European banking correspondent
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Oct 28, 2015

Barclays says to pay new CEO Staley up to $12.6 million a year

LONDON (Reuters) – British bank Barclays Plc has appointed James ‘Jes’ Staley as its new chief executive and said the former JPMorgan investment bank boss will be paid up to 8.24 million pounds ($12.6 million) a year.

Staley will take the Barclays helm at the start of December. He had been widely expected to be appointed after sources and other media reports this month said he had been chosen and he just needed regulatory approval.

Oct 22, 2015

Barclays chairman says confident will solve ring-fencing problems

LONDON, Oct 22 (Reuters) – Barclays should be able
to overcome difficulties it is having in separating its domestic
retail banking business from the rest of the bank under new UK
rules designed to make banks safer, its chairman said on
Thursday.

Britain’s major banks have to separate, or “ring-fence”,
their domestic retail units by 2019, and sources have said
Barclays has had the most trouble setting up its structure.

Oct 22, 2015

Bank regulators see mood shift as rule-making phase nears end

LONDON, Oct 22 (Reuters) – Global banking regulators are not
looking for the banking sector to raise yet more capital as
political support for additional rules wanes and the regulatory
juggernaut slips down a gear, top officials said on Thursday.

Global banking watchdogs are finishing a package of new
capital rules, aimed at making the industry safer in the wake of
the 2007/09 financial crisis.

Oct 19, 2015

Barclays, Wachovia to pay $378 mln to settle U.S. mortgage claims

LONDON/NEW YORK (Reuters) – British bank Barclays Plc
and U.S. bank Wachovia, now part of Wells Fargo & Co
, will pay a combined $378 million to resolve claims over
toxic mortgage-backed securities sold to now-failed credit
unions, a U.S. credit union regulator said on Monday.

Barclays will pay $325 million and Wachovia will pay $53
million, the National Credit Union Administration said.

Oct 16, 2015

European banks set for windfall from Visa Europe deal: sources

LONDON (Reuters) – Europe’s banks are in line to share billions of euros from a buyout of Visa Europe by its U.S. sister company Visa Inc. (V.N: Quote, Profile, Research, Stock Buzz), which is expected to be sealed in the next two weeks, sources said.

Credit card company Visa is in talks to buy Visa Europe, and proceeds would then be shared by more than 3,000 banks and payment firms that own the network.

Oct 16, 2015

European banks set for windfall from imminent Visa Europe deal -sources

LONDON, Oct 16 (Reuters) – Europe’s banks are in line to
share billions of euros from a buyout of Visa Europe by its U.S.
sister company Visa Inc., which is expected to be sealed
in the next two weeks, sources said.

Credit card company Visa is in talks to buy Visa Europe, and
proceeds would then be shared by more than 3,000 banks and
payment firms who own the network.

Oct 15, 2015

UK banks to need 3.3 bln pounds more capital under BoE plan

LONDON, Oct 15 (Reuters) – Britain’s big banks will need to
hold billions of pounds of extra capital when they have to
separate their domestic high street banking operations from
risky areas, the Bank of England said on Thursday.

New rules to be introduced from 2019 will require British
high-street banking operations to be ‘ring-fenced’ from the rest
of the bank, effectively treating it as a separate company. The
aim is to better protect taxpayers in the event of a crisis.

Oct 13, 2015

New Barclays CEO faces early challenge to fix wealth arm

LONDON, Oct 13 (Reuters) – The new chief executive of
British bank Barclays, expected to be former JPMorgan
banker Jes Staley, faces an early challenge in deciding
what to do in wealth management after a decade of
disappointment.

Most scrutiny is on whether the new CEO, replacing Antony
Jenkins after his ouster in July, will continue to scale back in
investment banking, or build it back up. But investors said
there are other areas that need selling, fixing, or deserve to
be expanded.

Oct 9, 2015

Exclusive: StanChart CEO plans to cut about 1,000 top staff – memo

SINGAPORE/LONDON (Reuters) – Standard Chartered’s new Chief Executive Bill Winters plans to cut up to a quarter of the bank’s most senior staff to reduce costs, according to a memo sent to staff, which is likely to see about 1,000 top jobs go.

Winters said he planned to reduce the number of staff who are graded in bands 1-4 by a quarter, according to an internal memo seen by Reuters. Those bands cover bankers at director level and higher, and include about 4,000 staff.

Oct 9, 2015

StanChart CEO plans to cut about 1,000 top staff – memo

SINGAPORE/LONDON, Oct 9 (Reuters) – Standard Chartered’s
new Chief Executive Bill Winters plans to cut up to a
quarter of the bank’s most senior staff to reduce costs,
according to a memo sent to staff, which is likely to see about
1,000 top jobs go.

Winters said he planned to reduce the number of staff who
are graded in bands 1-4 by a quarter, according to an internal
memo seen by Reuters. Those bands cover bankers at director
level and higher, and include about 4,000 staff.

    • 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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