European banking correspondent
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Apr 24, 2014

Barclays chairman defends staff bonuses as Standard Life leads shareholder protests

LONDON (Reuters) – Barclays Chairman David Walker defended pay levels at the bank on Thursday, telling shareholders that it needed to raise bonuses to stop an exodus of senior executives.

Speaking at Barclay’s annual general meeting – at which a significant minority of investors led by Standard Life are expected to vote against plans to bump up salaries – Walker said Barclays was losing people critical to its development because U.S. rivals are upping pay by at least 15 percent.

Apr 24, 2014

Barclays profit falls on fixed-income slump

LONDON, April 24 (Reuters) – Barclays Plc said its
first-quarter profit fell after a “significant” drop in revenue
from its investment bank’s fixed- income operations, extending
an industry slump across that business.

A cost-cutting programme was starting to show a “material
benefit”, however, and would help offset the drop in investment
bank profits, Barclays said on Thursday.

Apr 22, 2014

Barclays joins retreat from commodities as new rules bite

LONDON (Reuters) – Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) will quit most of its commodities trading businesses, joining a broader retreat by banks as profits tumble in the face of tougher regulation.

The British bank’s exit means three of the top five banks in commodities have significantly reduced or shuttered their natural resource trading arms since last summer, with profits hit by regulatory demands for lenders to hold more capital to shield them against any problems.

Apr 15, 2014

Barclays’ boss treads fine line in investment bank review

LONDON (Reuters) – Barclays’ (BARC.L: Quote, Profile, Research, Stock Buzz) Chief Executive Antony Jenkins is facing a high-wire act to overhaul the firm’s investment bank without undermining a division that contributes about half of group profits.

Jenkins, criticized by investors and politicians for raising bonuses this year despite a big fall in earnings, has embarked on the third review of the investment bank in as many years in response to pressure to cut costs and improve returns, which lag other parts of the business such as Barclaycard.

Apr 9, 2014

Metro Bank founder launches new online bank

LONDON (Reuters) – The founder of British banking newcomer Metro Bank plans to launch an online lender, hoping to take advantage of a sharp decline in the number of customers using branches and challenge established rivals.

Anthony Thomson, who stepped down as Metro Bank chairman in 2012, said he would lead the new venture called Atom alongside Mark Mullen, who last month resigned as chief executive of First Direct, the online bank run by HSBC.

Apr 8, 2014

Barclays investors told to reject pay plan -advisory group

LONDON, April 8 (Reuters) – Barclays Plc
shareholders should oppose the British bank’s bonus payouts for
last year and its controversial plan to make extra payments to
staff, a shareholder advisory group said on Tuesday.

Pirc, an independent group that says it offers advice to
institutional investors with assets of more than 1.5 trillion
pounds ($2.5 trillion), said shareholders should reject
Barclays’ remuneration report at their annual meeting later this
month.

Apr 8, 2014

Diamond poaches Barclays exec to run Africa bank venture

LONDON, April 8 (Reuters) – Ex-Barclays boss Bob
Diamond has poached a former senior colleague from the British
bank to head Atlas Mara, a venture he wants to build
into the leading bank in sub-Saharan Africa.

Atlas Mara said on Tuesday it had appointed former U.S.
marine John Vitalo as chief executive officer.

Apr 7, 2014

Barclays settles Libor “test case” before UK trial

LONDON, April 7 (Reuters) – Barclays 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.

Apr 4, 2014

FCA to probe credit card market

LONDON (Reuters) – Britain’s financial watchdog will investigate the 150 billion pound credit card market to assess if “survival borrowers” who find it difficult to repay are being treated fairly, it said on Thursday.

The decision by the Financial Conduct Authority comes just two days after the year-old watchdog took over supervision of Britain’s consumer credit market with its 50,000 firms.

Apr 3, 2014

Britain to probe $250 billion credit card market

LONDON (Reuters) – Britain’s financial watchdog will investigate the 150 billion pound ($250 billion) credit card market to assess if “survival borrowers” who find it difficult to repay are being treated fairly, it said on Thursday.

The decision by the Financial Conduct Authority (FCA) comes just two days after the year-old watchdog took over supervision of Britain’s consumer credit market with its 50,000 firms.

    • About Steve

      "Responsible for overseeing coverage of the European bank sector and direct coverage of the international UK-based banks, based in London. Have been in current role for three years, and for previous three years was UK banking reporter. Have over 15 years experience as a financial newswire journalist in London and New York."
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