Barclays Share Discussion Threads

[blackberry122] 21/5/2015 23:31

i wonder when the new chairman will make his first big impact. With the biggest of the fines out of the way could he be in a position to offload the IB altogether?

[fjgooner] 21/5/2015 21:09

To: banglemoose 20 May'15 - 18:09 - 111965 of 111991 0 0

What fines are still in the pipeline and will they be as heavy as this one?

And to smurfy - re a similar question.

This is the list as of a couple of months back.

In terms of the current issues Barclays Annual Report has 9 pages of disclosures on “Legal, competition and regulatory matters”

The main disclosures are…
Published: 3 March 2015 6:37 pm

#Barclays Annual Report has 9 pages of disclosures on “Legal, competition and regulatory matters”. The main disclosures are…

#Barclays 1/Investigation into Qatar advisory agreements and fees.

#Barclays 2/Alternative Trading Systems and High-Frequency Trading manipulation of the US securities markets.

#Barclays 3/US Federal Energy Regulatory Commission civil action regarding Californian electricity markets.

#Barclays 4/Investigations into LIBOR, other Benchmarks, ISDAfix, Foreign Exchange Rates and Precious Metals.

#Barclays 5/LIBOR and other Benchmark Civil Actions.

#Barclays 6/Civil actions in respect of Foreign Exchange Trading.

#Barclays 7/RMBS Repurchase Requests and RMBS Securities Claims.

#Barclays 8/Other Mortgage-related investigations.

#Barclays 9/Lehman Brothers.

#Barclays 10/ American Depositary Shares.

#Barclays 11/Civil actions in respect of the US Anti-Terrorism Act.

#Barclays 12/Interest Rate Hedging Products Redress.

#Barclays…which explains why “provisions of £1,690m are held for legal, competition and regulatory matters”. 2013 provision was £485m.

[harvester] 21/5/2015 18:48

Astol:
Thanks for yesterday's constructive comment on my post.
Admittedly, later with hind-sight I may regret closing out at break even when a little more patience might have yielded a profit . However I have waited since 2013 for barc to reach my break even on buy price when adding transaction costs while other shares in my portfolio incl uu. , sse , ng,bt,vod have given good divi income and capital gains .
there were other considerations as well . For the last two months I have reduced my equity exposure and built up cash reserves to take advantage of any market downturn when it comes.
The next two weeks may bring new market upsets as Greece runs out of cash and can not meet the IMF loan due on June 5th. Last time round they paid the IMF with money held by the IMF. I think that was the last rabbit they could pull out of the hat.
Good luck with your trading but be very careful .

[dr biotech] 21/5/2015 14:01

True - I think most of us would like to see a time limit on the PPI claims. As much as anything I'm fed up of the junk phone calls that I get for something that I never took out. Perhaps the next big thing will be banks countersuing for time wasting ambulance chasers putting forward thousands of bogus claims.

[isis] 21/5/2015 13:39

It's pretty clear that the Banks are just Government Cash machines. They've taken tens of billions from them for everything going - most industries would have gone bust on those fines.

It is only acceptable because the muggin's Public approve not realising that they are actually paying these funds via their Pension Funds.

Never overestimate just how stupid the Public really are!

[astol] 21/5/2015 13:28

Barclays and RBS were among six banks fined a combined $5.8-billion on Wednesday for rigging currencies, ending two years of global investigations into what U.S. Attorney General Loretta Lynch called a “brazen display of collusion” to game markets. Barclays paid a total of 1.5 billion pounds to five authorities and RBS $669-million.

JPMorgan also predicts both banks will top up reserves to compensate customers for payment protection insurance they didn’t want or need, adding to the 23 billion pounds the scandal has already cost British lenders. Barclays will make another 600 million pounds of provisions and RBS 400 million pounds, Sinha said. He has an overweight rating on Barclays’s stock and is neutral on RBS.

[johnwise] 21/5/2015 12:21

Barclays, RBS seen facing $11-billion more in misconduct costs

Barclays PLC and Royal Bank of Scotland Group PLC, which were fined $3-billion (U.S.) on Wednesday for rigging currency markets, will have to set aside another 7 billion pounds ($11-billion) for misconduct within two years, JPMorgan Chase & Co. said.
MORE

[davew28] 21/5/2015 12:16

Barclays shares defy scandals - but boss Antony Jenkins is still in line of fire

Shares in Barclays were the second-biggest risers on the FTSE 100 index yesterday as the bank was deemed to have escaped lightly with a £1.53bn fine for rigging the foreign exchange market.

But chief executive Antony Jenkins is facing a number of unexploded bombs including a Serious Fraud Office probe into its fund raising from Middle East investors in 2008 and a US court case over ‘dark pool’ trading platforms.

The enormous forex fine will fuel speculation that Jenkins may not survive long as chief executive under John McFarlane, the no-nonsense chairman who arrived at the bank this spring

Jenkins was promoted to the top job in 2012, saying he would clean up Barclays and turn it into the ‘Go-To Bank’ after predecessor Bob Diamond fell on his sword following the Libor rate-rigging scandal.

Embarrassingly for him, forex manipulation did not entirely pre-date his reign with some incidents as late as autumn 2014.

The failings in the forex business – where traders in a self-styled ‘Cartel’ colluded to profit at the expense of clients in chatrooms – persisted despite the fact that similar practices in rigging Libor and gold prices had already landed the bank with multi-million pound fines.

Barclays did not tell traders to exit chatrooms dealing in emerging market currencies until July 2013.

Stock markets took the latest disgrace in their stride and Barclays shares closed yesterday up 8.85p or 3.37 per cent to 271.55p.

Traders were bullish because the fine was less than the £2bn the bank had earmarked to cover it.

At its first-quarter results last month, Barclays – which saw profits slump by a quarter to £1.37bn – said it had set aside an extra £800m in provisions, mainly relating to forex.

It may now be able to recover some of that write-off.

The start gun of opportunity has been fired after Barclays was only fined £1.5bn by the FCA and the US Department of Justice for historic forex failings,’ said online broker Accendo Markets.

Analysts at IG Index said the penalties meted out to Barclays, along with RBS, JP Morgan, UBS, Citi, and Bank of America, were ‘reputation-busting’, but added that the ‘cumulative $6bn slap on the wrists is seen as a light touch’.

RBS, which has agreed to pay $395m (£254m) to the US Department of Justice and $274m (£177m) to the Federal Reserve, saw its shares rise 6.2p to 354.7p.

Some fund managers believe Barclays and the other banks are uninvestable due to the scale of possible fines and legal actions pending.

The settlement is not the end of its troubles. The New York Department of Financial Services (DFS), which levied an $485m (£313m) fine as part of yesterday’s hit, may exact further vengeance. It said the penalty did not cover claims regarding Barclays’ electronic foreign exchange trading.

Ben Lawsky, the DFS Superintendent who leaves shortly for the private sector, said: ‘Put simply, Barclays employees helped rig the foreign exchange market.

‘They engaged in a brazen “heads I win, tails you lose” scheme to rip off their clients. There is additional work ahead. The investigation of electronic foreign exchange trading, which makes up the vast majority of transactions in this market, will continue.’

The DFS added that on numerous occasions, from at least 2008 to 2014, foreign exchange sales staff had engaged in misleading sales practices with clients.

Jenkins said the misconduct is ‘wholly incompatible with Barclays’ purpose and values and we deeply regret that it occurred.’

[astol] 21/5/2015 10:06

mrcravat-cravat means tie in Polish I believe-yes good run yesterday- pausing for a breather for now-agree 275p must be the next push

[mrcravat] 21/5/2015 09:44

Looks like 2.75 next hurdle to clear

[bigman786] 21/5/2015 08:23

Good news from Greece may be our next 'decent' push I guess.

[astol] 21/5/2015 08:17

the current yield I believe is 2.5% much better than my Cash ISA at 0.5%.

[druid2] 21/5/2015 08:14

astol - Let's hope that Jenkins keeps his promise re dividends.

[astol] 21/5/2015 08:09

harvester- there is no bad time to take a profit or in your case break even-but it might have been worth holding for the extra upside which I see should reach 300p within next 2/3 months imo.
yesterdays rally was as a result of the fine being less 0.5bn than Barc provisioned for.I also recall at the final results that Jenkins strategy and culture change is paying dividends and the fines and litigation are matters he inherited.
Well just my thoughts.

[cumnor] 21/5/2015 05:38

Guilty plea-now only question is not if, but how much the class action lawyers, mega corps and pension funds will demand over the next few years.

[harvester] 20/5/2015 23:10

Bob D installed a culture of greed and reckless risk taking at the bank .
His legacy will tarnish the reputation of this bank for a long time .
While many other banks were involved in the forex trade rigging , it appears that Barclays was the leader of the villains .
I took advantage of todays rise by closing my Barclays position completely at breakeven , even though I recognise that momentum may drive the price to 300 or above .
Surely big companies have suffered substantial losses from this market rigging and will look for some redress . Barclays will find it hard to refuse their compensation claim since they will not wish to be in the limelight with prolonged litigation news .

[smurfy2001] 20/5/2015 22:08

RE: Forex

Barclays rose more than 3pc, adding £1.48bn to the bank’s value – almost as much as it was forced to pay. The bank had set aside more than £2bn in relation to the probes, while it was not judged to have breached a deferred prosecution agreement with the DoJ.

[smurfy2001] 20/5/2015 20:47

Regardless nice to see new highs and a breakout.

[neilrich] 20/5/2015 20:46

Today's announcement opens the door for the civil courts, watch this space.

Today's news is worse than the LIBOR scandal, don't understand Today's share price move upwards.

[druid2] 20/5/2015 19:40

Th Barclays Forecast & Fundamentals link on the top is over a month out of date. Can anyone please put a link on the thread as I am sure things will have changed a lot after today's news! Thanks in advance. druid2

[smurfy2001] 20/5/2015 19:30

This is what l could find from the BBC, more fines to come:-


The New York State Department of Financial Services is still investigating Barclays, for example, over other aspects of the foreign exchange market including electronic trading.

Barclays is also being investigated in the UK over its Qatari fund raising during the financial crisis and in America over the operation of its "dark pool" electronic trading business.

Other allegations include manipulating the energy markets in California and the US precious metal market.

[smurfy2001] 20/5/2015 19:23

Good article on the FX saga

[philo124] 20/5/2015 19:20

Shareholders should pressure the Company into handing over the culprits and assisting with them, their wives, girlfriends and mistresses (and male equiv) being put in jail; in return, the shareholders keep their money and not fritter it away on fines. Buffet said this ages ago , on TV.