NEWS ABOUT: Barclays

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Barclays Slashing 3.7K Jobs

Bank plans major overhaul

(Newser) - Barclays is set to cut some 3,700 jobs amid an operations overhaul, it announced today. Coming out of a strategic review, the company is looking to cut costs by some $2.7 billion, the BBC reports. Nearly half the job cuts will occur at Barclays' investment bank, mostly in... More »

RBS to Pay $612M in Latest Libor Fines

Time to fix banking culture: chairman

(Newser) - Royal Bank of Scotland is the latest bank to owe big following the Libor rate-fixing scandal . The British institution has been fined a total of $612 million to US and British regulators: some $325 million to the US Commodity Futures Trading Commission, $150 million to the Justice Department, and the... More »

UBS Will Pay $1.5B in Libor Scandal

Investigators' findings 'do not make for pretty reading'

(Newser) - Swiss banking giant UBS will indeed pay a hefty $1.5 billion in fines in the wake of the Libor rate-rigging scandal —a much larger fine than Barclays had to dole out for its role, and the second largest penalty American and British regulators have ever imposed on a... More »

Libor Scandal to Cost UBS $1.6B: Report

That's 3 times Barclays' penalty

(Newser) - UBS will pay $1.6 billion to settle with US and European officials in the Libor rate-fixing scandal, an insider tells Bloomberg —a penalty more than three times the size of what Barclays ponied up . Meanwhile, US officials are set to charge bankers in the manipulation of Tokyo interbank... More »

Q3's GDP Growth Could Be Rosiest of Year

Economists expect it will be revised upward, to 2.9%: Bloomberg

(Newser) - The US gross domestic product appears to have actually grown at a 2.9% annual rate between July and September, the fastest quarterly growth seen this year. That rate, via analysts at Goldman Sachs and Barclays, is higher than the Commerce Department's initial estimate of 2.0% —and... More »

Barclays' New CEO: 'Mild-Mannered' Non-Banker

Antony Jenkins brings fresh take, but lacks investment banking experience

(Newser) - Barclays named a new CEO today after a surprisingly brief search, and he couldn't be more different from outgoing CEO Robert Diamond. The Wall Street Journal describes new boss Antony Jenkins as a "mild-mannered Brit," while Fox Business calls him "soft spoken," in sharp and... More »

Lawsuits Surge in Libor Rate Scandal

With liability as high as $176B, banks under pressure to settle

(Newser) - As the Libor interest-rate scandal continues to spread , lawsuits are piling up by individual investors and institutions who say they were cheated by the artificially low rates, reports the Wall Street Journal . Banks could face up to $176.3 billion in Libor-related liability, according to Macquarie Research, assuming the rate... More »

3 Banks in Center of Libor Scandal

One former trader says Libor has been rigged since at least 1991

(Newser) - Recently released court documents suggest that traders at Barclays, the Royal Bank of Scotland, and UBS were most central to the Libor-rigging scandal , reports Reuters . Those three banks—much of the blame has fallen on just Barclay's up to now—employed more than a dozen traders who tried influencing... More »

Barclays Execs Under Another Investigation

And bank set aside hundreds of millions for misselling derivatives

(Newser) - Barclays raised a whole bunch of eyebrows when it released its earnings today—and in the process revealed, among other things, that current and former senior executives were under an investigation totally unrelated to the Libor. UK regulators are looking into whether the bank sufficiently disclosed details of the $11.... More »

NY Fed Kept Mouth Shut About Barclay's Libor Scheme

Staffers knew about rate fixing

(Newser) - Barclays admitted that it was rigging Libor to the Federal Reserve Bank of New York back in 2008—and the New York Fed, and its then-head Timothy Geithner, told precisely no one. Geithner has said he sounded the alarm on Libor in 2008, and indeed, the Fed did suggest reforms... More »

Libor Scandal Just Bankers' Latest Hit on Reality

Today's corporations 'can't handle the truth': Peter Goodman

(Newser) - Don't be too surprised by the Libor scandal : It's only bankers' latest attempt to alter reality to their own benefit. Instead of acknowledging the troubling truth about Libor rates, Barclays opted to encourage more dangerous behavior by pretending everything was fine. The phenomenon goes beyond banking, writes Peter... More »

Feds Eye Criminal Charges in Libor Scandal

Justice Department building case that could jail bankers

(Newser) - At long last, an investigation into a major financial scandal appears to be going criminal, as the Justice Department is building a case against several banks involved in the Libor rate-rigging scandal . Sources say Justice could file criminal charges against at least one bank by the end of the year,... More »

Fed Knew of Libor Scandal Years Ago

Raising the question: Why wasn't anything done?

(Newser) - The Federal Reserve Bank of New York knew something fishy was going on with the Libor rate as far back as August 2007, it has revealed. "We received occasional anecdotal reports from Barclays of problems with Libor," a spokesman said in a statement. The following spring, before any... More »

Britain's Financial Authority Never Policed Libor

As scandal builds, UK parliament decides to hold banking inquiry

(Newser) - The growing scandal over the rigging of benchmark Libor rates raises a fundamental question: Why didn't Britain's Financial Services Authority see anything was amiss? Mainly because the FSA hadn't policed Libor for years, reports the Wall Street Journal . Worse, bank executives had warned the FSA about Libor... More »

British Rate-Fixing Scandal Takes 'Mind-Blowing' Turn

Matt Taibbi: Libor scandal goes 'down the rabbit hole' of banking

(Newser) - The scandal over rigged Libor rates, the benchmark rate used for interest rates on trillions of dollars worth of loans, is quickly growing past Barclays and threatens to engulf the Bank of England and a dozen other banks, including several in the US, reports the Wall Street Journal . Barclays officials... More »

Barclays CEO Quits Under Pressure

Rate-fixing scandal claims Bob Diamond, too

(Newser) - Barclays CEO Bob Diamond has bowed to pressure and followed bank chairman Marcus Agius out the door in the wake of the Libor rate-rigging scandal. Agius claimed "the buck stops" with him when he quit yesterday, and Diamond initially resisted calls to resign. He admitted that some of the... More »

Barclays Chair Resigns Over Rate-Fixing Scandal

Company promises 'root and branch' investigation

(Newser) - Barclays Chairman Marcus Agius resigned today in penance for the company's $453 million settlement in an interest rate manipulation probe. The scandal "dealt a devastating blow to Barclays' reputation," Agius said. "As chairman, I am the ultimate guardian of the bank's reputation." The bank... More »

Wall Street Will Lose 10K Jobs

New York comptroller predicts blow to economy

(Newser) - It looks like a lot of Wall Street denizens will be joining the ranks of the unemployed soon, New York’s state comptroller warns in a report released today, predicting that the securities industry will shed nearly 10,000 jobs by the end of 2012. The industry has already cut... More »

Fed Dished $3T in Aid to Foreign Banks

Other beneficiaries included ... Verizon, Harley-Davidson?

(Newser) - The beneficiaries of the Federal Reserve's $3.3 trillion in emergency programs during the financial crisis aren't names you'd expect to see: Foreign banks including UBS and Barclays ranked among the biggest borrowers under the Commercial Paper Funding Facility, sparking more debate over the central bank's role, Bloomberg reports. A... More »

Exec: Ax Teacher for 'Sleazeball' Banker Slam

$25M-a-year banker outraged over comments to son's class

(Newser) - One of Wall Street's highest paid executives is pressing to have his son's teacher axed for insulting the banking world. Hugh McGee, who makes $25 million a year as Barclays' global head of investment banking, says the teacher told his son's 11th-grade history class last year that "all investment... More »

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