Barclays Share Discussion Threads

[buywell2] 22/5/2019 16:43

Did I say BARC was going to 150p again ?

[bernie37] 22/5/2019 15:39

Sorry incorrect article,
Look at business insider

[bernie37] 22/5/2019 15:31

Barclays electronic layoffs
5
If you work in electronic equities trading your job should in theory, be safe - or at any rate, safer than if you're an old school voice trader. Tell that, however, to senior members of the electronic trading team at Barclays, who were let go in last week's purge.

Victims of the layoffs, which hit 100 people at director and managing director level, are understood to include Eric Krueger, the former EMEA head of cash execution sales, Mark Montgomery, a director in algorithmic sales, and Jenny Miller, another senior electronic equities saleswoman.

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Barclays didn't comment on the exits, but colleagues confirmed that Krueger is no longer with the firm and both Montgomery and Miller were not at their desks.

The electronic layoffs come after Barclays made several senior electronic trading hires last year. Stephen Dainton, a former Credit Suisse trader, joined as global head of equities in September. Graham Wayne, the former head of electronic trading at Knight Capital Group in Europe joined around the same time. Ex-Goldman quant trader Asita Anche joined in June and is setting up a new cross-asset quant trading business. James Sylvester-Evans, a former portfolio trader from Morgan Stanley, joined in June.

Tim Throsby, CEO of Barclays' investment bank has promised to reinvigorate the risk appetite on Barclays' trading floor, to hire in additional talent as necessary and to "restore excellence" in the electronic execution business. Barclays has yet to announce results for full year 2017, but in the first nine months of the year, revenues in its equities sales and trading business fell 8.2%. The bank blamed its on poor performance on over-reliance upon flow equity derivatives trading and promised to invest in its electronic trading business to help remedy it.

By leaving at this time of year, Krueger, Montgomery and Miller will forego their bonuses for 2017. All had been at Barclays for some time: Krueger joined from Merrill in 2009; Montgomery joined from Sanford Bernstein in the same year. Miller is thought to have been at the bank for over a decade. They can console themselves with the thought that Barclays has indicated it will be cutting the bonus pool again this year anyway.

[bernie37] 22/5/2019 15:25

Barclays culls global markets teams after saying no plans for job cuts - Business Insider
hxxps://www.businessinsider.com/barclays-culling-markets-teams-after-saying-no-plans-for-cuts-2019-5?r=US&IR=T

[m1k3y1] 22/5/2019 13:25

John.....all MP's are to blame for this mess not just the PM.
Now they will be totally focussed on their own political ambitions rather than delivering for the electorate.
Forget Brexit, it will now all be about a general election , who will be the next PM and what jobs they can all get themselves under a new PM.
Brexit will be consigned to the back pages.

[cheshire pete] 22/5/2019 13:04

Hello jpjohn1 trust you are well.
Took a peek on here.....trying to trade these but tbh making a bit of a hash of it at the minute with poor timing.

[johnwise] 22/5/2019 06:16

No one in our family will ever vote or trust the Tories ever again , we always new never to trust labour as the are all liars and nothing ever improves under Labour but we actually believed the Tories had a degree of honestly and moral fibre to do the right thing by the people . Never again thanks to this fixated treacherous woman. Vote Brexit party!!

[jpjohn1] 21/5/2019 21:59

I think most people agree Mays toxic, no morals at all. The worse PM in History. Like portside said vote for the Brexit party

[bernie37] 21/5/2019 16:07

Remember David Fotheringhame? He's the former head of electronic fixed income currencies and commodities (FICC) trading at Barclays who was - wrongfully it turned out - let go by the bank in 2016 after the New York Department of Financial Services incorrectly claimed he'd been a key player in a 'Last Look' trading system that rejected unprofitable orders for the bank. If you remember Fotheringhame, you'll also remember that he exonerated himself (and created a website on his case), and then demanded a job back at Barclays. Barclays declined to oblige and in February this year Fotheringham extracted £948k ($1.2m) from Barclays to compensate for his pains.

Now a trader who was arguably even more wronged than Fotheringham and was even more senior has left Barclays (seemingly voluntarily). It's not clear what he plans to do next, but Barclays may want to set some money aside in case he decides to go full Fotheringhame in future.

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Rob Bogucki spent nearly 11 years at Barclays before leaving in April 2019. He joined the bank from Lehman in 2008 and previously worked for Merrill, Morgan Stanley and Goldman. Bogucki has pedigree. At Barclays he was co-head of the global macro division, managing 700 people. - Until he was accused by the U.S. Department of Justice of misleading Hewlett-Packard on a £6bn ($7.7bn) currency deal and charged with attempted fraud in January 2018.

Like Fotheringhame, Bogucki was fully acquitted of any wrongdoing. In March this year, a judge in California threw his case out of court, noting that Bogucki's aggressive trading (against $11bn in options HP accumulated to buy Autonomy Corp) was totally in line with market norms. - But this was only after Bogucki had sat out of the market for over a year and been widely disparaged in the press.

Neither Barclays nor Bogucki responded to a request to comment on his exit. Bogucki, however, is clearly miffed. In a post on LinkedIn, he refers to his "horrible experience." It probably doesn't help that Barclays' internal and external counsels helped assemble the spurious case against him. - Nor did it go unnoticed that shortly after Bogucki was indicted by the DOJ, the bank itself avoided charges by paying a $12.8m fine...

Bogucki's next move is unknown. But we may not have heard the end of this yet.

[bernie37] 21/5/2019 16:05

A trader with reason to be very angry left Barclays in New York | eFinancialCareers



hxxps://news.efinancialcareers.com/be-en/3001100/rob-bogucki-barclays

[m1k3y1] 21/5/2019 12:06

Thanks bernie.....Staley needs to do something, frankly he appears to be quite happy just jogging along and getting his salary .

[bernie37] 21/5/2019 12:00

Old article, just saying time for Barclays to make a move on addressing other options outside investment banking

[m1k3y1] 21/5/2019 11:59

Four Banks Win Dismissal From U.S. Forex Antitrust Case
hxxps://news.bloomberglaw.com/mergers-and-antitrust/four-banks-win-dismissal-from-u-s-forex-antitrust-case?utm_source=rss&utm_medium=MANW&utm_campaign=0000016a-d6ba-d367-adeb-fffb99c00000

[jpjohn1] 21/5/2019 11:48

Brokers quite confident on Barclays, 17 covering them at the momentBuy 10, Hold 6, and only one sell, very positive hereA consensus of 220.36pThe last five broker updatesHSBC BuyBerenberg TP 220pJP Morgan TP 220pUBS TP 220pGoldman TP 230p

[m1k3y1] 21/5/2019 11:26

bernie...isn't this an old article ?

[bernie37] 21/5/2019 11:14

Time for Barclays to merge

Barclays explores mergers with rival banks

Private talks with StanChart form part of contingency plans after investor pressure

A StanChart combination is one of many options being looked at by Barclays directors © Bloomberg


Barclays has been privately exploring a possible merger with rival international banks, including Standard Chartered, in response to pressure from an activist investor who has become one of its biggest shareholders.

The exploratory conversations are part of wide-ranging contingency planning being considered by senior board members in response to the pressure from Edward Bramson’s activist investment fund Sherborne, which recently acquired 5.4 per cent interest in the bank, people briefed on the talks said.

Two people close to the situation said John McFarlane, Barclays chairman, was keen on the idea of a combination with StanChart, at least in theory, and was supported by Sir Gerry Grimstone, who chairs its Barclays International unit. 

One of the people said a private conversation had taken place between a director at each bank about the potential benefits of such a deal, but no formal or informal bid approach had taken place.

One senior banker involved in the potential deal said: “John [McFarlane] has a real affinity for Standard Chartered.” Another said of the potential deal: “It would be logical but I’d be very surprised if anything came of it.” 

Barclays shares opened lower after the Financial Times reported the discussions, dropping 0.9 per cent to 208.55p before a small recovery in midday trading. StanChart was up more than 2 per cent at the open, rising to as much as 787.3p before paring gains.

The possible combination with StanChart, which has a £25bn market capitalisation, is only one of many options being “kicked around” by Barclays directors in response to Mr Bramson’s intervention. Barclays and StanChart declined to comment. 

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Jes Staley, chief executive of Barclays, met Mr Bramson in New York earlier this month and was told by the activist investor that he was still finalising his strategic proposals for the bank.

One person who knows Mr Bramson well said he was likely to call for Barclays to return to shareholders much of the £25bn of capital tied up in its corporate and investment banking division by shrinking the long-underperforming unit. 

Contingency plans discussed by some Barclays directors include:

ways to return more capital to shareholders
options to expand the bank’s ringfenced UK business
and “hypothetical combinations” with a range of other banks, including Deutsche Bank, Credit Suisse and DBS in Singapore
There has been no formal discussion of the potential combination with StanChart on the Barclays board, said one of the people briefed on the situation, who added that it had not been the subject of any detailed work or been discussed between executives and non-executives of the bank.

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One Barclays insider said it had been “scanning the horizon” like all bank boards do on a regular basis. 

Mr McFarlane, who worked at StanChart earlier in his career, was said to have been pained at Barclays’ withdrawal from Africa, a decision taken more on the grounds of accounting than strategic rationale.

“Selling Africa pulled his guts out,” said one close friend. StanChart is one of the few banks with a strong pan-African franchise. 

The deal would have the merit of bringing together two institutions with a neat geographic fit. It could also bring in a chief executive of the combined operation in the form of Bill Winters, the StanChart boss who was senior to Jes Staley, the Barclays chief, when the two men worked in the upper echelons of JPMorgan Chase. 

Senior figures in the City of London have suggested in private that Mr Staley has been tarnished by a whistleblowing scandal and, if a recent rebound in performance is not sustained, could be replaced within a year. 

However, a person familiar with the Barclays board said Mr Staley was “buoyant”; after he survived a probe earlier this month by UK regulators into his attempt to unmask a whistleblower. 

He is also breathing a sigh of relief after a UK court this week dismissed criminal charges against the bank over a 2008 fundraising in Qatar, which came just a few months after Barclays settled a US investigation into mis-selling of mortgage securities with a smaller fine than expected. 

Opinion appears divided on the industrial logic of any tie-up. “What would you put on page one of the deal announcement?” asked one City of London veteran. “I’m not sure there are many synergies.”

However, another long-time adviser to Barclays said “it makes perfect sense”, citing the funding benefits that StanChart’s large deposit base in Hong Kong and Singapore could bring to Barclays’ investment bank. 

A second adviser to Barclays pointed out that both it and StanChart had extra capital requirements from regulators because they were considered globally systemically important banks and the likelihood of a merger would add to these, creating a deterrent to any deal.

“The capital impediment is quite difficult. It makes any deal really hard to do,” said the adviser, adding that “banks are still quite risk-averse as the scars from the crisis are still very deep”. 

Shares in Barclays and StanChart have remained in negative territory since Mr Staley and Mr Winters started in their current jobs in June and December 2015, respectively.

They are both valued at about 30 per cent below tangible book value, indicating that investors expect them to earn less than their cost of capital. 

Since making a failed offer for Royal Bank of Scotland in 1982, StanChart has been regularly cited as a likely takeover target.

The bank, which has Singapore’s Temasek as its biggest shareholder, with 16 per cent, narrowly survived a bid from Lloyds in 1986 when rescued by investors dubbed the “three white knights” and it was later approached by several rivals, including Barclays.

[jpjohn1] 21/5/2019 08:00

Looks like a positive start today, I have it at FT 100 + 23. Hopefully a better couple of days . Friday -1.9p and yesterday -2.38p

[rburtn] 20/5/2019 18:00

We know exactly how much the EU is 'milking' us, it's less than 1% of GDP (6 bn net). At the last count from memory, the 200 top hedge fund managers trousered an average of about 200,million each. That's 40 billion. In other words 200 guys paid themselves more than 6 times what the EU costs us. Portside cannot do sums just like all the ignorant posters who fall for Farage's anarchist tendencies.

[portside1] 20/5/2019 14:46

would sooner be poor than have those scum in brussels they are milking the system set up to make them very rich and no checks ,you are not allowed to see the payments made to thee scum . its all hidden from the voters .

no audit in over 15 years

[hades1] 20/5/2019 14:33

Why is everyone on this BB so keen to be substantially poorer- now and for at least the next 35 yrs!Or are you all part of the elite that always makes money while everyone else suffers?Strange country.Odd

[portside1] 20/5/2019 14:13

may is a disgraceful person a liar and only working for her husbands business he as made a fortune they should be investigated