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Posts tagged to Barclays

Barclays: Can global restructuring boost bank’s profits?


In February 2013, Barclays CEO Antony Jenkins announced a new group strategy with the central aims of simplifying the bank’s operations and boosting profitability. The plan, termed by Jenkins as a ‘bold simplification of Barclays’, involves the establishment of a ‘non-core’ operation consisting of assets and businesses that Barclays plans to run down or exit, a noticeable reduction in headcount, a scaling back of investment banking operations, increased automation of banking processes, and changes to the bank’s UK branch network. As explored in the MarketLine case study ‘Barclays PLC: Reshaping… Read more

Barclays to cut 19,000 jobs in major shakeup


Barclays has today announced that it is to cut 19,000 jobs by the end of 2016 as it plans a major operational shakeup. According to the announcement, almost half the job losses (around 7,000) will be in the UK, with Barclays investment arm most heavily affected as CEO Antony Jenkins comes under pressure to increase profits at the bank. Barclays also announced plans to set-up a so-called ‘bad bank’ to manage, and then either run down or sell off £115bn (approximately $179.7bn) of non-core operations. Unsurprisingly, this includes around £90bn… Read more

Bob Diamond resigns as Barclays CEO, but the end of the LIBOR scandal is nowhere in sight

  Bob diamond yesterday resigned from his position as CEO of Barclays after being implicated in the LIBOR rate fixing scandal. In banking circles, Bob Diamond has long been considered something of a genius. After forging a reputation as a ruthless profit generator at Morgan Stanley and then CS First Boston, Diamond joined British bank Barclays as Head of Global Markets.  He was then made CEO of the bank’s newly established investment banking arm, Barclays Capital in 1997. Under Diamond, Barclays Capital became one of banking’s great success stories. It… Read more