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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Of the interim results published in the second half of the week it was the Barclays Capital figures that impressed most. FICC income for the first half of 2010 was £4.948 billion. While this was a 40% decline relative to the more volatile first half of 2009, it is the only set of results that bears any sort of comparison with figures for the major US banks. For example, Goldman Sachs’s FICC revenue for the year to the end of June is $21.75 billion (£13.7 billion), compared with BarCap’s FICC revenue for the same period of £10.4 billion.
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Wants division to provide a higher proportion of profits; admits to considering small acquisitions to achieve this; might need larger ones.
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Barclays is in investment mode; Diamond supports strong regulation
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Sale proceeds to be reinvested in Africa; StanChart in Africa/Middle East custody push
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Longmore latest senior FX exec to leave; But UK bank continues to build market share