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Barclays PLC (BCS.N)

BCS.N on New York Stock Exchange

24 Feb 2017
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$-0.25 (-2.18%)
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Latest Key Developments (Source: Significant Developments)

Mediobanca expects to Barclays deal to close in Q1 of next financial year
Wednesday, 11 May 2016 03:25am EDT 

Mediobanca: CEO Alberto Nagel tells analysts on a post-results call he expects closing of Che Banca!/Barclays deal within the first quarter of the next financial year . Barclays agreed to sell its branches in Italy to Mediobanca's retail division CheBanca! in a deal that will give the Italian investment bank a boost in a race for asset management fees on its home turf.[nL8N13S0TR] Further company coverage: [MDBI.MI] (Reporting by Milan newsroom).  Full Article

Barclays PLC's risk officer in France alleges laundering and mis-selling failures - FT
Tuesday, 3 May 2016 08:00pm EDT 

Barclays PLC:A senior executive at Barclays has alleged money laundering and mis-selling failures at the bank’s French operations, casting a shadow over the British group’s plan to sell its business in France to a private equity group.The Financial Times has seen a letter dated April 5 from Philippe Hébert, chief risk officer of Barclays France, to Tony Blanco, chief executive of Barclays France, alleging serious shortfalls in the bank’s standards of controls, compliance and conduct.Mr Hébert says: “I am following up the message I sent you on March 3, regarding serious mismanagement at cashier level and the particularly poor handling of this situation by the various control services and lines of defence.even though it carries serious risks of money laundering, especially at branches already known to be at risk (such as Biarritz).”.The letter cites several cases of suspicious activity that Mr Hébert claims the bank has failed to take seriously enough.These include unusually high levels of repeated, large cash withdrawals by customers of just below the €10,000 limit at its Biarritz branch, on 38 occasions by one client, and the detention of staff in its Nantes branch by police on suspicion of money laundering.Mr Hébert said elderly customers of Barclays France had regularly been mis-sold expensive products.Barclays said in a statement: “We were already aware of these allegations.  Full Article

Barclays PLC - Senior Barclays executive denies knowledge of Libor rate rigging - Reuters News
Wednesday, 27 Apr 2016 06:20pm EDT 

Barclays PLC:Senior Barclays BARC.L executive Michael Bagguley told a London court that he had never sought to influence Libor benchmark interest rates, instructed others to do so, or seen any evidence of manipulation between 2005 and 2007.Former Barclays traders Stylianos Contogoulas, Jay Merchant, Alex Pabon and Ryan Reich and former Barclays rate submitter Jonathan Mathew are standing trial after all pleading not guilty to one charge of conspiracy to defraud by manipulating US dollar Libor rates between June 2005 and Sept. 2007.In its third trial of individuals accused of rigging the London interbank offered rate, a benchmark for trillions of financial contracts and household loans, Britain's Serious Fraud Office alleges the 5 men were dishonest when they asked colleagues to submit rates to benefit their trading positions.Agguley, who is chief operating officer of Barclays' investment bank and was called as a prosecution witness, dismissed a suggestion he was denying knowledge of the alleged activity because he feared prosecution."I suggest you did know and are simply denying it," Hugh Davies, a lawyer representing Merchant, told Wednesday's court hearing.Bagguley, a 15-year Barclays veteran, also denied‎ a suggestion that he only realised attempts to influence Libor rates were wrong after the bank launched an internal inquiry and settled regulatory allegations of wrongdoing in 2012.  Full Article

Barclays PLC -UK watchdog asks banks to check for ties to Panama Papers - Reuters News
Thursday, 7 Apr 2016 06:24am EDT 

HSBC Holdings PLC:Britain's Financial Conduct Authority has asked 20 banks and other financial firms to check if they have any ties to Panama law firm Mossack Fonseca, the regulator said on Thursday. - RTRS.A massive leak of documents from the firm released this week detailed how the world's rich skipped through loopholes to park cash in low-tax jurisdictions.Recipients of the letter have been given until April 15 to respond to the disclosure request. More than 500 banks, their subsidiaries and branches registered nearly 15,600 shell companies with Mossack Fonseca, according to the International Consortium of Investigative Journalists (ICIJ).HSBC, and its affiliates created more than 2,300 in total, the ICIJ says.HSBC has dismissed suggestions it actively used offshore structures to help clients cheat on their taxes.The bank has said the documents from Panama pre-dated a thorough reform of its business model.Spokespeople for HSBC and Barclays BARC.L declined to comment on the FCA correspondence. RBS and Standard Chartered both said they were reviewing their operations and co-operating fully with regulators on the issue.News of the FCA's letter follows calls from Conservative lawmaker and chairman of Britain's Treasury Select Committee, Andrew Tyrie, for a thorough investigation of the trove and prosecutions "wherever possible".  Full Article

Barclays PLC must face electricity price-fixing lawsuit in U.S. - Reuters
Monday, 29 Feb 2016 01:52pm EST 

Barclays PLC:A U.S. judge ordered Barclays Plc to face a proposed class-action lawsuit in which a California water utility accused the British bank of illegally manipulating electricity prices in the western United States, causing purchasers to overpay - RTRS.U.S. District Judge Victor Marrero in Manhattan on Monday said the Merced Irrigation District can pursue two claims that Barclays violated federal antitrust law, and one claim that the bank violated a California unfair competition law.In July 2013, Barclays was fined $435 million by the U.S. Federal Energy Regulatory Commission for allegedly manipulating electricity prices in California and other western U.S. states from November 2006 to December 2008.Merced alleged similar violations, and Marrero said the allegations "plainly suggest Barclays's conduct was intended to artificially inflate or deflate market prices and constrain the market for other buyers and sellers of electricity.".The judge dismissed two other claims raised by Merced. A Barclays spokesman was not immediately available for comment. Lawyers for Merced did not immediately respond to requests for comment.Merced claimed that Barclays' traders rigged prices to benefit the bank's positions in swap contracts whose value was based on an index overseen by Intercontinental Exchange Inc.It said this caused purchasers at four electricity trading hubs to pay inflated prices, costing at least $139.3 million.  Full Article

Barclays PLC to pay $50 million to end US currency rigging lawsuit - Reuters
Thursday, 18 Feb 2016 10:24am EST 

Barclays PLC:Barclays Plc agreed to pay $50 million to settle a U.S. lawsuit claiming it rigged its foreign exchange trading system to reject client orders that would be unprofitable for the British bank - RTRS.The preliminary, all-cash settlement with investors led by Axiom Investment Advisors LLC was disclosed in papers filed on Wednesday night in the U.S. District Court in Manhattan, and requires a judge's approval.It comes three months after Barclays agreed to pay $150 million and fire a senior electronic trading official to resolve similar claims by the New York State Department of Financial Services.Barclays denied wrongdoing in agreeing to settle. Mark Lane, a bank spokesman, declined to comment.Christopher Burke, a lawyer for the plaintiffs, did not immediately respond on Thursday to requests for comment.The lawsuit arose from "Last Look," a Barclays feature meant to deter traders from exploiting tiny delays, often just a few milliseconds, in the flow of information within the marketplace.Instead, according to the New York regulator, Barclays used Last Look as a "general filter" to weed out unprofitable trades, and gave vague or inaccurate responses to clients who asked why their trades were not being processed.Axiom, which is based in Manhattan, said Barclays' activity caused "significant damages" for its foreign exchange counterparties, and amounted to breach of contract or fraud.  Full Article

Barclays PLC cuts 150 jobs in Mideast as restructures regional corporate bank - Reuters
Tuesday, 2 Feb 2016 09:57pm EST 

Barclays PLC:Barclays is cutting nearly 150 staff from its corporate banking arm in Dubai as part of a restructuring of the business in the Gulf emirate, a source familiar with the matter said on Wednesday - RTRS.The British bank has been reviewing its business globally after the appointment of Jes Staley as chief executive in December. The bank will cut about 1,000 jobs in investment banking worldwide and close its cash equities business in Asia, Reuters reported on Jan. 21 - RTRS.The bank will close its office in Emaar Square in the emirate and move some staff to its branch in the Dubai International Financial Centre, the source said - RTRS.A spokesman for the bank said it was aligning its Middle East corporate banking business to international locations, such as the United States, as well as to the bank's regional investment bank and wealth and investment management business. - RTRS.The restructuring of Barclays' Middle East corporate banking unit represents the latest dial down of its business in the region. - RTRS.In 2014, the bank agreed to sell its retail banking operations in the United Arab Emirates (UAE) to Abu Dhabi Islamic Bank (ADIB) for an expected 650 million dirhams ($177 million). - RTRS.  Full Article

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

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