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Barclays PLC (BARC.L)

BARC.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Credit Suisse Group AG and Barclays PLC Settle ATS Charges With SEC - WALLST
Tuesday, 2 Feb 2016 01:50pm EST 

Barclays PLC:The SEC recently announced that Barclays Capital and Credit Suisse Securities (USA) have agreed to settle separate cases finding that they violated federal securities laws while operating alternative trading systems (ATS) known as dark pools and Credit Suisse's Light Pool. - WALLST.Barclays agreed to settle the charges by admitting wrongdoing and paying $35 million penalties to the SEC and the New York Attorney General for a total of $70 million. - WALLST.Essentially, Barclays misrepresented its efforts to police its dark pool, overrode its surveillance tool and misled its subscribers about data feeds at the very time that data feeds were an intense topic of interest. - WALLST.Credit Suisse agreed to settle the charges by paying a $30 million penalty to the SEC, a $30 million penalty to the New York Attorney General and $24.3 million in disgorgement and prejudgment interest to the SEC for a total of $84.3 million. - WALLST.Basically, two Credit Suisse ATSs failed to operate as advertised and failed to comply with numerous regulatory requirements over a multiyear period. - WALLST.  Full Article

Barclays PLC - Citigroup Inc reaches $23 mln 'ice breaker' yen Libor settlement - Reuters
Tuesday, 2 Feb 2016 10:48am EST 

Barclays PLC:Citigroup will pay $23 mln to end private U.S. antitrust litigation claiming that it conspired to manipulate the yen Libor and Euroyen Tibor benchmark interest rates - RTRS.Lawyers for the plaintiff investors called the accord an "ice breaker" that could spur some of the roughly 20 other bank defendants to settle. Settlement papers were filed on Monday night in the U.S. District Court in Manhattan. Court approval is required - RTRS.RP Martin, a brokerage whose main assets are now part of BGC Partners Inc, also settled, without making a payment. Citigroup & RP Martin agreed to cooperate in the litigation - RTRS.Danielle Romero-Apsilos, a Citigroup spokeswoman, said the New York-based bank is pleased to settle - RTRS.Among the other defendants are several Japanese banks, including Mitsubishi UFJ Financial Group and Sumitomo Mitsui Trust Holdings, as well as Barclays Plc, Deutsche Bank AG , HSBC Holdings, JPMorgan Chase & UBS AG - RTRS.Former Citigroup trader Tom Hayes is serving 11 years in prison after being found guilty in London last August of conspiring to rig Libor - RTRS.Nonetheless, the bank's "limited involvement" in the overall scheme may have spurred its settlement, the plaintiffs' lawyer Vincent Briganti said in an interview. - RTRS."An early settlement with Citigroup made sense." In court papers, Briganti called the accord an "ice breaker" that "serves as a potential catalyst for other defendants to settle." - RTRS.  Full Article

Barclays PLC, Credit Suisse to strike record deals with SEC, NY over dark pools - Reuters
Sunday, 31 Jan 2016 12:14pm EST 

Barclays PLC:Barclays and Credit Suisse are poised to settle federal and state charges that they misled investors in their dark pools, with Barclays admitting it broke the law and agreeing to pay $70 million, according to a person familiar with the matter - RTRS.The settlements between the banks and the Securities and Exchange Commission and New York Attorney General, which are expected to be formally announced on Monday, will mark the two largest fines ever paid in connection with cases involving dark pools. - RTRS.All together, the banks are expected to pay a combined total of $154.3 million, said the source, who spoke anonymously because the deal has not yet been finalized and made public. - RTRS.  Full Article

Barclays PLC sheds three senior members of its distressed-debt business in London -Bloomberg - Reuters
Monday, 25 Jan 2016 06:57pm EST 

Barclays PLC:Barclays Plc shed three senior members of its distressed-debt business in London as part of global job cuts unleashed by Chief Executive Officer Jes Staley, according to four people familiar with the matter. - Bloomberg.The departures include Josefa Llinares and Andrea Marangoni, who sourced soured assets for the U.K. bank, said the people, who asked not to be identified because the matter isn’t public. Analyst Miles Tadman also left, they said - Bloomberg.Staley, who took over as CEO in December, is trimming Barclays’ investment bank as he increases focus on the company’s most profitable businesses in the U.K. and the U.S. - Bloomberg.The latest round of job cuts will eliminate 1,200 jobs worldwide and shut securities operations across Asia, people with knowledge of the matter said earlier this month - Bloomberg.Aoife Reynolds, a spokeswoman for London-based Barclays, declined to comment on the job cuts - Bloomberg.Barclays also cut James Okkerse, a credit trader focused on securities denominated in pounds, credit analyst Darren Hook, and Nikolai Hartley, who worked in the loans business, the people said - Bloomberg.  Full Article

Barclays PLC closing investment banking units in Australia, Russia -memo - Reuters
Wednesday, 20 Jan 2016 11:32am EST 

Barclays PLC:Barclays is closing investment banking units in Australia and Russia, as well as Asian countries such as Indonesia and Thailand, as part of a review of global operations, it said in an internal memo to staff on Thursday - RTRS.The London-based lender is also cutting its onshore markets coverage in Brazil and cash equities sales and execution businesses in Central Europe, the Middle East and North Africa as part of some of the deepest cuts by any bank in recent times. - RTRS.Reuters reported the bank's retreat from South Korea and Taiwan on Jan. 5 - RTRS.The memo reviewed by Reuters also showed that Barclays is exploring exiting its precious metals business globally - RTRS.A Barclays spokesman in Hong Kong declined to comment - RTRS.  Full Article

Barclays PLC to cut investment bank jobs in New York, London and across Asia - Bloomberg - Reuters
Wednesday, 20 Jan 2016 06:21am EST 

Barclays PLC:Barclays PLC to cut investment bank jobs in New York, London and across Asia - Bloomberg, citing a source - RTRS.  Full Article

Barclays PLC to cut Asia investment banking jobs next week -sources - Reuters
Monday, 4 Jan 2016 06:28pm EST 

Barclays PLC:Barclays BARC.L will announce investment banking job cuts across Asia next week, including closures in South Korea and Taiwan, sources with direct knowledge of the matter told Reuters - RTRS.The British bank's latest cost cuts as part of its global restructuring will include corporate finance and advisory staff in South Korea and Taiwan, as well as equities sales and research staff among a total of at least 50 job losses throughout the region - RTRS.The latest job losses will include staff from countries in which the bank's business is not a leading player, the sources said, speaking on condition of anonymity given the sensitivity of the subject. - RTRS.The closure of the Korean and Taiwan businesses reflect Chief Executive Jes Staley's desire to trim in countries where the bank's corporate relationships are weaker to focus on core centres, including Hong Kong, the sources added. - RTRS.One source said that Staley had told staff last month that the pace of restructuring had been too slow and the bank needed further job cuts.- RTRS.The bank has pushed back staff bonus payments to March, two people said - RTRS.  Full Article

Barclays PLC to shut Indian equities in costs drive -sources - Reuters
Monday, 4 Jan 2016 01:38am EST 

Barclays PLC:Barclays Plc BARC.L is to close its Indian equities business as part of efforts to cut costs and boost profit, two sources with direct knowledge of the plan said on Monday. - RTRS.The British bank's equities business in India, which was rolled out in 2011, includes research and broking for institutional investors, and employs some two dozen people, the sources told Reuters. - RTRS.Barclays is midway through a three-year cost-reduction plan, which involves shedding 19,000 jobs, or about 14 percent of its global workforce. In November, the bank put a freeze on hiring until the start of 2016 - RTRS.The planned shut down of Barclays' equities desk in India comes against the backdrop of a drop in the local stock market - the broader Mumbai stock market index .NSEI fell 4 percent in 2015 - and tough competition from Indian rivals - RTRS.  Full Article

Barclays PLC - Serious Fraud Office adds Stephane Esper to group accused of Euribor-rigging - Reuters
Monday, 21 Dec 2015 05:36am EST 

Barclays PLC:Britain's Serious Fraud office said on Monday it had added Societe Generale employee Stephane Esper to a group of individuals accused of rigging the Euribor money market rate. - RTRS.Esper has been notified of the criminal proceedings, an SFO spokeswoman said. - RTRS.The 11 accused, which also includes former or current employees of Barclays BARC.L and Deutsche DBKGn.DE, will appear at Westminster Magistrates' court on Jan 11, the SFO said in a statement. - RTRS.All 11 will be charged with conspiracy to defraud, the SFO said. - RTRS.  Full Article

Barclays PLC - U.S. Treasury auction-rigging lawsuits assigned to New York judge - Reuters
Tuesday, 8 Dec 2015 06:48pm EST 

Barclays PLC:25 civil securities and antitrust class action cases alleging that big banks are rigging U.S. Treasury auctions will be heard by a federal judge in New York's Southern District, according to a court filing on Tuesday - RTRS.The U.S. Judicial Panel on Multidistrict Litigation, which is responsible for consolidating related lawsuits, said U.S. District Judge Paul G. Gardephe will preside over the case - RTRS.The pending class action against banks and brokerages that act as primary dealers, such as Goldman Sachs, Barclays & Deutsche Bank comes as the U.S. government is conducting a separate early-stage probe into the same activity - RTRS.The U.S. Justice Department and the Commodity Futures Trading Commission both sent banks requests for documents in the late summer, one of those people told Reuters - RTRS.The New York Department of Financial Services has sent similar inquiries concerning the Treasury auction process to the banks it oversees, two other people told Reuters - RTRS.A precise list of the banks who received inquiries from the DOJ and CFTC could not be immediately determined.- RTRS.A total of 22 banks serve as primary dealers in the government debt marketplace.The class action lawsuits allege that the banks have colluded to manipulate Treasury Department auctions and the pricing of Treasury securities as well as derivative products such as futures, whose value is pegged to the Treasury. - RTRS.  Full Article


Barclays' exit from energy trading stirs concerns over liquidity

NEW YORK British bank Barclays Plc has joined the list of top banks to exit energy trading, an exodus that analysts say raises concern among oil producers that falling liquidity means they cannot use derivatives for their basic function: to hedge risk by locking in future prices.