European banking correspondent
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Mar 3, 2015

Barclays takes $1.2 billion charge as FX settlement looms

LONDON (Reuters) – Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) took a 750 million pound ($1.2 billion) charge in the fourth quarter as it prepares to settle allegations its traders manipulated foreign exchange markets, overshadowing the bank’s efforts to slash costs and boost profits.

Past conduct problems continue to dog Barclays Chief Executive Antony Jenkins, but despite the burgeoning budget for litigation he accepted his first bonus since taking charge three years ago, helping to boost his total pay to 5.5 million pounds from 1.6 million in 2013.

Mar 3, 2015

Barclays takes extra 750 million-pound FX provision as profits rise

LONDON (Reuters) – Barclays (BARC.L: Quote, Profile, Research) has set aside an extra 750 million pounds for potential fines arising from allegations of manipulation in the foreign exchange market as the British bank’s annual profits rose a higher-than-expected 12 percent thanks to a sharp cut in costs.

Barclays said on Tuesday it made a 2014 adjusted pretax profit of 5.5 billion pounds, up from a restated 4.9 billion in 2013 and above the average analyst forecast of 5.3 billion pounds.

Mar 3, 2015

Barclays takes extra 750 mln stg FX provision as profits rise 12 pct

LONDON, March 3 (Reuters) – Barclays has set aside
an extra 750 million pounds for potential fines arising from
allegations of manipulation in the foreign exchange market as
the British bank’s annual profits rose a higher-than-expected 12
percent thanks to a sharp cut in costs.

Barclays said on Tuesday it made a 2014 adjusted pretax
profit of 5.5 billion pounds, up from a restated 4.9 billion in
2013 and above the average analyst forecast of 5.3 billion
pounds.

Mar 2, 2015

Barclays to set aside more for forex fines and customer compensation

LONDON (Reuters) – Barclays is expected to set aside more money for potential foreign exchange fines and to add to its compensation tab for UK customer mis-selling, eating into an expected slim rise in profits.

Barclays last year set aside 500 million pounds ($769 million) to cover potential fines and litigation for foreign exchange manipulation, but Chief Executive Antony Jenkins has already said that will not be enough.

Mar 1, 2015

Exclusive: One in 10 bankers scraps bid for top UK job as vetting gets tougher

LONDON (Reuters) – More than one in 10 people picked for the top jobs in British finance pull out during a regulatory vetting process which has got tougher since the financial crisis.

People put forward for chief executive, chairman and for a handful of other senior roles in banking now face a more grueling interview by British financial watchdogs.

Mar 1, 2015

One in 10 bankers scraps bid for top UK job as vetting gets tougher

LONDON, March 1 (Reuters) – More than one in 10 people
picked for the top jobs in British finance pull out during a
regulatory vetting process which has got tougher since the
financial crisis.

People put forward for chief executive, chairman and for a
handful of other senior roles in banking now face a more
gruelling interview by British financial watchdogs.

Feb 26, 2015

How Sands fell from grace at Standard Chartered

LONDON/HONG KONG, Feb 26 (Reuters) – In summer 2012 Peter
Sands was flying high as Standard Chartered Chief
Executive, batting back questions on whether he was tempted to
run Barclays or even the Bank of England.

Praised for steering a safe path through the financial
crisis, the former McKinsey consultant had just delivered bumper
half-year earnings to set his Asia-focused bank on course for a
10th straight year of record profits.

Feb 26, 2015

StanChart picks ex-JPMorgan exec Winters as CEO in major overhaul

LONDON/HONG KONG (Reuters) – Standard Chartered (STAN.L: Quote, Profile, Research) said former JPMorgan (JPM.N: Quote, Profile, Research) investment bank boss Bill Winters will take over as chief executive in June, replacing Peter Sands in a major management overhaul following two years of problems.

Investors had been pushing for a change at the helm of the Asia-focused bank citing strategic, governance and operational mistakes, and saying Sands had been slow to address troubles including a U.S. fine for breaking sanctions to losses on commodities loans.

Feb 26, 2015

Standard Chartered picks ex-JPMorgan executive Winters as CEO to replace Sands

LONDON (Reuters) – Standard Chartered (STAN.L: Quote, Profile, Research, Stock Buzz) said former JPMorgan (JPM.N: Quote, Profile, Research, Stock Buzz) investment bank boss Bill Winters will take over as chief executive in June to replace Peter Sands, after investors demanded change at the helm following two years of problems.

Asia-focused bank Standard Chartered said on Thursday Chairman John Peace will also leave next year, and named other changes to its board in a massive overhaul in management following problems ranging from a U.S. fine for breaking sanctions to a jump in losses from commodities loans.

Feb 26, 2015

StanChart picks ex-JPMorgan exec Winters as CEO to replace Sands

LONDON, Feb 26 (Reuters) – Standard Chartered said
former JPMorgan investment bank boss Bill Winters will
take over as chief executive in June to replace Peter Sands,
after investors demanded change at the helm following two years
of problems.

Asia-focused bank Standard Chartered said on Thursday
Chairman John Peace will also leave next year, and named other
changes to its board in a massive overhaul in management
following problems ranging from a U.S. fine for breaking
sanctions to a jump in losses from commodities loans.

    • 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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