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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Seven years ago, Barclays’ then chief executive Jes Staley decided to gradually sell down its Johannesburg-listed African unit, including retail banks across the continent. But when Credit Suisse announced a strategic refresh in 2021 – including selling its ultra-high net-worth private client book in nine African markets – Barclays saw it as a chance to gain bulk in African private banking once again.
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Barclays chief executive CS Venkatakrishnan intends to stop a low-returning investment bank from dragging the rest of the group down with it. He argues that most of the improvements are within the bank’s own grasp. That is debatable, and in any case hardly reassuring.
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Barclays hopes to win over investors with new return targets and buyback commitments next February, but it really needs a revival in investment banking.
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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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Crédit Agricole takes the lead in Western Europe in this year's Euromoney Awards for Excellence.
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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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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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Best Private Banking Services Overall Net-worth-specific services: Mega HNW (>$250m) UHNW (>$30mln-$250mln) HNW ($5mln-$30mln) Super Affluent ($1mln-$ 5mln) Capital Markets and Advisory ESG/Impact Investing Family Office Services International Clients Investment Management Next Generation Philanthropic Advice Research and Asset Allocation Advice Serving Business Owners Data Management and Security Innovative or Emerging Technology Adoption
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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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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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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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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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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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Tim Throsby needs to strike a balance between upheaval and stability.
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Barclays has reversed course on the regional structure it put in place last year, with new investment bank head Tim Throsby putting a global stamp on the business and also paving the way to complete its previous expansion effort.
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Overall market share Overall banks only Overall non-bank liquidity providers only Spot/forward market share Swap market share Options market share Emerging market currencies market share
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Euromoney magazine has released the results of its 39th annual foreign exchange ranking, the most comprehensive quantitative and qualitative annual study available on the FX markets.
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As in much of the Gulf, banking conditions in Bahrain were difficult over the last year. Despite these challenges, Ahli United Bank did well.
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Takes control of markets unit; builds global structure for banking.
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The BBC is broadcasting on Monday an episode of Panorama that will present new material relating to the Barclays Libor affair: here is a guide to some of the related evidence from the UK Treasury Select Committee inquiry in 2012.
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More than 2,000 private banks took part in the 2017 Euromoney private banking survey. See who’s up and who’s down globally, regionally and by country.
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The sale of Barclays’ French retail business is another feather in the cap of CEO Jes Staley and his top executive team.
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Results index Global All transactions 2016 2015 Bank Score 1 2 HSBC 6548 2 3 Citi 3830 3 1 Deutsche Bank 3116 4 13 Bank of New York Mellon 1728 5 14 Sumitomo Mitsui Banking Corporation 1536 6 8 JPMorgan 1534 7 5 Commerzbank 1359 8 4 Bank of America Merrill Lynch 1339 9 6 Standard Chartered 1305 10 7 Barclays 1303 11 9 Bank of Tokyo-Mitsubishi UFJ 1209 12 32 Industrial & Commercial Bank of China 1057 13 45 DBS Bank 1045 14 12 Wells Fargo 823 15 11 Bank of China 817 16 19 Societe Generale 721 17 18 Mizuho Bank 692 18 16 UniCredit 607 19 21 ADCB 605 20 15 RBS 535 21 10 BNP Paribas Fortis 504 22 Cathay United Bank 501 23 22 Yapi Kredi 355 24 UOB 352 25 ANZ Banking Group 340 26 23 ING Group 265 27 35= Agricultural Bank of China 251 28 29 Akbank 250 29 17 RZB 223 30 137= Bank Mandiri 218 31 42 Arab Bank 194 32 39 Bank of Communications 193 33 28 UBS 189 34 ATF Bank 188 35 208= Bank Central Asia 182 36 BNI 46 162 37 CIMB 156 38 38 Danske Bank 152 39 65= Banco BPI 144 40 208= Bangkok Bank 132 41 Siam Commercial Bank 126 42 40 Credit Agricole 122 43 34 BBVA 118 44 Hang Seng 116 45 41 Lloyds 114 46= 27 Garanti Bank 110 46= 74= Bancolombia 110 48 Bank Danamon 107 49 NAB 106 50 Bank of Nanjing 103
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While HSBC scores a notable double in Euromoney’s annual global rankings, the record response rate of almost 35,000 validated votes generated a host of changes at the upper end of our cash management survey. Regional banks move to the fore and some previous global leaders have dropped back.
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Almost 35,000 companies and financial institutions vote, a record response rate; HSBC wins globally for both client sectors; and there are big changes at the upper end of cash management survey, with regional banks to the fore and some once global leaders dropping back.
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UK commercial real estate’s post-Brexit shock has proved short-lived, and high-profile gating of investors in a number of UK real estate funds did not precipitate a flood of copy-cat behaviour. But the long-term outlook for investors and lenders in UK real estate remains extremely uncertain.
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Asian banks are increasingly proving themselves to be much more than just volume-hungry lenders.
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The key to getting a clients’ attention, and their business, is being good on all aspects of a particular product, rather than vainly attempting to achieve excellence in all products.
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Euromoney names BNP Paribas as the world’s best bank and HSBC the world’s best investment bank for 2016; BBVA’s Francisco González is banker of the year and completes a great night for Europe.
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BNP Paribas wins region’s best bank award and is named best bank for transaction services and wealth management in western Europe; Barclays takes best investment bank title; ING, Santander and CaixaBank win inaugural regional awards in digital, CSR and SME categories respectively; ABN Amro stages the best bank transformation.
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Austrian market leader Erste Bank posted another set of healthy results in 2015 but the standout story of the year, in terms of both growth and profitability, belonged to Bawag PSK. The private equity-owned bank saw its bottom-line result jump by 26% year-on-year to €418 million, giving a sector-beating return on equity of 16.2% on the back of higher core revenues, lower operating expenses and a dramatic reduction in risk costs.
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Bringing a slew of ultra-long syndications for public sector issuers in the past year perfectly demonstrates Barclays’ world-class read of the debt markets.
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Deutsche Bank’s John Cryan might have the toughest job in banking, but Jes Staley probably runs a close second. The Barclays CEO has had an impressive first six months, all things considered. As always, there is more to do.
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Six months ago, Jes Staley took on a job that many of his peers said they did not envy. His task: to turn Barclays’ business performance around and create a clear strategic vision for a bank that had not adapted to a new regulatory and market environment. Work remains to be done, not least in agreeing a ring-fenced structure and improving returns at the investment bank. But the mood at Barclays appears to be brightening.
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Barclays CEO Jes Staley has moved quickly to fill the top positions of his management team, with one big exception.
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Emirates NBD wins region’s best bank award and named best digital bank in Middle East; HSBC retains best investment bank crown; New regional winners highlight growing breadth and depth in Middle East finance; CIB’s Hisham Ezz Al Arab wins outstanding contribution accolade.
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Best bank in the Middle East Emirates NBD Best investment bank in the Middle East HSBC Best digital bank in the Middle East Emirates NBD Best bank for financing in the Middle East Citi Best bank for advisory in the Middle East Barclays Best bank for markets in the Middle East National Bank of Abu Dhabi Best bank for transaction services in the Middle East Abu Dhabi Commercial Bank Best bank for wealth management in the Middle East Audi Private Bank Best bank for CSR in the Middle East Arab African International Bank Best bank for SMEs Bank of Alexandria Best bank transformation Al Ahli Bank of Kuwait Outstanding contribution to financial services Hisham Ezz Al Arab . Country Awards for Excellence 2016: Middle East Awards for Excellence Middle East press release
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Citi retains top ranking while Deutsche plummets; JPMorgan and UBS rise; top five market share at all-time low; non-bank FX providers make an impact on rankings.
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CEO to press on with pan-African investment; PLC exit comes as African business turns round.
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Barclays' planned divestment of its Africa unit signals a new normal for the lender but the move appears counter-intuitive given the latter's relative profitability.
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Extended results can be viewed here.
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HSBC latest to pledge green bond investments; Barclays hits £1 billion target and promises more.
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The $150 million fine imposed on Barclays this week for abusing its last-look policy on clients' currency orders until as recently as three months ago signals another nail in the coffin for the controversial practice, say analysts.
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What kept Jes Staley out of the Barclays job three years ago does not apply in 2015, but this time round his challenges could be even greater.
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View full results index
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The only surprise about Wednesday's change at the top of Barclays is the speed at which the new chairman has chosen to take direct responsibility for meeting the considerable challenge of providing a decent return to shareholders.
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One year on from its big restructuring announcement, Barclays is still struggling to convince that it has found the right model. Investment banking remains the sticking point. Senior executives in the division say they’ve pulled off a £100 billion restructuring and improved the client franchise. They want to invest for growth. But sceptics say that bull market conditions and accounting sleight of hand have flattered results and the investment bank needs to become even smaller and more focused. The instinct of chief executive Antony Jenkins may be to give the investment bank more time. Shareholders and the new chairman may not be so patient.
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The Barclays CEO is stuck between a rock and a hard place in trying to reposition the bank. He may be running out of time to extricate himself.
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The $5.6 billion of fines handed out to six leading foreign exchange banks will not be the end of the crisis afflicting FX, but it might be the beginning of the end. The people at the top of the industry are starting to think more deeply about what will drive success in the FX markets of the future. How can foreign exchange rebuild its zest, and its reputation?
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The headline results of Euromoney's 2015 foreign exchange survey show the leading banks have been remarkably consistent, despite the upheavals in the sector. But, beneath the surface there are changes that will transform the competitive landscape of the industry. Deeper analysis of the survey results demonstrates that’s already starting to happen.
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Citi retains top spot in Global FX as clients execute more than half electronically for the first time
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Barclays has suffered the biggest blow in the latest round of billion-dollar regulatory fines for rigging currency markets, with a penalty of almost $2.4 billion from five regulators, with the spotlight shifting to FX options.
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Best private banking services overall
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New COO Jonathan Moulds will bring a straightforward and sensible approach to the challenges facing Barclays. Will he end up pulling the strings more than CEO Antony Jenkins?
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JPMorgan’s $100 million settlement of a currency manipulation lawsuit has sparked a flood of interest from potential new claimants, and marks a new victory in their fight for compensation, according to a leading lawyer involved in negotiations.
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View full results index
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View full results index
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The aftermath of a £250m accounting scandal that led to a £2bn drop in the value of its shares might not seem like the best time for UK retailer Tesco to think about ramping up its activity in banking.
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Akshaya Bhargava, Barclays' new CEO for wealth and investment management, has his work cut out.
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For those of you who were dozing on the beach this summer, with your smart-phones switched off, a leading Portuguese bank was restructured in August and no one, least of all the regulators, seems to have forewarned us of this impending disaster.
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The partial withdrawal by Barclays from investment banking is starting to look disorderly – more retreat from Moscow than Dunkirk-style retrenchment.
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Barclays cuts its investment bank in half; Deutsche raises equity to protect market share.
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The Bahrain award is one of the easier ones in the region to decide upon; Ahli United is the leader on almost any metric. Its $579.4 million net profit for the 2013 financial year ($366.5 million after allowing for a one-off exceptional gain) was a record and a 25.7% improvement on the previous year, as well as being the biggest profit in the country’s banking industry. Total assets grew 9.3% to $32.65 billion; loans, 8.3%; customer deposits, 17.4%. NPLs are a healthy 2.4% and total provisions for those NPLs 149.4%, while the bank’s capital adequacy ratio now stands at 16.2%. Most of these metrics lead the industry.
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Jenkins is at a dead-end. This is what happens when you have no strategy and just muddle through instead of taking the necessary and painful decisions.
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A chronology of the controversial Barclays-Qatar courtship amid a UK investigation into the capital raising.
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Barclays’ latest round of restructuring is hitting the investment banking business hard, but the future for the wealth management business might not be so bright either.
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Nationality: Ghanaian
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Someone else who also recently stepped down is Sir Hector Sants, the former head of compliance at Barclays. Sants, a one-time Credit Suisse banker, ran the wholesale division of the British regulatory authority, the Financial Services Authority, from 2004 to 2007. He was then promoted to run the whole organization, which he did until the FSA was dismantled in the middle of 2012.
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The collapse of Lehman Brothers was the best thing to happen to Barclays. Euromoney investigates.
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Barclays announced a £12.8 billion capital hole on Tuesday, along with a sharply dilutive rights issue, that threatens to undercut CEO Antony Jenkins’ turnaround strategy, further bloody Bob Diamond’s legacy and challenge the bank’s US franchise.
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Returning to the category of imperial CEOs, most would agree that Bob Diamond, the former Barclays chief, was an earlier poster boy: a Do-it-my-way-or-take-the-highway kind of boss.
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Amanda Staveley earned an astonishing £30 million fee for her role in helping to secure Abu Dhabi’s £3.5 billion investment in Barclays in 2008, a deal on which Sheikh Mansour made a profit of more than £3 billion. Euromoney reveals the extraordinary tale behind that trade, the battle for £110 million in fees paid by Barclays to Mansour, and just how close-run a deal which saved the bank from part-nationalization was – which is currently the subject of an investigation by the Serious Fraud Office.
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After the February unveiling of an ambitious turnaround strategy, Barclays' CEO Antony Jenkins faces new risks to earnings, uncertainty over the direction of the bank's US investment banking arm – core to its global footprint - and market pressures to accelerate capital accumulation.
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Euromoney’s investigation into Barclays’ Gulf deals reveals the apparent appetite of CIC, China’s sovereign wealth fund, for securities in the UK bank in the 2008 crisis. This casts a light on the shifting sands in the portfolio strategies of sovereign funds in recent years.
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The departure of the investment banking chief heralds more uncertainty for Barclays.
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Speculation about Barclays’ capital raisings from Qatar and Abu Dhabi will only grow following Euromoney’s revelations. CEO Antony Jenkins should draw a line under the episode by revealing all.
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Euromoney can reveal that advisers to Sheikh Mansour were courting other strategic parties to invest in Barclays at a time when the bank was marketing the importance of the cornerstone Abu Dhabi investor, raising questions about market confidence and disclosure. The revelations also shed light on the frustrations of China Investment Corporation about the transaction and the fund’s approach to dealmaking.
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Euromoney reveals how former British politician David Mellor, adviser to Amanda Staveley’s PCP Capital Partners, agitated for his cut of the Barclays fee, and the role of the former head of the CBI Digby Jones.
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Independent report into Barclay's pay, culture and reputation is perhaps a little vague and is unlikely to prove a game-changer for the bank, with CEO Jenkins already talking the talk.
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Trying to change cultures within banking institutions is never easy, which is why Barclays’ new chief executive is taking a hard and seemingly Soviet-era approach at the UK bank. The message is clear: Barclays would now like to be seen as a stodgy commercial bank run by a proselytizing Brit.
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Last month, ill-informed speculation grew to a crescendo that Antony Jenkins, the newish chief executive of Barclays, who spent his career on the retail side of the bank, would take the axe to the investment banking division. After all, UBS’s shares had been re-rated after the bank announced a wide-scale deleveraging of the investment bank, particularly those parts of the FICC division that had large amounts of capital tied up by counterparty risk exposure in long-dated derivatives.
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When Barclays announced its fourth-quarter and full-year 2012 results last month these were entirely overshadowed by the strategy review from new chief executive Antony Jenkins. In the aftermath, analysts and investors bemoaned or applauded, depending on their biases, the decision to retain the investment bank largely unscathed and re-emphasize its importance and particularly that of the FICC division to the group.
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Revenue and cost targets do not convince analysts, but regulators appear to bless capital planning.
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Science fiction has no place in the real world of bank capital, but when one bank goes boldly beyond where any other bank has gone before with a CoCo under CRD IV, there is perhaps something of a whiff of the future about it.
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In response to the revelations that a senior executive suppressed a damaging report into Barclays Wealth, Alix Prentice, partner in the financial services regulatory team at international law firm Taylor Wessing, predicts that the bank may face action from a UK regulator increasingly focused on suitability and client risk appetite.