LONDON, July 30 (Reuters) – Barclays plans to raise
5.8 billion pounds ($8.9 billion) from its shareholders to
address calls from Britain’s financial regulator for the
320-year-old bank to strengthen its capital reserves against
potential market shocks.
The Bank of England’s Prudential Regulation Authority (PRA)
said on Tuesday Barclays needed an extra 12.8 billion pounds
($19.7 billion) of capital, more than it estimated last month,
and that it should fill the shortfall in the next year.
LONDON, July 29 (Reuters) – A clutch of European banks are
primed to lift dividends to put them back on the radar of
yield-hungry investors after years spent using cash to repair
HSBC, UBS, BNP Paribas,
Standard Chartered, Swedbank and other banks
in Switzerland, France and Sweden could lead the way back to
LONDON, July 28 (Reuters) – Barclays will this week
say how it plans to meet tougher UK rules on capital, while
strong earnings from Lloyds Banking Group will pave the
way for Britain to sell some of its shares in the bank.
Barclays, which publishes results on Tuesday, is expected to
set out plans either to sell bonds that are wiped out if it hits
trouble or to raise equity to meet the UK rules.
LONDON/MADRID, July 23 (Reuters) – Europe’s top banks need
to prove they can keep cutting costs and shedding loans when
they report results in coming weeks, as the growing burden of
regulatory compliance and bad debts in troubled southern
economies temper gains from investment banking.
A results “Super Tuesday” next week will see UBS (UBSN.VX: Quote, Profile, Research),
Deutsche Bank (DBKGn.DE: Quote, Profile, Research), Barclays (BARC.L: Quote, Profile, Research) and Santander
(SAN.MC: Quote, Profile, Research) report second-quarter numbers after a solid performance
from Wall Street rivals raised the expectations of investors.
LONDON, July 19 (Reuters) – Britain picked U.S. investment
bank JP Morgan to advise it on the sale of stakes in
Lloyds and Royal Bank of Scotland, marking
another step in a sale which could add billions of pounds to
The government’s holdings in the two banks date from when
they were bailed out with 65 billion pounds ($98.8 billion) of
public funds during the credit crunch and finance minister
George Osborne is keen to progress the sale before an election
due in 2015.
NEW YORK/LONDON (Reuters) – Barclays will contest a record $453 million fine imposed by a U.S. energy regulator against the British bank and four of its power traders, setting up a likely federal court battle.
The fines, which were upheld by the Federal Energy Regulatory Commission (FERC) on Tuesday, confirm the top U.S. energy cop will pursue its most ambitious market manipulation case to date.
LONDON (Reuters) – Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) has poached JP Morgan (JPM.N: Quote, Profile, Research, Stock Buzz) executive Tushar Morzaria to become its new finance director, offering him up to 6 million pounds ($9.1 million) in annual pay and awards to help the bank recover from a series of scandals.
Morzaria faces a challenging job. Barclays has pledged to improve relations with regulators and raise standards at the bank, shortcomings exposed when it was fined $450 million in June 2012 for rigging the Libor global benchmark interest rate.
LONDON (Reuters) – The Serious Fraud Office (SFO) on Monday charged two former brokers at interdealer broker RP Martin with rigging Libor benchmark interest rates, broadening the scope of the investigation into the scandal beyond big banks.
The SFO said it had charged Terry Farr and James Gilmour with conspiracy to defraud, seven months after arresting them. They are the first staff from a broking firm charged in connection with the Libor investigation in Britain.
LONDON, July 15 (Reuters) – Britain’s fraud prosecutor on
Monday charged two former brokers at interdealer broker RP
Martin with rigging Libor benchmark interest rates, broadening
the scope of the investigation into the scandal beyond big
The Serious Fraud Office (SFO) said it had charged Terry
Farr and James Gilmour with conspiracy to defraud, seven months
after arresting them. They are the first staff from a broking
firm charged in connection with the Libor investigation in
LONDON, July 12 (Reuters) – Nationwide, Britain’s
biggest customer-owned lender, has agreed a plan with the
financial regulator to meet stricter targets on leverage by the
end of 2015, easing fears it will need to raise new capital.
The Prudential Regulation Authority (PRA) said in June
Nationwide and Barclays fell short of a leverage target
of 3 percent and needed to set out a plan to get to that level.