European banking correspondent
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Apr 29, 2014

Barclays to announce “bad bank” next week -source

April 29 (Reuters) – British bank Barclays Plc will
next week announce the creation of a bad bank portfolio of
assets it deems non-core that it intends to sell or run down as
part of a streamlining of its investment bank, a person familiar
with the matter said on Tuesday.

Last year, Barclays Chief Executive Antony Jenkins announced
a portfolio of assets termed Exit Quadrant, that it aimed to get
rid of; and these assets are likely to go in the non-core
portfolio along with commodities assets following last week’s
decision by the bank to exit that business, the Financial Times
said.

Apr 29, 2014

Barclays dealmaker McGee quits as U.S. head

LONDON, April 29 (Reuters) – Hugh ‘Skip’ McGee, one of the
British bank Barclays’ highest earners, has quit as
head of its Americas business, the bank saying he did not want
to oversee the task of establishing a new holding company
required under tougher U.S. rules.

The departure of the former Lehman Brothers dealmaker
coincides with pressure on Barclays Chief Executive Antony
Jenkins to cut staff pay after shareholders last week rebelled
against a decision to increase bonuses.

Apr 25, 2014

Top investors to file 1 billion pounds legal claims against RBS – sources

LONDON (Reuters) – Five of Britain’s biggest investors are set to file lawsuits against Royal Bank of Scotland (RBS.L: Quote, Profile, Research) next week, saying they were misled over its massive rights issue in 2008 and claiming more than 1 billion pounds back, sources said.

Legal & General (LGEN.L: Quote, Profile, Research) – the biggest investor in RBS at the time of the rights issue – and Standard Life (SL.L: Quote, Profile, Research), Prudential (PRU.L: Quote, Profile, Research), Aviva (AV.L: Quote, Profile, Research) and Universities Superannuation Scheme (USS) are all expected to file claims in a London court on Wednesday, five people with knowledge of the matter told Reuters on Friday.

Apr 25, 2014

Exclusive: Top UK investors to file $2 billion legal claims against RBS – sources

LONDON (Reuters) – Five of Britain’s biggest investors are set to file lawsuits against Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) next week, saying they were misled over its massive rights issue in 2008 and claiming more than 1 billion pounds back, sources said.

Legal & General (LGEN.L: Quote, Profile, Research, Stock Buzz) – the biggest investor in RBS at the time of the rights issue – and Standard Life (SL.L: Quote, Profile, Research, Stock Buzz), Prudential (PRU.L: Quote, Profile, Research, Stock Buzz), Aviva (AV.L: Quote, Profile, Research, Stock Buzz) and Universities Superannuation Scheme (USS) are all expected to file claims in a London court on Wednesday, five people with knowledge of the matter told Reuters on Friday.

Apr 25, 2014

Top UK investors to file $2 bln legal claims against RBS -sources

LONDON, April 25 (Reuters) – Five of Britain’s biggest
investors are set to file lawsuits against Royal Bank of
Scotland next week, saying they were misled over its
massive rights issue in 2008 and claiming more than 1 billion
pounds back, sources said.

Legal & General – the biggest investor in RBS at
the time of the rights issue – and Standard Life,
Prudential, Aviva and Universities Superannuation
Scheme (USS) are all expected to file claims in a London court
on Wednesday, five people with knowledge of the matter told
Reuters on Friday.

Apr 25, 2014

Barclays pay row intensifies as key investors say ‘no’ to bonus plans

LONDON (Reuters) – More than a third of Barclays’ investors declined to back its pay policy on Thursday, tipping the British bank into an open row with one of its biggest shareholders.

In a rare gesture of public opposition, Standard Life said it had voted against Barclays’ decision to pay out 2.4 billion pounds in bonuses for 2013 – a 10 percent increase on 2012 despite posting profits a third lower.

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.

    • 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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