Key Developments: Barclays PLC (BCS.N)

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Latest Key Developments (Source: Significant Developments)

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 PLC to cut more investment banking jobs -source - Reuters
Friday, 4 Dec 2015 08:28am EST 

Barclays PLC:Barclays Plc BARC.L plans to cut more jobs in its investment banking unit, a source familiar with the matter said, as the British bank steps up efforts to slash costs and boost profit - RTRS.Most of these job cuts will be in Asia, the source said on Friday - RTRS.Bloomberg reported earlier in the day that Barclays would cut 20 percent more investment banking jobs, citing people with knowledge on the matter - RTRS.Last month, the bank had put a freeze on hiring until the start of next year - 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 - RTRS.The latest round of layoffs will be in addition to the 7,000 jobs that the bank plans to cut by 2016 - RTRS.  Full Article

Class action suit against Barclays PLC alleges forex rigging losses - Reuters
Friday, 27 Nov 2015 01:36pm EST 

Barclays PLC:A New York-based investment adviser filed a class action lawsuit against Barclays Plc on Friday alleging that rigged foreign exchange trading practices at the bank caused "significant damages" to its trading partners - RTRS.The suit by Axiom Investment Advisors LLC, filed in a Manhattan federal court, follows a pact on Nov 18 in which Barclays agreed to pay New York State's financial regulator an additional $150 mln to settle allegations stemming from allegations about the bank's forex practices - RTRS.The lawsuit could unleash another round of legal headaches for Barclay's involving its forex practices - RTRS.Barclay's settlement with NYDFS last week followed another penalty by the regulator in May, bringing total penalties by NYDFS against the bank for forex-related conduct to $635 million - RTRS.Axiom and other firms, who are counterparties in Barclays' foreign exchange trading, were "unfairly deceived" because of Barclays' "Last Look" feature, while Barclays was "unjustly enriched" at Axiom's expense, Axiom said in its suit - RTRS.When Axiom placed orders to trade a certain volume of currency, it ultimately did not receive the contract price that Barclays had agreed on, but often a worse price that was more favorable to Barclays, Axiom said - RTRS.  Full Article

Barclays PLC fined for lax crime checks in 'deal of century' - Reuters
Thursday, 26 Nov 2015 01:35am EST 

Barclays PLC:Britain's financial watchdog has fined Barclays 72 million pounds ($109 million) for cutting corners in checking wealthy customers involved in a huge transaction described by one senior manager as potentially the "deal of the century." - RTRS.Barclays arranged the 1.9 billion pound transaction in 2011 and 2012 for a number of rich clients deemed by the regulator to be politically exposed persons (PEPs), or people holding prominent positions that could be open to financial abuse - RTRS.That should require a bank to conduct more detailed checks on them, but Barclays failed to do so and in fact cut corners with its compliance procedures, Britain's Financial Conduct Authority (FCA) said in a damning report on Thursday - RTRS."Barclays did not follow its standard procedures, preferring instead to take on the clients as quickly as possible and thereby generated 52.3 million pounds in revenue," the FCA said - RTRS.Barclays, which received a 30 percent discount on the fine for settling at an early stage in the investigation, said the FCA made no finding that the bank facilitated any financial crime in relation to the transaction or the clients on whose behalf it was executed - RTRS.The watchdog declined to name the clients or many details of the transaction, which was known by those involved within Barclays as an "elephant deal" because of its size - RTRS.  Full Article

Barclays PLC could face another $100 mln fine in FX probe - source - Reuters
Tuesday, 17 Nov 2015 10:49pm EST 

Barclays PLC:Barclays Plc will pay at least another $100 million in a settlement with the New York financial regulator to resolve allegations that it rigged foreign exchange markets, a person familiar with the matter said - RTRS.The British bank could settle with the New York Department of Financial Services by next month, the person said - RTRS.Barclays agreed to pay $120 million earlier this month to settle private U.S. litigation accusing it of conspiring with rivals to rig the benchmark interest rate known as Libor - RTRS.  Full Article

Barclays PLC to pay $120 mln in U.S. Libor litigation-lawyers - Reuters
Friday, 13 Nov 2015 03:55pm EST 

Barclays PLC:Barclays Plc agreed to pay $120 mln to settle private U.S. litigation accusing it of conspiring with rivals to rig the benchmark interest rate known as Libor, lawyers for the plaintiffs said on Friday - RTRS.The British bank is the first to resolve claims by so-called "over-the-counter" investors that transacted directly with banks comprising a panel to determine Libor, or the London Interbank Offered Rate - RTRS.The bank agreed last month to pay $94 million to settle separate litigation accusing it of conspiring to rig Euribor, which is Libor's euro-denominated equivalent - RTRS.Friday's settlement requires approval by U.S. District Judge Naomi Reice Buchwald in Manhattan - RTRS.  Full Article

Barclays PLC - AB InBev, HSBC, Google, 8 others to testify at EU tax hearing - Reuters
Tuesday, 10 Nov 2015 05:03am EST 

Barclays PLC:Anheuser-Busch InBev, HSBC, Google and eight other companies will be quizzed by EU lawmakers next week on their European tax deals as part of a campaign to ensure multinationals pay their fair share of taxes - RTRS.While the European Parliament's tax committee can only issue a non-binding recommendation at the end of November, the publicity generated by its actions will likely ramp up the pressure on companies seeking to minimise tax, and governments - RTRS.Amazon, already in the Commission's crosshairs over its Luxembourg tax deal, Barclays, Coca-Cola Co, Facebook, Ikea, McDonald's, Philip Morris International and the Walt Disney Co will also attend the hearing, according to the committee's website - RTRS.The committee was set up in February after a group of investigative journalists unveiled details of tax deals that helped hundreds of multinationals slash their tax bills to minimal amounts - RTRS.  Full Article

JPMorgan Chase & Co, Morgan Stanley and Barclays Plc pay most in $1.9 bln swaps price-fixing settlement - Reuters
Thursday, 15 Oct 2015 08:00pm EDT 

Barclays PLC:JPMorgan Chase & Co, Morgan Stanley & Barclays Plc will pay over half of a more than $1.86 bln settlement resolving investor claims they conspired to fix prices and limit competition in the market for credit default swaps, according to a court filing -RTRS.Details of the settlement's breakdown with those and nine other banks were disclosed in papers filed late on Friday, in federal court in Manhattan, a month after the proposed deal was first announced -RTRS.JPMorgan will pay $595 mln, while Morgan Stanley & Barclays will pay $230 mln & $178 million, respectively, according to the filings -RTRS.The defendants in the case include Bank of America Corp, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group, HSBC Holdings, Morgan Stanley, Royal Bank of Scotland Group & UBS AG -RTRS.Goldman Sachs, Bank of America & Credit Suisse are set to pay about $164 mln, $90 mln and $159 mln, while Deutsche, Citi and BNP Paribas will pay $120 mln, $60 mln & $89 mln - RTRS.British banks HSBC and Royal Bank of Scotland will pay $25 mln & $33 mln -RTRS.The International Swaps and Derivatives Association will pay $750,000, while Markit Ltd, which provides credit derivative pricing services, will pay $45 mln -RTRS.US & European regulators have also examined potential anti-competitive practices in the CDS market -RTRS.Investors include the Los Angeles County Employees Retirement Association and Salix Capital US Inc -RTRS.  Full Article

Barclays PLC banker in Qatar deal sues over pay - Reuters
Monday, 14 Sep 2015 08:00pm EDT 

Barclays PLC:A senior Barclays investment banker, who sources say is one of four people being investigated by Britain's financial watchdog over a 2008 fundraising involving Middle East investors, is suing the bank in a dispute about pay - Reuters.Richard Boath, who is still working at Barclays as its chairman of financial institutions in Europe, Middle East and Africa (EMEA), has made the claim at a London employment tribunal - Reuters.The East London Employment Tribunal told Reuters on Tuesday in an email that a hearing is scheduled on the dispute between Boath and Barclays for Oct. 20 - Reuters.Barclays said in 2013 the British authorities were investigating the bank and four current and former senior employees over the fundraising - Reuters.Sources familiar with the matter said they included Boath, who was co-head of global finance in EMEA at the time of the capital raising. Boath has not publicly commented on the investigation - Reuters.Investigations are still ongoing in Britain and the United States into the deal and some individuals - Reuters.Britain's Financial Conduct Authority (FCA) has said Barclays acted "recklessly" on its disclosure requirements and planned to fine it 50 million pounds - Reuters.Barclays is disputing the findings, and the regulator's action has been suspended pending the outcome of a separate investigation by Britain's Serious Fraud Office (SFO) into the fundraising deal - Reuters.  Full Article

Big banks including Barclays PLC in $1.865 bln swaps price-fixing settlement - Reuters
Thursday, 10 Sep 2015 08:00pm EDT 

Barclays PLC:Twelve major banks have reached a $1.865 billion settlement to resolve investor claims that they conspired to fix prices and limit competition in the market for credit default swaps, a lawyer for the investors said on Friday - Reuters.The settlement in principle was disclosed at a hearing before U.S. District Judge Denise Cote in Manhattan - Reuters.The defendants include Bank of America Corp, Barclays Plc, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc, HSBC Holdings Plc, JPMorgan Chase & Co, Morgan Stanley, Royal Bank of Scotland Group Plc and UBS AG - Reuters.Other defendants are the International Swaps and Derivatives Association (ISDA) and Markit Ltd, which provides credit derivative pricing services - Reuters.Credit default swaps are contracts that let investors buy protection to hedge against the risk that corporate or sovereign debt issuers will not meet their payment obligations - Reuters.The market peaked at $58 trillion in 2007, according to the Bank for International Settlements, but shrank to $16 trillion seven years later as investors better understood its risks - Reuters.Investors including the Los Angeles County Employees Retirement Association and Salix Capital US claimed that the defendants' activity caused them to pay unfair prices on CDS trades from late 2008 through the end of 2013, even though improved liquidity should have driven costs down - Reuters.  Full Article


Banks eye more cost cuts amid global growth concerns

Goldman Sachs Group Inc and other U.S. banks are looking at ways to slash expenses further this year as market turmoil, declining oil prices and concerns about Germany's Deutsche Bank AG have sent the sector's shares down sharply.

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