|Bid||165.00 x 0|
|Ask||180.00 x 0|
|Day's range||165.46 - 171.92|
|52-week range||131.04 - 192.99|
|Beta (5Y monthly)||0.81|
|PE ratio (TTM)||11.76|
|Forward dividend & yield||0.09 (5.29%)|
|Ex-dividend date||27 Feb 2020|
|1y target est||N/A|
Communities have been hit hard with 9,500 free-to-use cash machines removed from across the UK in last two years, according to Which?
Barclays attacked by activist investor over CEO’s Epstein linksEdward Bramson says Jes Staley’s ties to US sex offender are an embarrassment
LONDON/MILAN, Feb 25 (Reuters) - Investment banks including Citigroup Inc, Credit Suisse and Nomura Holdings Inc have curbed trips to Italy on fears that the coronavirus outbreak across the north of the country could quickly spread across Europe, four sources told Reuters. Citi has told staff heading to Italy's financial capital Milan or other northern cities to postpone their trips or seek approval from top management if they are working on sensitive deals, the sources said, speaking on condition of anonymity as banking policies are confidential.
(Bloomberg Opinion) -- European banks have a problem with their boardrooms.From the Anglo-Asian giant HSBC Holdings Plc to Spain’s Banco Santander SA and Switzerland’s Credit Suisse Group AG, a troubling phenomenon has become apparent at many of the region’s lenders: the weakness of the body tasked with ensuring the company’s success.Bankers are already under pressure because of rock-bottom interest rates and digital disruption, so it’s far from ideal that their boards appear slow, clumsy and overly beholden to their chief executives. Proper corporate governance matters as much now as it did during the financial crisis. While lenders may be simpler and safer by some measures, they’re still impenetrable to the outside world, and new risks are always emerging. Their CEOs need to be chosen, managed and held in check more effectively.An endless series of boardroom dramas has beset Europe’s banks in the past year. Consider HSBC. the continent’s biggest lender has just embarked on its biggest overhaul in decades (its third attempt to adapt to the post-crisis era), a plan that involves tens of thousands of job cuts, scrapping buybacks and reallocating capital to more profitable businesses. It’s hardly the time to be leaderless.Yet six months after ousting CEO John Flint, who only held the job for a year and a half, HSBC’s board hasn’t made up its mind whether it wants to give his interim replacement Noel Quinn the job, or to hire externally.In fairness, finding the right boss for a sprawling bank with a $2.7 trillion balance sheet is the most important task of the board and Chairman Mark Tucker — alongside setting the strategy. It mustn’t be rushed. But a strategic overhaul of this magnitude needs a leader who owns the new plan. The longer the appointment drags out, the tougher it will be for Quinn to execute; and the harder it would be for a credible external candidate to implement someone else’s turnaround story. The board has given itself until as late as August, but time isn’t on its side after the favorite outside candidate, UniCredit SpA’s Jean Pierre Mustier, committed himself to his current employer.HSBC’s board is in fine company when it comes to messy situations. At Barclays Plc, another regulatory probe into CEO Jes Staley — this time looking at his relationship with the disgraced financier Jeffrey Epstein — raises questions about oversight at the top of the firm. Staley was fined previously for attempting to unmask a Barclays whistleblower. The London-based bank took two months to go public on the latest inquiry, and it hasn’t shared details of its own review into the CEO’s relationship with Epstein. While one shouldn’t jump to conclusions, more transparency from the board would have been invaluable to investors.Elsewhere, the Credit Suisse board hardly covered itself in glory during a months-long spying scandal that cost CEO Tidjane Thiam his job. While Thiam was cleared of knowing about the surveillance operations against employees, past and present, it’s pretty damning that neither he nor the board were aware of those activities being carried out by key personnel. The Swiss giant’s directors must share responsibility for an episode that damaged the bank’s reputation and upset employees.In April, Santander faces its own embarrassing showdown in a Spanish court. After withdrawing its offer of the CEO post to Andrea Orcel — the former head of investment banking at UBS Group AG — over a disagreement on pay, Santander is being sued by Orcel for more than 100 million euros ($108 million). Why Santander would have agreed to honor UBS’s generous financial obligations to Orcel, and then withdrew the proposal, is unclear. A detailed account of alleged text messages between Santander Chairman Ana Botin and Orcel and his wife, published by Reuters, points to personal relationships possibly playing a bigger role than they should have in a CEO appointment.For its part, UBS botched its own internal CEO succession plan, and eventually hired Ralph Hamers from ING Groep NV — despite the Dutch bank’s failings over money-laundering and Hamers’s lack of experience in UBS’s core businesses. That was a controversial move by the directors of the world’s biggest wealth manager. In the age of the “purposeful company,” bank boards should be leading the way on properly representing their shareholders, as well as employees and society. It isn’t obvious whose interest they’ll serve by remaining so ineffective. To contact the author of this story: Elisa Martinuzzi at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Elisa Martinuzzi is a Bloomberg Opinion columnist covering finance. She is a former managing editor for European finance at Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
As the coronavirus spreads beyond China, world markets are being forced to rethink the economic impact of the outbreak and how quickly it can be contained. New infections have ebbed in China, as many investors had assumed, but rose in South Korea, Italy and Iran, leading to lockdowns and travel restrictions in all three countries. South Korea’s Kospi was worst hit first thing Monday, dropping almost 4%, as the country’s fourth-largest city Daegu grew increasingly isolated when the number of infections there increased rapidly.
(Bloomberg) -- Barclays Plc is preparing to search for a replacement for Chief Executive Officer Jes Staley, who has told colleagues he expects to leave by the end of next year, the Financial Times reported, citing people briefed on the lender’s plans.Staley, who joined the bank in 2015, could stand down at its annual meeting in May 2021, the paper said. A Barclays spokesman in London declined to comment on the report.The Barclays chief is under investigation over his ties to the deceased financier and sex offender Jeffrey Epstein, his second run-in with British regulators since joining the bank. Authorities are probing how Staley characterized his relationship with Epstein, the bank has said.The newest probe is another distraction for Barclays as it faces additional challenges to meet its profit goals. In 2018, Staley was fined for his attempts to uncover a whistle-blower.Staley, a former senior banker at JPMorgan Chase & Co., was among a swath of prominent financiers whose ties to Epstein came under the spotlight after his arrest.(Adds Barclays declines to comment in second paragraph.)To contact the reporter on this story: Candice Zachariahs in Mumbai at email@example.comTo contact the editors responsible for this story: Ambereen Choudhury at firstname.lastname@example.org, Ross LarsenFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The possible shake-up comes as Britain's financial regulators are probing links between Staley and the U.S. financier Jeffrey Epstein, who killed himself while awaiting trial on sex trafficking charges, after the FT reported on a trove of emails between the two earlier this month. Staley, who took over as CEO in 2015, has told colleagues he expects to leave Barclays by the end of 2021 and could step down at the annual meeting in May next year, the report said. Barclays is set to appoint an external headhunting firm — possibly Spencer Stuart or Egon Zehnder — to identify potential external successors and the process could take up to a year, the FT reported.
Commodities-related revenue at the world's 12 biggest investment banks gained 11% last year compared to 2018 due to buoyant oil and metals trading, consultancy Coalition said on Friday. Commodities revenue at the 12 banks extended its rebound from 2018, when revenue jumped 45% from its lowest in more than a decade in 2017. During 2019, revenue from commodity trading, selling derivatives to investors and other activities in the sector was $4 billion, the financial industry analytics firm said.
Barclays is changing a system it was piloting that tracks how employees spend their time at work, after critical media reports on Thursday accused the bank of spying on its staff. A Barclays spokeswoman said it was changing how it used the Sapience software so it would now track only anonymised data, in response to staff feedback that the system was intrusive. Sapience gives companies "insights into work patterns" and tracks employee productivity by monitoring their computer usage, according to its website.
(Bloomberg Opinion) -- If you’re a banker sitting somewhat idle at UBS Group AG, you may be feeling vulnerable today. The Swiss giant has picked Ralph Hamers — an outsider credited with making ING Groep NV one of Europe’s most digitally savvy and cost-efficient banks — as its new chief executive officer. That sets a clear strategic direction for UBS.The lender is turning to an experienced hand in trimming costs and using machines instead of humans. Still, beyond the obvious signals about how UBS intends to defend its bottom line in the future, it’s hard to portray the recruitment of the 53-year-old Dutchman, a lifer in banking, as a truly radical choice at a time when the robots are taking over finance. As Morgan Stanley’s $13 billion acquisition of E*Trade Financial Corp. shows, managing wealth in the future will involve a considerable degree of technology nous and automation. Hamers did well by introducing popular banking apps for ING’s retail customers, but servicing the rich is a different game.Plus, with the boardrooms of some of Europe’s biggest banks mired in controversy, the arrival of the former ING CEO will raise a few eyebrows: The Dutch lender had to pay $900 million to settle an investigation into alleged money-laundering.After successfully turning around UBS by shrinking its trading business and expanding in private banking, outgoing CEO Sergio Ermotti has taken his foot off the pedal somewhat recently. The $2.6 trillion wealth manager hasn’t adapted as swiftly as competitors to negative interest rates and the firm’s bloated costs have hit its profitability.So hiring someone from outside Swiss financial circles will at least bring some kind of break. A focus on operational costs has helped another Swiss bank, Credit Suisse Group AG, and Italy’s UniCredit SpA.While it’s not entirely obvious that Hamers can replicate at UBS what he did in Dutch consumer banking, his laser focus on expenses will be positive. The appointment also ends uncertainty about the leadership of the Swiss bank, where half the executive management team has changed in the past two years.Hamers is certainly experienced, having spent almost three decades at ING, including six as CEO, but he’s never cut his teeth running an investment bank. That unit soaks up 30% of UBS’s risk-weighted assets and is generating returns that even Ermotti deems unacceptable. Nor has the new man run a wealth management business, which makes up about 60% of UBS’s profit. Barclays analysts noted that none of the investors they’d spoken to had named Hamers as a potential Ermotti successor.Then there’s ING’s patchy record of oversight and controls. In 2018, the Dutch lender agreed to pay that $900 million to settle an investigation into corrupt practices by former clients. The bank was also reprimanded by its regulators over the money-laundering scandal. Its chief finance officer had to leave.In fairness, it’s hard to find a senior banker with a question-free past right now: Nordic banks have been embroiled in money-laundering scandals too; Credit Suisse ousted CEO Tidjane Thiam amid a spying scandal; and Barclays Plc’s CEO is being probed by British regulators over his ties to the deceased financier Jeffrey Epstein.Hamers arrives with many of the right attributes for the job, and UBS investors pushed up the share price on Thursday. UBS Chairman Axel Weber says his new CEO will have learnt from the money-laundering debacle. But this is a very big beast to get right. To contact the author of this story: Elisa Martinuzzi at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Elisa Martinuzzi is a Bloomberg Opinion columnist covering finance. She is a former managing editor for European finance at Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Antonio Horta-Osorio was criticised by MPs, investors, and staff after earning £6.5m in 2018, making him Britain's best paid banker.
Instead of worrying about the very low State Pension, I'd buy stocks like Barclays plc (LON: BARC) for growth and income.The post Forget the State Pension! I’d buy the Barclays share price to retire on appeared first on The Motley Fool UK.
(Bloomberg) -- The advice was delivered in a beach-side gazebo on a private island in the Caribbean: If you need a private banker, talk to Jes Staley.The speaker was Jeffrey Epstein, the remarks captured on tape in 2003 -- long before Epstein was accused of sexually abusing and trafficking hundreds of young women and girls on that very island.Now, six months after his death in a Manhattan jail cell, his 15-year relationship with Staley has once again come to the fore. Today Staley is chief executive officer of the venerable Barclays Plc, and British authorities want to know more about the banker’s ties to the mysterious financier who became an infamous symbol of wealth, privilege and abuse.“It’s clear in my own mind, going all the way back to 2015 when I joined Barclays -- I have been very transparent with the bank and have been very willing and open to discuss the relationship that I had with him,” Staley, 63, told Bloomberg Television on Thursday.Barclays has said the CEO retains the “full confidence” of the board. Still, much hinges on the outcome of the investigation by the Financial Conduct Authority, which started inquiries last summer after press reports revealed the links between the men, a person familiar with the process said. The FCA opened a formal probe in December into how Staley characterized his relationship with Epstein.The turmoil at Barclays is the latest indicator of how the late pedophile has haunted elite financial and social circles ever since he was found dead in his Manhattan cell. He was arrested on sexual trafficking charges in July and accused of abusing and exploiting dozens of girls.Those who’ve been on the defensive include Leslie Wexner, the billionaire behind Victoria’s Secret, who until Epstein’s first arrest in Florida more than a decade ago relied on him to manage money. Then there’s Glenn Dubin, who last month announced he would retire from his hedge fund, and Prince Andrew, who was forced to step back from royal duties after a disastrous TV interview, in which he tried to explain his friendship with the convict.Staley reiterated Thursday that he knew Epstein since 2000 when he was head of JPMorgan Chase & Co.’s private bank and was told to strike up a professional relationship with the financial adviser.Epstein regularly brought Staley business and vice versa.“They know they can call up and ask me, you know, there’s an opportunity here and might take a very large sum of money, $100 million or more, whatever the number may be,” Epstein bragged to journalist David Bank in 2003. “And I can give them an answer by the end of the telephone call.”Around that time, Epstein and Staley traded calls at least every few months, according to phone records obtained by Florida prosecutors. U.K. regulators have received a batch of emails between the men dating to the time Staley was at JPMorgan that suggested the pair’s relationship was closer than Staley has claimed, according to the Financial Times, which cited people familiar with the matter without identifying them.Epstein introduced Staley to Dubin, a connection that helped Staley arrange JPMorgan’s acquisition of a majority stake in Dubin’s hedge fund, Highbridge Capital Management, in 2004.The deal elevated Staley within the bank, turbocharging his career, which culminated in him emerging as a candidate to succeed Jamie Dimon. Ultimately Staley left JPMorgan in 2013 and -- after a brief stint at hedge fund BlueMountain Capital Management -- was named CEO of Barclays in 2015.Yet even after Epstein’s 2008 guilty plea for soliciting prostitution, in one case with a minor, Epstein stuck by his longtime client. Staley visited while Epstein was serving his time behind bars, according to the New York Times.The pair were close enough in 2015 for Staley and his wife to stop off for lunch on Epstein’s island while they were on a sailing holiday.Staley said his relationship with Epstein “began to taper off as I left JPM and contact became much less frequent in 2013, 2014,” before ending in 2015, after his visit to the island and before he took up his role at Barclays.The beginning of his tenure at Barclays was marked by another scandal after Staley repeatedly and improperly attempted to unmask the identity of whoever sent letters to members of the bank’s board and another executive. After a yearlong regulatory probe, Staley kept his job, though the FCA and Prudential Regulation Authority said he failed to behave “with due skill, care and diligence.”For now, investors are signaling support for the executive, who’s overseen a 25% share price drop since he took over as CEO in 2015.“Barclays is probably in a better position today than a few years ago, but these investigations are a continuing distraction,” said Alan Beaney, Chief Executive at RC Brown Investment Management, which has held Barclays shares since 2012. “The board may eventually think this guy is tarnished and decide at some stage that the bank will be better off without him. At the current time, they fully support him”.Staley is adamant he’s been fully transparent with Barclays. But like others drawn into Epstein’s orbit, he admits to poor judgment.“I thought I knew him well and I didn’t,” Staley said in a call with reporters on Thursday. “With hindsight of what we all know now, I deeply regret having had any relationship with Jeffrey Epstein.”(Updates with details of emails in 11th paragraph.)\--With assistance from Anders Melin.To contact the reporters on this story: Tom Metcalf in London at email@example.com;Stefania Spezzati in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Ambereen Choudhury at email@example.com, ;Pierre Paulden at firstname.lastname@example.org, David Gillen, David ScheerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- Within a few months of joining UBS Group AG in 2011, Sergio Ermotti found himself in just the right place. Switzerland's biggest bank needed to restore stability after a spate of trading losses, and the newcomer was quickly elevated to the chief executive role. His exit isn’t going so smoothly.Ermotti, 59, has signaled that he plans to step down this year and the Zurich-based lender is now seeking a replacement, Bloomberg News reported. After implementing a successful turnaround by taking UBS out of some parts of the trading business and bolstering its lead as the world’s biggest wealth manager — just as central-bank stimulus infused markets and the rich became richer — Ermotti has allowed the bank to drift recently, and the stock has languished. It’s hard to see an obvious successor, which doesn’t reflect well on the CEO and his chairman, Axel Weber.While the shares have outperformed European rivals since Ermotti took over, that hasn’t been the case over the past two years. Crucially, the bank now trades below book value. The CEO has struggled to meet key financial targets, seen as unambitious at first, and he cut his goals again in January, the third time in three years that he’s had to reset ambitions.In an era of negative rates, the $2.6 trillion wealth manager hasn’t adapted as quickly as some rivals — including Credit Suisse Group AG — to preserve its private-banking margins. The shift to passive investments and lower expectations on returns for customers have made it difficult to defend higher fees, while geopolitical tensions have muted client trading.Chasing absolute growth in assets under management hasn’t helped improve returns as much as hoped as costs at UBS remained elevated. Even with its lead in the booming Asian market, managing money from the rich has become tougher.The succession doesn’t appear to have gone to plan either. With both Weber and Ermotti having been in their jobs for almost eight years, the bank should have assembled a deep bench of potential candidates. Instead, a series of botched senior appointments and management changes, including the exit of investment bank chief Andrea Orcel 18 months ago, are limiting UBS’s choice.Iqbal Khan, a prized hire from Credit Suisse brought in to help run the wealth management division, may not be among the runners, Bloomberg News reported. That isn’t surprising. He’s only been in the role a few months, and revelations about his acrimonious split with his former employer will be fresh in everyone’s minds.It may be too soon to turn to asset management chief Suni Harford, who’s also only been in the job since September. That leaves Sabine Keller-Busse, the chief operating officer, among the most promising internal candidates. But the former McKinsey & Co. consultant hasn’t managed a big division at the bank.A $5 billon fine in France for helping clients avoid taxes is clouding the outlook for higher investor returns this year, after the bank passed on the chance to settle when the opportunity arose. Still, lower targets for profit and cost efficiency are seen as achievable because they rely less on revenue than before. Khan’s plans to offer more tailored products for wealth clients, and to cut bureaucracy and increase lending, should juice up returns and profit. But that big shift into lending carries risk.UBS is still in a privileged position compared to some European competitors. It’s not in the midst of a deep restructuring like Deutsche Bank AG and HSBC Holdings Plc, nor is it beset by scandal like Credit Suisse and Barclays Plc. So this is a chance to think radically. As robots replace workers and banks invest heavily in the digital revolution, UBS would be wise to look beyond the usual circles for its next leader.To contact the author of this story: Elisa Martinuzzi at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Elisa Martinuzzi is a Bloomberg Opinion columnist covering finance. She is a former managing editor for European finance at Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Barclays share price slipped lower after this week's double hit of news. Roland Head gives his verdict.The post Should you buy or sell Barclays shares right now? appeared first on The Motley Fool UK.