Barclays
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Barclays: The bet that paid off
Since Jes Staley took charge of Barclays at the end of 2015, he has faced constant questions over his ability to reposition the firm as a credible force in investment banking. Sticking to his guns in the face of activist shareholder pressure, he now looks vindicated, but growing from here presents a new challenge.
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When Kevin Gartside was medically discharged from the British army in 2012 after three tours of duty in Iraq, he was unsure what to do next. He saw cross-over appeal in banking, an industry with a surprisingly flat operating structure that prizes punctuality, teamwork, adaptability and decision making.
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Barclays has made visible progress across the board in environmental, social and governance, advising on large sustainability financings, enhancing its sustainable mortgages and offering more support to green startups.
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Bidding $2.5 billion for the bulk of Credit Suisse’s sub-Saharan Africa ultra-high net-worth private bank book 18 months ago has been a ‘game changer’ for Barclays in the region, the UK bank’s Africa market head Amol Prabhu tells Euromoney.
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Banks including NatWest and JPMorgan are struggling to put out reputational risk-management fires.
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When Credit Suisse is taken over by UBS, it’s likely that the new parent’s appetite for structured private credit will be significantly different to that of the institution it is absorbing. Two banks in particular are waiting for the opportunity that follows.
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Just back from Davos, the bank’s new head of sustainable finance says the industry needs to do more, and Barclays needs to do more on transition.
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Euromoney meets Damian Payiatakis, Barclays Private Bank’s head of sustainable and impact investing, to talk about how quiet private wealth has been so far at the UN Climate Change Conference.
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As European and Chinese banks scale back in Africa to cut costs and redeploy capital to core markets, Middle East lenders are happily jumping in to fill the gap, buying assets and putting more boots on the ground as bilateral trade between the regions increases.
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Best Investment Bank: Barclays
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Lombard Odier joins Barclays and Nomura in hoping to grow partnerships and shareholdings in a market that is heavily banked but underpinned by a vast institutional bid and a belated surge towards sustainability.
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As their involvement in fintech matures, large banks are focusing on building standalone digital businesses rather than just taking stakes in third-party startups through venture capital funds and accelerators. Can these new in-house ventures disprove the thesis that incumbent banks can’t create disruptive business models?
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The first three months of the year have been tough for many investment banking business lines, but Europe’s banks are putting up a good fight against the might of the US firms.
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A blunder in its exchange-traded notes business is set to cause Barclays a fresh headache that it doesn’t need.
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Losing your chief executive in messy circumstances is never a good look, but Barclays does at least have momentum in its investment bank as it looks for a fresh start in 2022.
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Questions over chief executive’s personal judgement finally end his successful stewardship of the UK lender.
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Barclays all but left Asia five years ago but is slowly returning to relevance in the region. The hire of Angela Liu from Deutsche Bank as its first China chief executive is a step in the right direction.
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A new analysis of European banks by ShareAction finds that while some firms distinguish themselves in some climate and biodiversity practices, the overall picture is of a sector that still has much work to do.
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The big question remains when governments will return to fiscal consolidation. How will NPLs fare when taxpayer support is withdrawn is also in doubt.
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Barclays wants to be compared with the big five US investment banks. So let’s do that.
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Many banks could press strong claims to be western Europe’s best investment bank for the first year of Covid – when all issuers desperately needed financing, corporations and sovereigns sought strategic advice and investors required ideas and liquidity to rapidly adjust market exposures.
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A new group at the top of the investment bank’s coverage effort is another indication of where its priorities now lie.
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Barclays has long wanted to rebuild the European ECM franchise it got rid of in 1997 with the sale of BZW, but has often struggled to do so. With a foundation of corporate broking in the UK and hiring in continental Europe, it’s finally making some progress.
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Barclays has rediscovered its appetite for its markets business under CEO Jes Staley. Macro head Michael Lublinsky says there are now encouraging opportunities in emerging markets and corporate FX.
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Two years ago, Barclays began to build a dedicated sustainable investment banking coverage group. Aimed at emerging growth companies, as well as the bank’s mature large cap clients, it’s a big element of a wider collaboration effort at Barclays.
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Barclays’ Asia investment bank is rebuilding after a traumatic restructuring in 2016. After a few years of steady growth, a more focused approach could make it more efficient than before.
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The surprise exit of Absa chief executive Daniel Mminele in April, only 15 months into the job, shows how much the South African group is still finding its way in the post-Barclays era. Mminele – Absa’s first black CEO – was seen in some quarters as losing a power struggle against an overwhelmingly white executive team. Can the next chief executive gain the authority to drive Absa’s revival?
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Other funds have shown how shareholder activism can work in financial stocks, especially in Europe.
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The leading FX banks have introduced notable enhancements to their electronic trading platforms in recent months in an attempt to make them more attractive to traders that are still working away from their offices.
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The fintech’s fast growth highlights the large banks’ inability to adapt their technology to provide basic finance to small businesses.
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The investment bank has proven its value in a tough year, but revenue stability is the challenge ahead.
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Euromoney’s futurologist Mystic Maca gets on a Zoom call with next year, when markets return to a version of normality.
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New Barclays-backed venture staffed by veterans of the Swiss firm.
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The Barclays chief executive is doing all he can to make investment banking and markets part of his legacy.
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Wholehearted commitment and revamped leadership have helped Barclays find a new vigour in its markets division.
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The vital role for UK corporate clients played by Barclays was clearer than ever during the coronavirus crisis: the bank arranged £9.9 billion of commercial paper issuance under the Bank of England’s Covid Corporate Financing Facility, almost half of the total.
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Crédit Agricole takes the lead in Western Europe in this year's Euromoney Awards for Excellence.
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Former investment bank head Tim ‘Danger’ Throsby sadly isn’t at the firm to see the team he built deliver in a crisis.
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Freshly empowered European bank chairmen are making perplexing lurches as they search for new chief executives. A random CEO generator might help.
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If Credit Suisse's board felt able to fire a chief executive who was not personally involved in spying, how will Barclays respond if its own CEO falls foul of a personal regulatory probe?
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While many European peers languish, Barclays’ transatlantic pivot is paying off – and helping it build elsewhere.
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The bank will open a new office in New York to capture the US market in Africa.
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It's that time of year again, when we round up what senior management said about your business line in their quarterly earnings calls.
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Overall Credit Strategy Fixed Income Research (inclusive of all research) Actionable Trade Ideas
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Didn’t have time to go through your investment banking rivals’ results announcements? Don’t worry, we’ve done it for you, business by business.
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In investment banking, the first quarter of this year capped a particularly difficult period in the markets; one that has hit Europe and European firms hardest.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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Pricing new issues on intuition and market feel is ancient history – artificial intelligence and algorithms are setting the market price for credit, using factors and correlations humans can guess but not follow. Is AI the latest black box risk that will bring illiquid credit markets low or could it make them more efficient?
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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Barclays doesn’t want Tim Throsby’s exit to be about Tim Throsby, but it is.
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The rationale to accelerate cuts in its US investment bank is obvious, but an orderly withdrawal will be hard to execute.
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Bank shares have bounced back from recent lows in early 2019, but investors tempted to bet on a sustained rally risk yet another year of disappointment.
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After a good result in its core areas, Barclays is setting its sights firmly on a better future for its investment bank in Europe.
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UK corporate broking is the business that won’t die. There is no requirement for it outside the smallest listed firms, and corporates the world over manage without it. Yet UK companies almost always want the reassurance it provides. Is it finally under threat?
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European capital markets bankers’ fortunes in 2019 will turn on how quickly the withdrawal of the central bank bid can be offset by the return of a real market.
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The frequency and severity of UK banks’ IT failures are troubling their customers even if their regulators remain calm.
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Partnership could replace broken Barclays links; follows rumours of sale of Société Générale South Africa custody unit to Absa.
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Fixed income research consumers tell us which research teams have impressed them most over the last 12 months.
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August, typically a slow month for capital markets, was a fruitful one for alternative reference rates (ARRs) to Libor.
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The last instalment of our results analysis looks at banks’ markets businesses
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With HSBC having reported on Monday, the last of the 2Q18 results are in for the 12 main global corporate and investment banks; now for part 1 of our number-crunch
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Barclays backs MIT start-up Sigma Ratings; CEO promises universal emerging-markets coverage.
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Whether it was corporates, sovereigns or banks; jumbo deals, debut issues or liability management, Barclays, western Europe’s best bank for financing, was omnipresent in western Europe’s bond markets this year. Having been involved in such a high number of the most important deals of the year, it is no surprise to see it leapfrog HSBC to the top of Dealogic’s debt capital markets league table for western Europe.
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Product diversification high on agenda; bank fund relationships could change.
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London office slated for Q3, New York for 2019; CIB crucial to target of doubling revenue share.
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Jes Staley gets to stay in his job, but his difficulties don't end with one investigation
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Next month, all UK employers with more than 250 workers must disclose the gender pay gaps for both salary and bonus.
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Barclays CEO has to deliver now he has the bank the way he says he wants it to be.
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Banks are booking big charges in the fourth quarter, but the domestic names are sitting pretty for the future as US taxes fall.
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After restructuring, is Barclays' markets business the right engine for growth?
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UK banks scraped through the latest stress tests with no need to raise capital, but add a disorderly Brexit onto recession and overseas investor flight, and they could face serious trouble.
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The first rule of Finance Fight Night is to write about Finance Fight Night.
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Barclays CEO Jes Staley has staked his future on the ability of four markets veterans to produce a fast turnaround in performance at the firm’s investment bank.
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Aside from the regulatory pains put forward as a reason for Barclays’ departure from Africa, there are other reasons why African banks are much better at serving local clients today.
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After a characteristically bold attempt last year to acquire Barclays Africa, a firm which he was instrumental in developing, Bob Diamond is even more determined to build his own pan-African bank at Atlas Mara. The London-listed African banking platform he co-founded four years ago has had its setbacks, but thanks to new funding and a bigger stake in its flagship Nigerian investment, another former Barclays asset, Diamond sees plenty of opportunities ahead.
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Barclays’ exit from the continent shows how banks based in developed countries are either unable or unwilling to support growth in emerging markets. But for institutions with a focus on Africa, the departure of such international rivals makes banking in the region look even more attractive.
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Barclays’ ownership has hobbled some of its biggest businesses in Africa. Now Maria Ramos, chief executive of the Johannesburg-listed successor company that makes up the bulk of Barclays Africa, tells Euromoney Africa about the challenges she faces in extricating Absa and the rest of the network from the London-based group.
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There was an air of mild incredulity in some quarters of the City of London when John Varley, the former CEO of Barclays, was charged with fraud alongside the bank he once headed and three ex-colleagues.
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The UK’s Serious Fraud Office (SFO) charged Barclays and four former managers with fraud in June, alleging misconduct relating to two capital raising deals in 2008 and a loan to Qatar.
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The Barclays case may have saved the SFO, but the UK fraud agency needs to change the way it deals with whistleblowers.
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Austria’s best bank notched its best result to date last year on the back of a recovery in its emerging Europe operations. But while the group’s international network tended to grab the headlines, the domestic business also put in another strong showing.
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The narrative in the Albanian banking sector was unchanged last year as Banka Kombetare Tregtare (BKT) continued to assert its dominance over former market leader Raiffeisen Bank. By the end of December, the Turkish-owned lender accounted for more than a quarter of all deposits in the country and nearly 22% of overall loans, while its Austrian rival saw its share of both markets slip to below 20%.
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Tim Throsby needs to strike a balance between upheaval and stability.