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News Tag: Barclays

August 25, 2011

Customer complaints down at Barclays

by Gill Montia
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 greater during the remainder 2011 and says it is ...




August 2, 2011

Barclays profits fall, cuts jobs

by Kay Mitchell
”Barclays
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 the bank’s performance, despite describing the economic environment as ...




June 13, 2011

Barclays will pay compensation over PPI claims

by Kay Mitchell
”Barclays
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 on a "no-quibble" basis. In a statement, the ...




May 30, 2011

Barclays mulling over Spanish purchase

by Kay Mitchell
”Barclays
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 of the regional banks Barclays is interested in. Spanish banks ...




April 27, 2011

Barclays report fall in Q1 profits

by Kay Mitchell
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% to £692 million – boosted by a 39% fall in ...




March 8, 2011

RBS chief exec in line for £7.7m pay package

by Kay Mitchell
”RBS
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. Finance director, Bruce Van Saun, ...




March 7, 2011

Barclays chief exec to receive £6.5m bonus

by Kay Mitchell
”Barclays
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 salary amount will continue anger the ...




February 25, 2011

Lloyds reports first annual profit since bailout

by Kay Mitchell
”Lloyds
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 loss in 2009. The results beat expectations ...




February 15, 2011

Barclays annual profits beat expectations

by Kay Mitchell
”Barclays
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 retail and business customers and its provision for ...




February 13, 2011

Banks to reveal bonus payouts and results

by Kay Mitchell
”Banks
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 a large amount of bonuses in special ...




January 26, 2011

1,000 jobs to go at Barclays

by Kay Mitchell
”1,000
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 Services Authority (FSA) over poor investment advice. However, the ...




January 24, 2011

Bonus review underway at Barclays

by Kay Mitchell
”Bonus
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") - that are effectively worthless if the bank ...




January 20, 2011

Watchdog announces changes for financial advisers

by Kay Mitchell
”Watchdog
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 advice after this date. The moves are to ...




January 18, 2011

FSA fines Barclays £7.7m

by Kay Mitchell
”FSA
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 right." The fine comes just a week after the Royal Bank ...




January 12, 2011

Lloyds’ chief expected to take £2m bonus

by Kay Mitchell
...




January 11, 2011

Barclays chief under fire for bonus payout

by Kay Mitchell
”Barclays
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 committee in the next few weeks." Bonuses have ...




Barclays chief faces grilling over bonuses

by Kay Mitchell
”Barclays
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 be questioning Mr Diamond, are expected to pile ...




November 28, 2010

HSBC announces changes at the top

by Kay Mitchell
’HSBC
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 role will be Hong Kong-based and Mr Thurston ...




November 9, 2010

Barclays bonus pot unveiled

by Kay Mitchell
”Barclays
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 a loss of £182 million in the third ...




Barclays sees fall at investment bank unit

by Kay Mitchell
”Barclays
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 bank division Barclays Capital had been ...