Tag: Barclays

Customer complaints down at Barclays

Customer complaints down at Barclays

Barclays has improved its customer service, with new complaints down 9% in the first half of 2011, compared with the previous six-month period, to 251,563. However, in the general insurance and protection category, volumes increased 25% to 73,692 with payment protection insurance (PPI) complaints leading the surge. The bank expects PPI volumes to be even […]

August 25, 2011 More
Barclays profits fall, cuts jobs

Barclays profits fall, cuts jobs

Banking giant Barclays is the latest bank to report its half-year profits and announce job losses. The bank said pre-tax profits came in at £2.6 billion for the six months to the end of June, down one third from the same period a year ago. However, chief executive Bob Diamond said he was pleased with […]

August 2, 2011 More
Barclays will pay compensation over PPI claims

Barclays will pay compensation over PPI claims

Banking giant Barclays has today announced it will pay compensation to customers who were mis-sold payment protection insurance (PPI). The bank said it will reimburse those who made a complaint before 20 April the total value of all premiums plus 8% interest. It highlighted that it was the first bank to pay out PPI compensation […]

June 13, 2011 More
Barclays mulling over Spanish purchase

Barclays mulling over Spanish purchase

It has been reported that banking giant Barclays is considering purchasing one of Spain’s ailing regional savings banks. According to the Sunday Times, the bank’s chief executive, Bob Diamond, met with the Spanish Prime Minister, Jose Luis Rodriguez Zapatero, last week. However, Barclays has declined to comment on the report and it is unknown which […]

May 30, 2011 More
Barclays report fall in Q1 profits

Barclays report fall in Q1 profits

British banking giant Barclays has today announced a fall in pre-tax profits for the first quarter. The bank said profits were 9% lower at £1.66 billion due to a 15% fall in revenues at Barclays Capital. Today’s results were lower than analysts expectations. However, profits from its retail and business banking operations rose by 21% […]

April 27, 2011 More
RBS chief exec in line for £7.7m pay package

RBS chief exec in line for £7.7m pay package

The Royal Bank of Scotland (RBS) has today revealed its chief executive, Stephen Hester, will receive an extra shares bonus worth up to £4.5 million – taking his total pay package to £7.7 million for 2010. The bank, which is 83% owned by the taxpayer, also unveiled bonus payments for several of its other executives. […]

March 8, 2011 More
Barclays chief exec to receive £6.5m bonus

Barclays chief exec to receive £6.5m bonus

It has been revealed that Bob Diamond, chief executive of Barclays, will be awarded a bonus of £6.5 million for the 2010 year. While the figure is lower than a reported bonus of £9 million, Mr Diamond, who was appointed chief executive earlier this year, is already paid a £250,000 annual salary. The bonus and […]

March 7, 2011 More
Lloyds reports first annual profit since bailout

Lloyds reports first annual profit since bailout

Banking giant Lloyds has today reported it has returned to profit – its first since the bank had to be rescued by the Government at the height of the financial crisis in autumn 2008. Lloyds Banking Group, which is 41% owned by the taxpayer, posted pre-tax profits of £2.2 billion, compared with a £6.3 billion […]

February 25, 2011 More
Barclays annual profits beat expectations

Barclays annual profits beat expectations

British banking giant Barclays has today kicked off the reporting season by announcing better profits than analysts had forecast. The bank posted pre-tax profits of £6.07 billion for the 2010 year – a rise of 32% compared with £4.59 billion in the previous year. Meanwhile, the bank said it lent over £43 billion to UK […]

February 15, 2011 More
Banks to reveal bonus payouts and results

Banks to reveal bonus payouts and results

British banks are set to reveal their bonus payouts in the coming weeks, along with their results. Banking giant Barclays will be the first to reveal its results and 2010 bonus payout on Tuesday. There is still speculation that Barclays is reviewing its bonus structure. Chief executive, Bob Diamond, is understood to be considering paying […]

February 13, 2011 More
1,000 jobs to go at Barclays

1,000 jobs to go at Barclays

Banking giant Barclays has announced it will axe 1,000 jobs as it ceases to offer financial planning advice in its branches. The job cuts will take place countrywide from February 18 as the bank focuses its investment service online. The announcement comes just a week after the bank was fined £7.7 million by the Financial […]

January 26, 2011 More
Bonus review underway at Barclays

Bonus review underway at Barclays

According to a report by the Financial Times, Barclays chief executive, Bob Diamond, is looking to reform bonuses, in a move which will radically change the way it pays its senior bankers. The report suggests the newly-appointed chief executive is considering paying a large amount of bonuses in special contingent convertible bonds (known as “cocos”) […]

January 24, 2011 More
Watchdog announces changes for financial advisers

Watchdog announces changes for financial advisers

Following a review, City watchdog the Financial Services Authority (FSA) has announced financial advisers must hold accreditation if they want to provide independent or restricted advice from the start of 2013. The FSA said retail investment advisers will need to possess a Statement of Professional Standing (SPS) if they want to give independent or restricted […]

January 20, 2011 More
FSA fines Barclays £7.7m

FSA fines Barclays £7.7m

Banking giant Barclays has received a fine of £7.7 million – imposed by the Financial Services Authority (FSA) over poor investment advice. The City Watchdog has also ordered the bank to compensate up to £60 million to customers of two investment funds. The bank has apologised for the failures and said it will “put things […]

January 18, 2011 More
Lloyds’ chief expected to take £2m bonus

Lloyds’ chief expected to take £2m bonus

January 12, 2011 More
Barclays chief under fire for bonus payout

Barclays chief under fire for bonus payout

Barclays chief executive, Bob Diamond, faced a grilling from MPs today over his reported £8 million bonus. The Treasury Select Committee, who questioned Mr Diamond, asked whether he would waive his bonus for a third year. Mr Diamond responded: “I haven’t been offered a bonus, that’s a decision that will be taken by the remuneration […]

January 11, 2011 More
Barclays chief faces grilling over bonuses

Barclays chief faces grilling over bonuses

Barclays chief executive, Bob Diamond, will today face questions from MPs over his reported £8 million bonus. Bonuses have been a major issue for some time now and have sparked public outrage since many argued that excessive bankers’ bonuses reward the risk-taking culture that led to the financial crisis. The Treasury Select Committee, who will […]

HSBC announces changes at the top

HSBC announces changes at the top

Banking giant HSBC has announced some changes to its management team. The announcement is part of a boardroom reshuffle under incoming group chief executive, Stuart Gulliver, who is set to replace Michael Geoghegan next year. Paul Thurston will assume the role of Chief Executive, Retail Banking and Wealth Management with effect from March 2011. His […]

November 28, 2010 More
Barclays bonus pot unveiled

Barclays bonus pot unveiled

Banking giant Barclays has today admitted that bonuses for its staff total just over £2 billion, despite the bank admitting these were “challenging markets”. It said it has set aside £1.5 billion to pay out in bonuses for its 25,000 staff so far this year and comes despite the bank’s investment unit, Barclays Capital, unveiling […]

November 9, 2010 More
Barclays sees fall at investment bank unit

Barclays sees fall at investment bank unit

Banking giant Barclays has today announced it made a pre-tax profit of £4.3 billion in the first nine months of the year, despite a slump in income at its investment banking division. The bank, which is one of the few not to have received any financial help from the Government, said activity at its investment […]