph Ax</p> <p>NEW YORK (Reuters) - Barclays Plc &lt;BARC.L&gt; 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.</p> <p>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.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/131024/barclays-found-liable-300-million-dispute-black-diamond" target="_blank">read more</a></p> Banks Barclays Barclays bank Barclays Plc Business Economy of Africa Hospitality Law Politics Thomson Reuters Fri, 25 Oct 2013 01:48:32 +0000 Thomson Reuters 5970207 at http://www.globalpost.com Barclays found liable in $300 million Black Diamond dispute http://www.globalpost.com/dispatch/news/thomson-reuters/131025/barclays-found-liable-300-million-black-diamond-dispute <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Joseph Ax</p> <p>NEW YORK/LONDON (Reuters) - British bank Barclays Plc &lt;BARC.L&gt; 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.</p> <p>Barclays said on Friday it disagreed with the decision and was considering an appeal against it.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/131025/barclays-found-liable-300-million-black-diamond-dispute" target="_blank">read more</a></p> Appeal Barclays Barclays bank Barclays Plc Business Hospitality Law Politics Thomson Reuters Fri, 25 Oct 2013 21:16:05 +0000 Thomson Reuters 5971197 at http://www.globalpost.com Ex-Barclays boss Diamond targets Africa with new firm http://www.globalpost.com/dispatch/news/afp/131217/ex-barclays-boss-diamond-targets-africa-new-firm <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>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.</p> <p>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.</p> <p>"Atlas Mara has been formed to undertake an acquisition of a target company or business," the group added in a statement.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/131217/ex-barclays-boss-diamond-targets-africa-new-firm" target="_blank">read more</a></p> Banks Barclays Barclays bank Bob Diamond AFP Tue, 17 Dec 2013 19:27:13 +0000 Agence France-Presse 6022738 at http://www.globalpost.com Barclays bank reports return to to profit, and bigger bonuses http://www.globalpost.com/dispatch/news/afp/140211/barclays-bank-reports-return-profit-and-bigger-bonuses <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>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.</p> <p>Annual group profit after tax stood at £540 million ($886 million, 649 million euros).</p> <p>That compared to a net loss of £624 million in 2012, Barclays said in a statement.</p> <p>It increased the money available for bonuses by almost 10 percent to £2.378 billion.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2014.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/140211/barclays-bank-reports-return-profit-and-bigger-bonuses" target="_blank">read more</a></p> Banks Barclays Barclays bank Generally Accepted Accounting Principles AFP Tue, 11 Feb 2014 12:06:46 +0000 Agence France-Presse 6067036 at http://www.globalpost.com Barclays bank reports return to to profit, and bigger bonuses http://www.globalpost.com/dispatch/news/afp/140211/barclays-bank-reports-return-profit-and-bigger-bonuses-0 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>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.</p> <p>Annual group profit after tax stood at £540 million ($886 million, 649 million euros).</p> <p>That compared to a net loss of £624 million in 2012, Barclays said in a statement.</p> <p>It increased the money available for bonuses by almost 10 percent to £2.378 billion.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2014.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/140211/barclays-bank-reports-return-profit-and-bigger-bonuses-0" target="_blank">read more</a></p> Banks Barclays Barclays bank Generally Accepted Accounting Principles AFP Tue, 11 Feb 2014 12:09:59 +0000 Agence France-Presse 6067061 at http://www.globalpost.com Barclays bank reports return to profit, and bigger bonuses http://www.globalpost.com/dispatch/news/afp/140211/barclays-bank-reports-return-profit-and-bigger-bonuses-1 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>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.</p> <p>Annual group profit after tax stood at £540 million ($886 million, 649 million euros).</p> <p>That compared to a net loss of £624 million in 2012, Barclays said in a statement.</p> <p>It increased the money available for bonuses by almost 10 percent to £2.378 billion.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2014.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/140211/barclays-bank-reports-return-profit-and-bigger-bonuses-1" target="_blank">read more</a></p> Banks Barclays Barclays bank Generally Accepted Accounting Principles AFP Tue, 11 Feb 2014 13:33:54 +0000 Agence France-Presse 6067139 at http://www.globalpost.com Barclays says first-half net profit soars to £1.13 bn http://www.globalpost.com/dispatch/news/afp/140730/barclays-says-first-half-net-profit-soars-113-bn <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Britain's scandal-hit Barclays bank posted a 68-percent jump in first-half net profits on Wednesday, as it pushed ahead with a major restructuring that will shrink its investment bank division.</p> <p>Earnings after taxation surged to £1.13 billion ($1.9 billion, 1.4 billion euros) in the six months to June, from £671 million a year earlier, Barclays said in a results statement.</p> <p>The group also bounced back into profit in the second quarter with a net figure of £161 million, after a loss of £168 million last time around.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2014.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/140730/barclays-says-first-half-net-profit-soars-113-bn" target="_blank">read more</a></p> Banks Barclays Barclays bank Financial services AFP Wed, 30 Jul 2014 08:30:30 +0000 Agence France-Presse 6218678 at http://www.globalpost.com