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| Article Title | Sentiment | Date | Summary | Stock | Id | Author |
|---|---|---|---|---|---|---|
| Article Title | Sentiment | Date | ||||
| Barclays Fined $44M for Gold Fixing Failures and Trader Daniel James Plunkett Banned | -22 | 2014-05-23 11:19:18+00 | UK's financial regulator, the Financial Conduct Authority, fined Barclays 26 million pounds ($43.8 million) for failings related to fixing London gold prices, and also banned and fined trader Daniel James Plunkett for inappropriate conduct. "Plunkett has paid a heavy price for putting his own interests above the integrity of the market and Barclays' customer. The FCA said that, on June 28, 2012, former Barclays trader Plunkett exploited weaknesses in Barclays' systems and controls to influence that day's reference price for gold and thereby profited at a customer's expense. But if the price fixed below the Barrier, Barclays would not have to make that payment. Related Stories Barclays Axing 19,000 Jobs; Britain Bears The BruntThe FCA has fined Plunkett 95,600 pounds and banned him from performing any function in relation to any regulated activity. | BCS | {} | 841 |
| Barclays Rises as Cutbacks, Gain in Trading Ease Profit Drop | -7 | 2016-07-29 00:00:00 | The bank said it expects costs at that unit to drop to a range of 400 million pounds to 500 million pounds next year. Barclays’s core units posted adjusted pretax earnings of 1.85 billion pounds on revenue that was little changed. Equities trading dropped 31 percent to 406 million pounds. Barclays Plc shares climbed as fixed-income trading revenue outperformed European rivals and the bank said the non-core unit will weigh less on profit in 2017. Analysts had estimated 2017 costs at the unit of 563 million pounds, said Andrew Coombs, a Citigroup Inc. bank analyst. | BCS | {"Stephen Morris"} | 42 |
| Ex-Barclays COO Again Expresses Unease With Trader Suspensions | -39 | 2016-09-27 00:00:00 | Authorities in the U.S., the U.K. and Switzerland fined banks including Citigroup Inc., JPMorgan and Barclays for their role in currency-market manipulation. Bull, the bank’s chief operating officer until April 2015, was giving evidence at a London employment tribunal against Mark Clark, the third Barclays currency trader suspended amid regulatory probes into potential currency manipulation. The foreign-exchange scandal was one of several involving the rigging of key benchmarks that emerged following the financial crisis. Clark follows colleagues Chris Ashton and Jack Murray in suing the bank after the fallout of the worldwide probe. Banks fired dozens of traders in the aftermath of regulatory probes into foreign-exchange markets, which have led to fines of at least $10 billion. | BCS | {"Jeremy Hodges"} | 106 |
| Barclays and Credit Suisse pay biggest ever fines for dark pool trading | -12 | 2016-01-31 00:00:00 | Schneiderman said Barclays had told its dark pool clients that it monitored for high-speed trading, but it didn’t and it actually favoured high-speed traders. This meant that traditional players thought they were only up against other traditional traders when actually they were facing “the most aggressive and predatory high-speed traders,” he said. Barclays and Credit Suisse has been fined $154m (£108m) following an investigation into the banks’ “dark pools” private trading exchanges exploited by “predatory, high-frequency traders” at the expense of the bank’s traditonal customers. Eric Schneiderman, attorney general of New York state, said the fines were a “major victory in the fight to combat fraud in dark pool trading” and would help protect investors from “the most aggressive and predatory high-speed traders”. Barclays and Credit Suisse each made “false statements and omissions in connection with the marketing of their respective dark pools and other high-speed electronic equities trading services,” Schneiderman said in his news release. | BCS | {"Rupert Neate"} | 109 |
| Barclays fined $2.4 billion for FX manipulation, to fire eight staff | -12 | 2015-05-21 00:36:15+00 | LONDON Barclays Plc (BARC.L) pleaded guilty to a U.S. criminal charge and was fined $2.4 billion (1.5 billion pounds) by U.S. and British authorities on Wednesday for manipulating foreign exchange rates. Barclays had set aside $3.2 billion for potential fines related to past FX trading. It could face further punishment related to electronic systems used in FX trading, which the NYDFS said it will continue to investigate. Barclays was one of five banks to be fined a total of $5.7 billion by authorities on Wednesday. It was also fined a record 284 million pounds, or $441 million, by Britain's Financial Conduct Authority. | BCS | {"Reuters Editorial"} | 110 |
| Barclays Fined Twice in One Day for Compliance Failures | -36 | 2014-09-23 00:00:00 | Barclays Plc was fined twice in one day for client account failures in the U.K. and the U.S., hurting the bank’s effort to rehabilitate a tarnished image. “Barclays has subsequently enhanced its systems to resolve these issues.”The lender was fined 1.1 million pounds in 2011 for similar violations. A Libor rate-rigging scandal cost the bank 290 million pounds in fines and triggered the ouster of Robert Diamond, Jenkins’ predecessor. The lender was fined 26 million pounds in May by the FCA for control failings over its setting of gold prices. In the U.K., Barclays agreed to pay 38 million pounds ($62 million) to Britain’s market regulator for failing to properly protect 16.5 billion pounds of client assets between 2007 and 2012. | BCS | {"Alan Katz"} | 111 |
| Barclays hit by new £38m fine over client assets | -18 | 2014-09-23 00:00:00 | The £38m fine is the second punishment Barclays has received for breaches of client asset rules. That penalty was levied on the investment banking arm of Barclays, which is also thought likely to receive the latest fine. Neither Barclays nor the FCA would comment on the report on Sky News about the fine being announced on Tuesday. Barclays is to be fined £38m for breaching City rules requiring clients’ funds to be kept separate from its own assets, in what is expected to be the largest fine for such an offence. Almost a dozen fines have been handed out for this breach of the rules, which in Barclays’ case is thought to cover the period between 2007 and 2012. | BCS | {"Jill Treanor"} | 112 |
| Ex-Barclays brokers can keep nearly $4 million in bonus money -panel | -12 | 2015-02-20 22:47:59+00 | The two brokers decided to leave Barclays as a result, prompting Barclays to demand the return of a $2.6 million signing bonus from Platt and a $1.3 million bonus from Urquidi. Two former Barclays stockbrokers can keep nearly $4 million in signing bonuses, an arbitration panel has ruled, handing down a rare rebuke of a controversial recruiting practice common among brokerage firms. The FINRA panel rejected Barclays claim. The panel, however, also denied the brokers' $9 million damage claim. Firms often offer generous signing bonuses to woo talent from rivals, but structure the bonuses as loans that are forgiven over time to discourage them from leaving too soon. | BCS | {"Suzanne Barlyn"} | 151 |
| UPDATE 1-Barclays wins reversal of liability ruling in $300 mln dispute | -12 | 2015-02-19 15:59:16+00 | The case is BDC Finance Llc v. Barclays Bank Plc, New York State Court of Appeals No. A lower court agreed and ordered Barclays to return $297 million in collateral it was holding under a 2005 agreement with Black Diamond. The court denied Barclays' counterclaim that Black Diamond violated the agreement by failing to meet two subsequent collateral calls from the bank. Connecticut-based Black Diamond filed a lawsuit against Barclays in 2008, claiming it had defaulted on a $40 million collateral call made at the height of the financial crisis. An attorney for Black Diamond did not return a request for comment. | BCS | {"Reuters Editorial"} | 216 |
| Barclays wins reversal of liability ruling in $300 mln dispute | -12 | 2015-02-19 16:03:46+00 | The case is BDC Finance Llc v. Barclays Bank Plc, New York State Court of Appeals No. A lower court agreed and ordered Barclays to return $297 million in collateral it was holding under a 2005 agreement with Black Diamond. The court denied Barclays' counterclaim that Black Diamond violated the agreement by failing to meet two subsequent collateral calls from the bank. Connecticut-based Black Diamond filed a lawsuit against Barclays in 2008, claiming it had defaulted on a $40 million collateral call made at the height of the financial crisis. An attorney for Black Diamond did not return a request for comment. | BCS | {"Reuters Editorial"} | 217 |
| UPDATE 2-Barclays fails to win dismissal of NY 'dark pool' lawsuit | -12 | 2015-02-13 22:13:34+00 | "But the judge said Schneiderman still must show enough specifics about Barclays' dark pool to demonstrate the bank lied to clients and investors. "Investors in the dark pool are highly sophisticated and, hence, no liability will be found simply on the basis of meaningless words, such as 'aggressive', 'predatory', and 'toxic'," she wrote. "The case is Schneiderman v. Barclays Capital Inc et al, New York State Supreme Court, New York County, No. He also said Barclays falsely downplayed the percentage of dark pool trading that was "aggressive," and that electronic trading chief William White and head of product development David Johnsen directly oversaw this activity. "Traders are entitled to rely on material representations banks make about their dark pools," the judge wrote. | BCS | {"Reuters Editorial"} | 218 |
| Barclays fails to win dismissal of NY 'dark pool' lawsuit | -12 | 2015-02-13 22:15:16+00 | "But the judge said Schneiderman still must show enough specifics about Barclays' dark pool to demonstrate the bank lied to clients and investors. "The case is Schneiderman v. Barclays Capital Inc et al, New York State Supreme Court, New York County, No. "Investors in the dark pool are highly sophisticated and, hence, no liability will be found simply on the basis of meaningless words, such as 'aggressive', 'predatory', and 'toxic'," she wrote. He also said Barclays falsely downplayed the percentage of dark pool trading that was "aggressive," and that electronic trading chief William White and head of product development David Johnsen directly oversaw this activity. REUTERS/Carlo AllegriNEW YORK A New York judge on Friday rejected Barclays Plc's (BARC.L) effort to dismiss state Attorney General Eric Schneiderman's lawsuit accusing it of defrauding clients about high-speed trading in its private "dark pool" trading platform. | BCS | {"Jonathan Stempel"} | 219 |
| Barclays will cut investment bank again if performance doesn't improve | -22 | 2015-03-03 15:30:44+00 | "We won't hesitate to continue to optimize capital allocated to the investment bank, the cost base and revenues to generate those returns. "Barclays said its investment bank had a good start to 2015 but 2014 was a year to forget, with pretax profit sliding a third. Including charges, provisions and restructuring costs of 1.2 billion pounds, pretax profit fell 21 percent to 2.3 billion. Under Jenkins, Barclays has abandoned its ambition of being a Wall Street powerhouse, shrinking its investment bank in favor of a return to its retail roots. Barclays also set aside an extra 200 million pounds in the fourth quarter to compensate British customers who were mis-sold insurance products. | BCS | {"Steve Slater","Matt Scuffham"} | 299 |
| Barclays takes extra 750 mln stg FX provision as profits rise 12 pct | -8 | 2015-03-03 07:17:02+00 | Barclays on Tuesday said it made a 2014 adjusted pretax profit of 5.5 billion pounds, up from a restated 4.9 billion in 2013 and above the average analyst forecast of 5.3 billion pounds. (Reporting by Steve Slater and Matt Scuffham; Editing by Sinead Cruise) LONDON, March 3 Barclays set aside 750 million pounds more for potential foreign exchange fines and litigation as the British bank's annual profits rose a higher-than-expected 12 percent thanks to a sharp cut in costs. Barclays said its provision for legal and regulatory matters was 1.7 billion pounds at the end of the year, up from 485 million a year earlier. It included 1.25 billion pounds for ongoing investigations and litigation relating to alleged foreign exchange manipulation, after the bank more than doubled its previous 500 million pound provision. | BCS | {"Reuters Editorial"} | 301 |
| Barclays, Glencore earnings knock FTSE back from Monday's record high | -12 | 2015-03-03 11:51:35+00 | Glencore fell 2 percent after the miner and commodity trader took an impairment charge of $1.1 billion on lower commodity prices. The blue-chip FTSE 100 index was down 8.23 points, or 0.1 percent, at 6,932.41 points by 1131 GMT, trading just below a new record high of 6,974.26 points set in the previous session. "Shire rose 1.4 percent to 5,250 pence, with traders citing a Goldman Sachs note on the sector as helping the stock. "Unless the 6,900 support level is broken, this should just be a consolidation before we push on towards 7,000. Barclays fell 3.3 percent after saying it had set aside an extra 750 million pounds ($1.15 billion) for potential fines arising from allegations of manipulation in the foreign exchange market. | BCS | {"Reuters Editorial"} | 302 |
| Fitch: Barclays' 2014 Results Highlight Weak Investment Bank Performance | -15 | 2015-03-06 16:34:10+00 | The results have no immediate effect on Barclays' ratings. The 4Q14 performance at Barclays' investment bank was weak. (The following statement was released by the rating agency) LONDON, March 06 (Fitch) Fitch Ratings says that the weak 4Q14 performance of Barclays Plc's (Barclays, A/Stable/a) investment bank (IB) together with further conduct costs highlight the challenges the group faces in its restructuring process. Until this subordination of internal debt is in place, senior creditors of Barclays Bank plc, will not be incrementally protected by senior debt issued out of the holding company. The investment bank generated a return on equity of just 2.7% in 2014, which underlines the importance to strengthen its performance if Barclays is to achieve its group level performance targets. | BCS | {"Reuters Editorial"} | 319 |
| Credit Suisse, Barclays Said to Be in Mortgage-Settlement Talks | -32 | 2016-09-28 00:00:00 | Deutsche Bank AG isn’t the only lender wrestling with the U.S. to resolve an investigation into toxic mortgage bonds: Credit Suisse Group AG and Barclays Plc are also each in settlement talks with the Justice Department, according to people familiar with the matter. Credit Suisse, Barclays and the Justice Department declined to comment. Deutsche Bank, Citigroup, RBS and Wells Fargo declined to comment. The offer, which was likely an opening bid rather than a final number, spooked investors worried about whether Deutsche Bank has set aside enough money for legal costs. A Credit Suisse deal could be announced within several weeks, one of the people said. | BCS | {"David Mclaughlin","Tom Schoenberg","David Mclaughlin Tom Schoenberg"} | 340 |
| Barclays fined record $109 million for hiding huge deal | -13 | 2015-11-26 00:00:00 | "The FCA said Barclays bent over backwards to accommodate a number of "ultra high net worth clients" and earn its £52 million commission. Barclays has been slapped with a record fine for trying to keep a huge deal with super rich clients so secret it bought a new safe just to store the documents. The U.K. Financial Conduct Authority fined Barclays £72 million ($109 million) on Thursday for trashing its own rules on making background checks on clients and the origin of their cash, and whether they figured on international sanctions lists. Known as an "elephant deal" inside Barclays, the transaction took place in 2011-2012. "When regulators went to the bank to investigate, "few people within Barclays knew of the existence and location of the safe," the FCA said. | BCS | {"Jim Boulden"} | 379 |
| Libor Lies Revealed in Rigging of $300 Trillion Benchmark | -120 | 2013-01-28 00:00:00 | ICAP said in May that it had received requests from government agencies probing banks’ Libor submissions and is cooperating fully. Walker, the person responsible for U.S.-dollar Libor submissions, wanted to talk about how banks were using the benchmark to benefit their trading positions. Regulators have known since at least August 2007 that some banks were using artificially low Libor submissions to appear healthier than they were. Former Barclays Chief Operating Officer Jerry Del Missier went further, saying that the Bank of England encouraged the lender to suppress Libor submissions. Meanwhile, Libor is being overhauled after the U.K. government ordered a review in September into the way the benchmark is set. | BCS | {"Liam Vaughan Gavin Finch","Gavin Finch","Liam Vaughan"} | 910 |
| British Court Convicts Former Barclays Employees Over Libor Rigging | -43 | 2016-07-05 00:00:00 | PhotoLONDON — A British jury has convicted three former employees of Barclays of plotting to improve the bank’s trading results by “dishonestly rigging” an important benchmark interest rate known as Libor. The conviction at Southwark Crown Court in London last week of the three men, among five former Barclays employees on trial, came after prosecutors suffered a setback in January. So far, British prosecutors have had mixed results in their efforts to pursue criminal charges in the Libor matter. Peter Johnson, a former Barclays trader, pleaded guilty to a criminal conspiracy charge in October 2014, but the court banned publication about the details of his plea, including his identity, to avoid prejudicing the trial. But prosecutors hit a stumbling block in January, when the six former brokers were acquitted of criminal charges that they helped Mr. Hayes manipulate Libor. | BCS | {"Chad Bray"} | 914 |
| Diamond Preaches Long Game in Africa as Atlas Mara Market Cap Evaporates | -24 | 2016-10-11 00:00:00 | FBZ was bought for about $61 million in cash, partly funded by development finance institutions, and 3.3 million Atlas Mara shares. He insists he and Atlas Mara are just getting started: “This isn’t five-minute rice.”Today, Atlas Mara’s acquisitions sprawl across seven countries, from tiny Rwanda to oil-rich Nigeria. Atlas Mara is looking at using the company’s stock to purchase a bank, Diamond says, without identifying the target. The downward spiral of Atlas Mara stock didn’t just frustrate shareholders, it also threatened the company’s trumpeted plan to keep growing through acquisitions. Earlier this year, it looked as if Atlas Mara might be ready to do just that as it circled Barclays Africa. | BCS | {"Renee Bonorchis Donal Griffin Paul Wallace","Renee Bonorchis","Donal Griffin","Paul Wallace"} | 393 |
| Barclays investigated in US over 'dark pool' activities | -40 | 2014-06-26 00:00:00 | According to the lawsuit, Barclays' dark pool was full of predators – there at Barclays' invitation. Barclays' dark pool, LX, is one of the biggest. Bloomberg quoted Lewis's book: "Why would anyone pay for access to customers' orders inside a Wall Street bank's dark pool? Schneiderman alleged Barclays operated its dark pool to favour high-frequency traders and gave them systematic advantages over others trading in the pool in order to attract them. Schneiderman alleged Barclays made false claims about the extent and type of high-frequency trading in its dark pool. | BCS | {"Nils Pratley","Jill Treanor","Dominic Rushe"} | 439 |
| Barclays sued over high-frequency trading | -21 | 2014-06-25 00:00:00 | (Photo: Oli Scarff - Getty Images)New York's top law enforcement office Wednesday accused British banking giant Barclays of "fraud and deceit" for operating an alternative trading venue that improperly favored high-frequency trading. According to the lawsuit, Barclays' dark pool was full of predators – there at Barclays' invitation. "The allegations come amid examinations of high-frequency trading by the Securities and Exchange Commission and other investigators. Those tactics have raised public concern that high-frequency traders have an improper advantage over other financial market participants. Another "was described as having (trading activity that) is very toxic, and the client is up-front about this. | BCS | {"Edt June","P M","Kevin Mccoy"} | 440 |
| Barclays sued by Saudi developer for $10 billion | -25 | 2014-10-29 19:07:36+00 | In November 2012 responding to a newspaper report, Barclays said it did not make any illegal payment to get a Saudi license. REUTERS/Toby MelvilleNEW YORK A Saudi real estate company has sued Barclays for $10 billion (6.24 billion pounds), claiming the bank ceased pursuing lease payments due from the Saudi government on military complexes in the kingdom in order to obtain a lucrative banking license there. The lawsuit seeks damages of no less than $10 billion for Barclays alleged breach of fiduciary duty, fraud and interference. The case is MBI International Holdings, et al, v Barclays Bank Plc, New York State Supreme Court, New York County (Manhattan), No. In 2012, Reuters reported that the U.S. was investigating whether Barclays Plc paid bribes to win a banking license in Saudi Arabia. | BCS | {"Karen Freifeld"} | 441 |
| Barclays Sued by Investor Over Losses From Dark Pool Suit | -15 | 2014-07-28 00:00:00 | Barclays Plc was sued by an investor over a plunge in share prices that followed New York Attorney General Eric Schneiderman’s lawsuit accusing the bank of lying to customers and hiding the role of high-frequency traders to promote its dark pool. The case is Strougo v. Barclays Plc, 14-cv-05797, U.S. District Court, Southern District of New York (Manhattan). As recently as a May 6 filing with the U.S. Securities and Exchange Commission, Barclays made materially false and or misleading statements and failed to disclose the operation of Barclays LX, according to Strougo. Strougo is seeking to proceed on behalf of all investors who bought Barclays ADSs from Aug. 2, 2011, to June 25, 2014. ‘Factual Errors’Barclays is fighting allegations it lied to customers and masked the role of high-frequency traders as it sought to boost revenue at what used to be Wall Street’s second-largest private-trading venue. | BCS | {"Patricia Hurtado"} | 443 |
| Barclays, BofA, Citigroup Sued for ISDAfix Manipulation | -25 | 2014-09-04 00:00:00 | Identical NumbersThe pension fund claimed banks reporting price quotes used to set ISDAfix routinely submitted identical numbers, reflecting their collusion. “This could not have happened without some form of advanced coordination,” the Alaska fund said in its complaint. The banks’ actions affected trillions of dollars of financial instruments tied to the benchmark, the pension fund said. The case is Alaska Electrical Pension Fund v. Bank of America, 14-cv-07126, U.S. District Court, Southern District of New York (Manhattan). The Alaska Electrical Pension Fund sued yesterday in Manhattan federal court, claiming the banks colluded to set ISDAfix at artificial levels that allowed them to manipulate payments to investors in the derivatives. | BCS | {"Bob Van Voris Matthew Leising"} | 447 |
| Former Barclays chairman on payroll until March 2014 | -19 | 2013-11-07 00:00:00 | Marcus Agius is to remain on the Barclays payroll until March next year – 20 months after resigning as chairman of the troubled bank. But he was forced into a U-turn the next day after regulators forced out Bob Diamond, the chief executive, instead. Agius was one of the best known investment bankers in the City – he spent 35 years with Lazards – when he was appointed to the board of Barclays in 2006, becoming chairman in January the following year. Agius also had to tackle rebellions by shareholders over pay deals for Diamond, and the bank's pay policies. Other firms remain under investigation by the Financial Conduct Authority and there have been reports that EU competition authorities are preparing to fine a number of banks, including Barclays, for rigging other benchmark rates. | BCS | {"Jill Treanor"} | 512 |
| Marcus Agius, Chairman of Barclays, Resigns | -41 | 2012-07-01 00:00:00 | “Last week’s events have dealt a devastating blow to Barclays’ reputation,” Mr. Agius said in a statement. A former banker at Lazard, Mr. Agius joined the Barclays board in 2006 and became its chairman in 2007. With the resignation of Mr. Agius, Barclays may be trying to deflect some of the attention away from Mr. Diamond, who ran Barclays’ investment bank during a period when authorities found wrongdoing by traders. As head of the British bank’s board, Mr. Agius has been a focus of investor dissatisfaction in recent years. Now Mr. Agius is being held to account for the rate-manipulation scandal that took place under his watch. | BCS | {"Michael J","De La Merced","Mark Scott"} | 513 |
| The Price of Silence on Wall Street | -49 | 2015-08-26 00:00:00 | The Labor Department determined that JPMorgan had retaliated against Mr. Sivere, essentially for being a whistle-blower, and ordered him reinstated. While out on leave, Mr. Sivere has raised other potential issues relating to events before and after he went on leave. Mr. Sivere says he is prepared to take his findings to the federal authorities. Advertisement Continue reading the main storyBefore working at Barclays, Mr. Sivere was a former compliance officer at JPMorgan Chase, which fired him in 2004 for inappropriate use of the firm’s email. (HP’s insurance company paid the settlement; Barclays did not contribute to it. | BCS | {"William D","Street Scene"} | 528 |
| Nothing Unites Banks Like the Threat of Hackers and Cybercrime | -16 | 2016-10-18 00:00:00 | He’s championed Post-Quantum, a startup that recently went through the bank’s U.K. accelerator program. He also has a hefty budget to acquire state-of-the-art technology to protect Britain’s second-biggest bank from cyber attacks. Governments, organized crime gangs, and hacktivists have never been better equipped to damage a bank’s most valuable asset: its reputation. disclosed that hackers had stolen the names, passwords, birth dates, and other personal data of more than 500 million users. They sit side by side with police officers from the U.K. National Cyber Crime Unit. | BCS | {"Edward Robinson"} | 532 |
| Barclays may face massive new penalty over currency rigging | -36 | 2014-11-13 00:00:00 | Barclays could face a huge new penalty for rigging currency markets after pulling out at the 11th hour from the settlement talks that led to £2.6bn of fines being slapped on six other big players in the currency markets. In Britain, UBS was handed the biggest fine, at £233m, followed by £225m for Citibank, JP Morgan at £222m, RBS at £217m and £216m for HSBC. Another US regulator, the Office of the Comptroller of the Currency, also imposed fines on JP Morgan, Citi and Bank of America, taking the day’s tally to £2.6bn. Barclays said it had considered a settlement with the FCA and the CFTC on terms similar to the other banks – Royal Bank of Scotland, HSBC, UBS, JP Morgan and Citigroup. In the US, the regulator fined Citibank and JP Morgan $310m (£196m) each, $290m (£184m) each for RBS and UBS, and $275m (£174m) for HSBC. | BCS | {"Jill Treanor"} | 551 |
| Ten Ex-Deutsche Bank, Barclays Traders Charged in Euribor Probe | -31 | 2015-11-13 00:00:00 | Six traders from Deutsche Bank and four from Barclays were charged with conspiracy to manipulate the Euribor benchmark, the Serious Fraud Office said in a statement Friday. Alongside Bittar, those linked to Deutsche Bank are Andreas Hauschild, Joerg Vogt, Ardalan Gharagozlou, Achim Kraemer and Kai-Uwe Kappauf. Spokespeople for Barclays and Deutsche Bank declined to comment. Bittar won a suit against the U.K. Financial Conduct Authority this week over his identification in the Deutsche Bank penalty notice. Deutsche Bank received a record $2.5 billion fine this year and was forced to fire seven employees to settle U.S. and U.K. investigations. | BCS | {"Suzi Ring"} | 567 |
| Lehman to Pay Barclays $1.3 Billion to Settle Suit | -19 | 2015-06-06 00:00:00 | Under the terms of Friday’s agreement, the brokerage estate will pay Barclays about $1.3 billion. The Lehman estate has contended that those accounts amounted to cash that should not have been handed over to the British bank. In this chaos, Barclays agreed to buy the core of Lehman’s operations for about $1.3 billion. According to Mr. Giddens, the settlement will save the Lehman estate about $80 million that it otherwise would have had to pay, based on court rulings. In late 2009, Mr. Giddens filed suit against Barclays, arguing that the bank “secretly” put together a deal to gain an immediate multibillion-dollar windfall after the takeover of the Lehman assets was completed. | BCS | {"Michael J","De La Merced"} | 580 |
| Barclays Says Lehman Accord to Boost Profit by $750 Million | -12 | 2015-06-05 00:00:00 | Barclays Plc said it will boost pretax profit by about $750 million after resolving a long-running asset fight with the remnants of Lehman Brothers Holdings Inc. At the same time, he ordered Giddens to give Barclays at least $1.1 billion, and possibly another $769 million. The settlement needs approval from a federal bankruptcy judge in Manhattan, which could take several weeks, Barclays said in the statement. The brokerage liquidation is In re Lehman Brothers Inc., 08-01420; U.S. Bankruptcy Court, Southern District of New York (Manhattan)(An earlier version of this story was corrected to remove an erroneous reference to customer accounts. Margin AssetsThe bankruptcy judge had ordered Barclays in 2011 to return $2 billion in margin assets to Giddens. | BCS | {"Stephen Morris","Erik Larson"} | 581 |
| Libor Suit List Shows Barclays Probe Spanned NY to Tokyo | -22 | 2013-01-24 00:00:00 | Routine MisstatementThe Barclays list also includes Tim Bond, the former head of asset allocation strategy at Barclays’ investment bank. Tom Gough, a spokesman for one of the law firms representing the Barclays employees, declined to comment. Only 24 of the 104 employees on the list had any involvement in setting Libor, Flaux said on Tuesday. Mark Dearlove, head of the bank’s money-market desk and responsible for the bank’s Libor submissions, and Stephen Morse, former compliance chief, were also included. More than 200 Barclays employees were identified in documents given to regulators. | BCS | {"Howard Mustoe","Kit Chellel"} | 610 |
| UK authorities probe Barclays over Qatar loan: FT | -15 | 2013-02-01 09:56:13+00 | Qatar Holding is not accused of any wrongdoing, the FT said. A logo of Barclays bank is seen outside a branch in Altrincham, northern England April 26, 2012. It said the FSA probe was into the bank and four current and former senior employees, including finance director Chris Lucas. Qatar Holding, part of Qatar Investment Authority, which was set up by the state in 2005 to diversify investments away from oil and gas into new assets, is the bank's biggest shareholder with a 6.7 percent stake. The Financial Services Authority (FSA) and Serious Fraud Office (SFO) have been looking into Barclays' emergency fundraising since July. | BCS | {"Reuters Editorial"} | 611 |
| Barclays Executives Knew of Libor Lowballing, Guardian Claims | -24 | 2013-10-17 00:00:00 | Current and former executives at Barclays Plc knew that the bank submitted lower-than-accurate Libor rates as early as 2007, according to transcripts of conversations between executives cited in a U.K. court case. Barclays has argued Guardian owes 70 million pounds and said the Libor claims have no merit. v. Barclays Bank Plc, case no. An appeal by Barclays against the Libor claims is being heard alongside a similar swap case against Deutsche Bank AG brought by Indian property developer Unitech Ltd. The purpose of the changes was to make a profit or avoid losses at the fund, according to Guardian. | BCS | {"Kit Chellel"} | 654 |
| New details of alleged Barclays rate-fixing emerge in court case | -33 | 2013-10-17 16:58:37+00 | "The potential ramifications of (Guardian Care Homes') case ... are extensive, given the quantity and value of contracts referenced to Libor rates across the world. "It is concerned with a much narrower issue, whether Guardian Care Homes can rely on such conduct to avoid or reduce its obligations. In legal papers filed to the court, Guardian Care Homes cites a letter from Barclays lawyers to the Singapore regulator that contains details of an internal investigation by Barclays covering the period between January 2006 and April 2010. The key issue is whether Guardian Care Homes can rely on alleged Libor-rigging by Barclays to invalidate two interest rate swaps it entered into with the bank in 2007 and 2008. "(The case) is not concerned with the extent to which Barclays manipulated Libor or the regulators' reports," the bank's lead counsel Robin Dicker told the court. | BCS | {"Reuters Editorial"} | 655 |
| Pressure mounting for Libor jail terms | -37 | 2012-07-13 00:00:00 | Observers are calling for prosecutions for individuals involved in the Libor scandal. As public outrage grows, observers are pressuring law enforcement to ensure that the individuals involved end up behind bars. At the very least, managers of the Barclays trading desks involved are "potentially in harm's way," Clark said. Arrests of traders allegedly involved may be coming within the next few weeks, Reuters reported Sunday. NEW YORK (CNNMoney) -- It's not just banks feeling the heat in the Libor interest-rate-fixing scandal. | BCS | {"James O'toole"} | 656 |
| Barclays Investment Bank Cuts Mark Europeans’ Retreat | -17 | 2014-05-08 00:00:00 | Jenkins’s decision will leave Deutsche Bank AG as the biggest European investment bank by revenue. Robert Diamond, his predecessor, had rebuilt the investment bank after Barclays sold its money-losing European equities unit, focusing on bonds, loans and foreign exchange. Jenkins, 52, has been under investor pressure to recast the investment bank and exit unprofitable businesses. About 2,000 positions will be eliminated at the investment bank this year, adding to the 12,000 reductions across Barclays announced in February. “Fixed-income trading historically has been its golden goose.”Officials at Deutsche Bank in London declined to comment. | BCS | {"Ambereen Choudhury","Elisa Martinuzzi"} | 766 |
| Barclays axes 19,000 jobs, reins in Wall Street ambitions | -17 | 2014-05-08 20:40:00+00 | Eric Bommensath, currently co-head of Barclays' investment bank, will run the bad bank. It gives greater prominence to Barclays' retail operations in Britain, its Barclaycard credit card arm and its African business. The carve-up means the investment bank will account for no more than 30 percent of Barclays' risk-weighted assets, down from half now. "We will refocus and resize our investment bank to bring balance to Barclays," he told analysts and investors. Since the creation of its in-house bad bank, UBS's shares have risen nearly 40 percent. | BCS | {"Steve Slater"} | 780 |
| Barclays Fined $44 Million for London Gold Fix Failings | -16 | 2014-05-23 00:00:00 | The fixing banks were accused of manipulating the London gold fixing in a U.S. lawsuit filed in March by a New York resident. Plunkett “exploited the weaknesses in Barclays’s systems and controls to seek to influence” the gold fixing on June 28, 2012, according to the statement. Plunkett’s actions took place the day after the London-based bank was fined a record 290 million pounds for manipulating the London interbank offered rate. Kevin Maher said he bought and sold gold and gold futures and options and claimed the banks overseeing the century-old benchmark colluded to manipulate it. Barclays Plc was fined 26 million pounds ($44 million) by Britain’s markets regulator after a trader was found to have manipulated the price of gold in 2012, dealing a blow to Antony Jenkins’s attempts to rehabilitate the lender’s reputation. | BCS | {"Suzi Ring"} | 840 |
| Barclays Is Trying to Cap U.S. Mortgage Penalty at $2 Billion | -31 | 2016-10-27 00:00:00 | Morgan Stanley agreed to a $2.6 billion penalty in February, and Goldman Sachs Group Inc. settled for $5.1 billion in April. Depending on its final size, the Barclays penalty could reduce the bank’s capital buffers. For a Bloomberg Intelligence primer on Barclays Plc, click here. The size of the potential penalty has since been reduced in the Barclays negotiations, one of the people said. Mark Abueg, a Justice Department spokesman, declined to comment. | BCS | {"Stephen Morris","Suzi Ring","Suzi Ring Stephen Morris Greg Farrell","Greg Farrell"} | 905 |
| Colby College Protesters Urge University To Cut Ties With Ex-Barclays CEO Bob Diamond | -8 | 2012-07-24 00:00:00 | Diamond, who graduated from Colby in 1973, was until recently the CEO of Barclays, the British bank now at the forefront of the international Libor scandal. Bob Diamond has given millions to Colby College in the past decade. More than a dozen major banks are currently under investigation, including Bank of America and JPMorgan Chase, and reports indicate that Citigroup may have been the worst in the U.S.Related on HuffPost: On Saturday, protesters at the Colby campus in Waterville, Maine, called on the school to oust Diamond from the school's board of trustees, of which he is chairman. Diamond resigned from the bank earlier this month amid the scandal, and has backed out of hosting a fundraiser for GOP presidential front-runner Mitt Romney. | BCS | {"Alexander Eichler"} | 909 |
| Barclays Jumps After Currency-Rigging Fines Less Than Expected | -18 | 2015-05-20 00:00:00 | ------The five largest FCA fines announced today:+ Barclays FX failings £284m+ UBS FX failings £234m+ Citibank FX failings £226m+ JPMorgan Chase FX failings £222m+ RBS FX failings £217m-----“The misconduct at the core of these investigations is wholly incompatible with Barclays’ purpose and values and we deeply regret that it occurred,” Antony Jenkins, the lender’s chief executive officer, said in an e-mailed statement. The Financial Conduct Authority fined Barclays 284.4 million pounds ($441.8 million), the U.K. regulator’s largest-ever penalty, the FCA said in a statement on Wednesday. Barclays, the U.K.’s second-biggest bank by assets, said it paid a total of 1.5 billion pounds to five authorities to settle the FX scandal. “Barclays’s relief rally is justified, but there is still the risk of further fines” as other probes into currency markets continue. The “combined total forex rigging fine is lower than expected and fully covered by provisions taken,” said Sandy Chen, a London-based analyst at Cenkos Securities Plc. | BCS | {"Stephen Morris","Liam Vaughan"} | 380 |
| Barclays sued by California utility over alleged electric market manipulation | -16 | 2015-06-24 02:47:58+00 | REUTERS/Mike SegarA California water utility filed a class action lawsuit on Tuesday to recoup losses in the electric market that it blames on Barclays Bank Plc [BARCR.UL], which the U.S. government fined $453 million in 2013 for manipulating electricity prices. The lawsuit was filed by Merced Irrigation District, a state-recognized utility that oversees generation and distribution of electricity in Merced County, California. A Barclays sign is seen on the exterior of the Barclays U.S. Corporate headquarters in the Manhattan borough of New York City, May 20, 2015. The utility alleges that the British bank, part of Barclays Plc (BARC.L), through its energy traders, entered into contracts that "unreasonably restrained the markets for trading electricity and electricity-related contracts. The alleged manipulation cost market participants at least $139.3 million, the filing said. | BCS | {"Reuters Editorial"} | 437 |
| Barclays sued by New York attorney general over alleged 'dark pool' fraud | -24 | 2014-06-25 00:00:00 | The New York attorney general has sued Barclays, accusing the British bank of misrepresenting the safety of its US-based alternative trading system, or "dark pool", to investors. Schneiderman alleges that Barclays made false claims about the extent and type of high-frequency trading in its dark pool. “Barclays grew its dark pool by telling investors they were diving into safe waters. Contrary to Barclays’ claims that it protects clients from aggressive or predatory high-frequency trading in its dark pool, Schneiderman alleges that Barclays operates its dark pool to favor high-frequency traders and has given them systematic advantages over others trading in the pool in order to attract them. Contrary to those promises, the attorney general alleges that:Barclays has never prohibited any trader from participating in its dark pool, regardless of how predatory its activity was determined to be. | BCS | {"Nils Pratley","Jill Treanor","Dominic Rushe"} | 438 |
| Barclays Accused of Bilking Saudi Firm for Bank License | -34 | 2014-10-29 00:00:00 | A unit of London-based MBI, Saudi Arabia-based Jadawel International, is claiming breach of fiduciary duty, fraud and interference against the London-based bank. The case is MBI International Holdings Inc. v. Barclays Bank Plc, 653307/2014, New York State Supreme Court, New York County (Manhattan). “Barclays was under a duty to pursue claims against the Saudi government for payments owed to Jadawel International,” MBI said in its suit. Barclays Plc was sued by a company affiliated with Saudi Arabia’s second-richest man and accused of dropping its pursuit of lease payments for housing compounds for U.S. defense contractors to secure a local banking license. Barclays settled the suit for $925 million, paid millions to a company owned by a Saudi prince and senior government official for advisory services and then received its Saudi banking license, according to MBI’s complaint. | BCS | {"Chris Dolmetsch"} | 442 |
| In Barclays Inquiry, the Calculation in Making a Deal | -87 | 2012-07-14 00:00:00 | “This looks like a classic case where they squeezed Barclays and Barclays yelped, which will be important for the making of cases against the other Libor banks. If the Barclays agreement is any indication, it will have plenty of opportunities. At the peak of the financial crisis, lower Libor rates helped reassure skittish investors that the financial system was sound. Nothing in the Barclays agreement prevents the Justice Department from obtaining indictments against Barclays employees and high-ranking executives if warranted — and based on the evidence the government unveiled, plenty of Barclays employees are in need of criminal defense lawyers. Making false Libor submissions is a fraud — both on Barclays’ derivatives counterparties that lost money and on investors in Barclays stock who relied on its soothingly low Libor rates as evidence of the company’s health. | BCS | {"James B","Common Sense"} | 552 |
| Barclays fined £26m for gold fix failings | -20 | 2014-05-23 00:00:00 | The Bank was fined for failing to have systems and controls in place over the gold price fix between 2004 and 2013. Just four banks dial into the fix – Barclays, HSBC, Société Générale and Scotia – after Deutsche left last week. Barclays has been fined £26m, and one of its former traders banned from working in the City, for failing to prevent manipulation of the gold price in London. "Plunkett has paid a heavy price for putting his own interests above the integrity of the market and Barclays' customer. "The Barclays customer complained, and the FCA said Plunkett – who was paid £284,000 in a year – failed to disclose that he had placed orders and traded during the gold fix. | BCS | {"Jill Treanor"} | 839 |
| RBS, Barclays and other banks fined in Swiss franc Libor case | -28 | 2016-12-21 00:00:00 | Proceedings against a slew of other banks including HSBC are ongoing, while Deutsche Bank received immunity for blowing the whistle on the cartel. The scale of the Swiss regulator’s penalties pale in comparison to those dished out by European competition authorities earlier this month. Three major banks – including HSBC – were fined €485m (£412m) for colluding to manipulate the crucial Euribor benchmark rate, after a five-year investigation. Barclays was fined £23.5m by Comco for colluding to influence interest rate derivatives by manipulating Euribor, used for euro loans between banks. The proceedings continue against banks including HSBC and Lloyds, while Icap, RP Martin and Tullett Prebon were also named as being subject to ongoing scrutiny, along with Rabobank and UBS. | BCS | {"Rob Davies"} | 1068 |
| Barclays' defiance of US fines has merit | -18 | 2016-12-23 00:00:00 | If Barclays thinks it has been singled out for unduly harsh treatment, the bank should try to prove its case. The US system for dishing out fines to errant banks for their mortgage sins has come to resemble a casino. But actually, some grudging respect for Staley and Barclays is in order. Barclays’ practices were “plainly irresponsible and dishonest,” according to Loretta Lynch, the US attorney general. Barclays disgraced itself in many ways during the pre-financial crisis boom years. | BCS | {"Nils Pratley"} | 1081 |
| Barclays refuses to settle with US DoJ over 'craptacular loans' | -23 | 2016-12-23 00:00:00 | Barclays is refusing to settle with the US Department of Justice over allegations it deliberately sold mortgage bonds to investors that it knew contained “craptacular loans”. He also remarked about a package of loans from Wells Fargo that “we have to eat their shit loans”. • A Barclays salesperson described “the deluge of Fremont garbage being put out there”, the DoJ said. Barclays, becoming the first major lender to fail to reach a settlement with the DoJ, said it rejected the claims made in the complaint. It accuses Barclays of selling investors RMBS “backed by loans it knew were made to borrowers who were not creditworthy and which were supported by house appraisals it knew were inflated”. | BCS | {"Jill Treanor"} | 1083 |
| US justice department accuses Barclays over mortgage mis-selling | -43 | 2016-12-22 00:00:00 | The US department of justice has accused Barclays of jeopardising the financial position of millions of American homeowners over a decade-old mortgage bond mis-selling scandal. Loretta Lynch, the US attorney general, said: “Financial institutions like Barclays occupy a position of vital public trust. Barclays has set aside £4bn for upcoming fines and litigation but did not have a specific provision for RMBS. The US has recouped $48bn so far as a result of the mortgage bond mis-selling. Bloomberg reported that Barclays had hired law firm Williams & Connolly to run its defence against the DoJ. | BCS | {"Jill Treanor"} | 1090 |
| Barclays Plummets as Bank Slashes Dividend in Plan to Shrink | -20 | 2016-03-01 00:00:00 | “We are acutely aware of our shareholders being tired at the time it’s taken to restructure Barclays,” Staley, 59, said in a meeting with reporters. It will house the investment bank, most of the wealth management unit, and the U.S. and international cards businesses. “Note to the CEO: don’t defend the investment bank, on the hope that its profitability will beat its cost of capital again. The businesses being transferred to non-core are wealth-management units in Asia and the Americas, units in at least nine countries including Egypt and Zimbabwe, and certain product lines in the investment bank. “Note to the board: don’t cut the dividend (again) without ample signalling beforehand,” wrote Sandy Chen, a bank analyst at Cenkos Securities Plc. | BCS | {"Stephen Morris"} | 43 |
| Barclays Fined $109 Million for Risk Failings on 'Elephant Deal' | -35 | 2015-11-26 00:00:00 | Barclays didn’t facilitate any financial crime or derive any profits from financial crime, according to the FCA. Payment RequestThe bank’s officials didn’t properly scrutinize the source of the clients’ funds despite the higher risk of financial crime. Barclays Plc was fined 72.1 million pounds ($109 million) by U.K. regulators for failing to fully probe a group of “politically exposed” ultra-high-net-worth clients tied to a 1.9 billion-pound transaction. Robert Diamond was Barclays’ chief executive officer for much of the period during which the bank arranged the deal. At one stage in the deal, the clients asked Barclays to pay several tens of millions of dollars to a third party, without explaining why. | BCS | {"Donal Griffin","Donal Griffin Suzi Ring","Suzi Ring"} | 108 |
| Barclays fined £72m over 'elephant deal' | -26 | 2015-11-26 00:00:00 | The FCA found that instead of conducting a thorough check on the clients, Barclays relaxed its assessments, breaching its own controls. An “elephant deal” executed three years ago has cost Barclays £72m in penalties after the City regulator concluded that the bank ran the risk of being used to launder money or finance terrorism. To be classified internally as an “elephant”, a deal has to be worth £20m or more. Barclays said: “The FCA made no finding that Barclays facilitated any financial crime in relation to the transaction or the clients on whose behalf it was executed. The deal was an intricate one, involving investments in structured bonds, and a number of companies were used to facilitate the transaction. | BCS | {"Jill Treanor"} | 129 |
| Ex-Barclays brokers can keep nearly $4 mln in bonus money -panel | -12 | 2015-02-20 22:45:02+00 | The FINRA panel rejected Barclays claim. The two brokers decided to leave Barclays as a result, prompting Barclays to demand the return of a $2.6 million signing bonus from Platt and a $1.3 million bonus from Urquidi. Firms often offer generous signing bonuses to woo talent from rivals, but structure the bonuses as loans that are forgiven over time to discourage them from leaving too soon. The panel, however, also denied the brokers' $9 million damage claim. Feb 20 Two former Barclays stockbrokers can keep nearly $4 million in signing bonuses, an arbitration panel has ruled, handing down a rare rebuke of a controversial recruiting practice common among brokerage firms. | BCS | {"Reuters Editorial"} | 152 |
| Barclays FX platform warned clients about volatility due to Greece | -12 | 2015-02-20 19:44:26+00 | LONDON Feb 20 Barclays has warned clients of its foreign exchange trading platform that a sharp drop in liquidity and "dislocations" in the euro could occur on Monday amid uncertainty about Greece's position in the euro zone. Barclays, Citi, Deutsche Bank and UBS together control more than 50 percent of the FX market, in which daily volumes average $5 trillion. In a letter seen by Reuters and sent to clients of Barclays' electronic trading platform BARX on Thursday, it said there was a risk that currency markets, especially the euro, could open at a significantly different level from Friday night's close. "We will continue to watch client orders in BARX from our normal opening time of 5 a.m. (1800 GMT) in Sydney. "It added the platform would begin to fill orders gradually as liquidity builds up and voice orders will not be fulfilled before 5 a.m. Sydney time. | BCS | {"Reuters Editorial"} | 153 |
| UPDATE 2-Barclays Africa FY earnings up 10 pct, eyes Nigeria licence | -8 | 2015-03-03 10:26:16+00 | Barclays shares had fallen 1.8 percent by 1000 GMT, lagging a 0.5 percent drop by the South African banking index. Headline EPS, which excludes certain items, is the main measure of profit in South Africa. Barclays Africa said diluted headline earnings per share totalled 1,537.5 cents in the year to end-December, from 1,396.6 cents a year earlier. Barclays said businesses outside South Africa contributed 19 percent of group revenue, just below the 20-25 percent the company is aiming for by 2016. Like other South African companies, banks in the continent's most advanced country are setting up operations in sub-Saharan Africa to tap growth from the robust economies there and hedge against stagnating growth at home. | BCS | {"Reuters Editorial"} | 300 |
| Barclays gives information to U.S. precious metals probe | -21 | 2015-03-03 10:33:18+00 | Swiss regulator FINMA said in November that it found a clear attempt to manipulate precious metals benchmarks during its investigation of precious metals and foreign exchange trading at UBS. Meanwhile, multiple lawsuits have been filed in U.S. courts, alleging a conspiracy to manipulate precious metals prices. Regulatory scrutiny of precious metals trading and benchmarking has increased since the Libor rigging scandal exposed widespread manipulation of interest rates in the foreign exchange market. "The behavior patterns in precious metals were somewhat similar to the behavior patterns in foreign exchange," FINMA director Mark Branson said in a conference call with journalists. REUTERS/Toby MelvilleLONDON Barclays has been providing information to an investigation into precious metals by the U.S. Department of Justice (DoJ), the bank said in its 2014 annual report on Tuesday, a week after a similar statement by HSBC. | BCS | {"Jan Harvey"} | 303 |
| Barclays Settles Regulators' Claims Over Manipulation of Key Rates | -37 | 2012-06-27 00:00:00 | Traders even sent themselves electronic calendar notifications to remind themselves about what rates to seek from Barclays employees who submitted the figures, according to regulators. Management wanted the bank’s rates in line with rivals. Traders seeking favorable rates received a welcome reception from bank employees who set the benchmark. The deal also lays the groundwork for broader reform measures that could reshape how banks report benchmark rates. On Wednesday, Barclays agreed to pay $450 million to resolve accusations that it had tried to manipulate rates to benefit the bank’s own bottom line. | BCS | {"Mark Scott","Ben Protess"} | 653 |