DIRS.INFO The most relevant business & tech news

☆ Barclays swings back to profit in first quarter amid strategic overhaul
▼ + stars: | 2024-04-25 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

LONDON — Barclays on Thursday reported first-quarter net income attributable to shareholders of £1.55 billion ($1.93 billion), beating expectations and returning the British lender to profit amid a major strategic overhaul. Analysts polled by Reuters had expected net profit attributable to shareholders of £1.29 billion for the quarter, according to LSEG data. Barclays reported a net loss of £111 million in the fourth quarter of 2023 due to an operational shake-up designed to reduce costs and improve efficiencies. The overhaul saw the reorganization of the business into five operating divisions, separating the corporate and investment bank to form: Barclays U.K., Barclays U.K. Corporate Bank, Barclays Private Bank and Wealth Management, Barclays Investment Bank and Barclays U.S. Consumer Bank. The bank also pledged to return £10 billion to shareholders between 2024 and 2026 through dividends and share buybacks.

Persons: C.S, Venkatakrishnan, — CNBC's Elliot Smith Organizations: LONDON, Barclays, Reuters, Tesco Bank, Corporate Bank, Barclays Private Bank, Wealth Management, Barclays Investment Bank, Barclays U.S . Consumer Bank

☆ Ex-Goldman Sachs analyst found guilty of insider dealing
▼ + stars: | 2024-02-15 | by ( ) edition.cnn.com time to read: +2 min

London — A former Goldman Sachs analyst was convicted Thursday of using inside information to buy shares in listed companies and make more than 140,000 pounds ($175,650). Mohammed Zina, 35, was employed by Goldman Sachs International, a subsidiary of the bank, in London. A Goldman Sachs spokesperson said: “Mohammed Zina betrayed the trust we placed in him, and his misuse of client information was in direct contradiction of our values. Prosecutor Peter Carter told jurors at the start of the trial that Mohammed Zina had used “private, confidential, price-sensitive information” to invest on the stock exchange. He said the internal policies of Goldman Sachs strictly forbid any use of confidential information acquired by the investment bank or its employees.

Persons: Goldman Sachs, Mohammed Zina, SoftBank, Zina, “ Mohammed Zina, Steve Smart, Suhail Zina, Clifford Chance, Peter Carter Organizations: London, Goldman, Goldman Sachs International, Prosecutors, Tesco Bank, UK Financial, Authority, Southwark Crown Locations: London, British, Southwark

☆ Goldman Sachs analyst used inside information for profit, London court told
▼ + stars: | 2023-11-30 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

LONDON, Nov 30 (Reuters) - A former Goldman Sachs (GS.N) analyst used confidential information to make more than 140,000 pounds ($176,800) from shares in listed companies, prosecutors told a London court on Thursday. Prosecutor Peter Carter said the brothers "used information which they should not have used – because it was private, confidential, price-sensitive information – to gamble effectively, to invest on the stock exchange". He told the jury that Goldman Sachs' internal policies strictly forbid any use of confidential information acquired by the investment bank or its employees. "To breach a confidence or to use confidential information improperly or carelessly would be unthinkable," the policy says. Carter said the policy was clear that employees are not allowed to use confidential information "other than for your work at (Goldman Sachs) and nothing else".

Persons: Goldman Sachs, Mohammed Zina, Zina, Suhail Zina, Clifford Chance, Mohammed, Peter Carter, Carter, Sam Tobin, Bill Berkrot Organizations: Goldman, Goldman Sachs International, Arm Holdings, Southwark Crown, Tesco Bank, Thomson Locations: London, Southwark

Barclays Bank logo is seen in this illustration taken March 12, 2023. Tesco Plc and Tesco Bank declined to comment. It could not be established how much the proposed deal would value the Tesco Bank assets. Tesco Bank was launched in 1997 as a joint venture between the British supermarket group and Royal Bank of Scotland, with Tesco later taking full control of the company. Despite seeing it as a growth area in the past, Tesco has been scaling back its banking services, including no longer offering current accounts and offloading its mortgage portfolio to Lloyds Banking Group (LLOY.L).

Persons: Dado Ruvic, Amy, Jo Crowley, Pablo Mayo Cerqueiro, Lawrence White, Iain Withers, Anousha Sakoui, Jane Merriman Organizations: Barclays Bank, REUTERS, Barclays, Reuters, Tesco Bank, Tesco, Tesco Plc, British, Royal Bank of Scotland, Lloyds Banking Group, Thomson Locations: British, Kensington

☆ Exclusive: With UK health service in crisis, Tesco gives staff virtual doctors appointments
▼ + stars: | 2023-07-06 | by ( James Davey | ) www.reuters.com time to read: +3 min

[1/2] A customer talks to an in store fishmonger at a Tesco supermarket near Liverpool, Britain, January 28, 2019. REUTERS/ Phil NobleLONDON, July 6 (Reuters) - Supermarket group Tesco (TSCO.L), Britain's largest private-sector employer, is to offer its staff virtual appointments with a private family doctor, in another indication of the pressures engulfing the country's National Health Service (NHS). The NHS, which celebrated its 75th anniversary on Wednesday, was launched after World War Two to provide health care free at the point of use, and remains a much-loved institution. "This is a direct investment in the health of our colleagues," Tesco's UK people director, James Goodman, said. Tesco, like other big employers and retailers, has previously provided more traditional benefits to staff, such as share schemes and staff discounts, and last year started offering advances on pay.

Persons: Phil Noble LONDON, YuLife, Booker, James Goodman, James Davey, Kate Holton, David Holmes Organizations: Tesco, REUTERS, National Health Service, Reuters, Health, Workers, Tesco Bank, Thomson Locations: Liverpool, Britain, England

☆ Britain's Tesco to explore sale of banking unit, Sky News reports
▼ + stars: | 2023-02-18 | by ( ) www.reuters.com time to read: +1 min

Feb 18 (Reuters) - Britain's biggest retailer Tesco Plc (TSCO.L) is planning to review its presence in the UK banking sector in a move that could lead to a sale of its banking arm, Sky News reported on Saturday. The supermarket chain operator is lining up Goldman Sachs to advise on the future of Tesco Bank, the report said. The review was at a very preliminary stage and may not lead to a formal sale process, the report quoted sources as saying. A partial sale or joint venture could also be an option for the retailer, the report added, quoting one source. Tesco Bank, which was founded in 1997, has more than five million customers across its banking and insurance business, according to the data available on its website.

☆ Britain's Tesco to target value offers after strong Christmas
▼ + stars: | 2023-01-12 | by ( James Davey | ) www.reuters.com time to read: +3 min

[1/2] Clubcard branding is seen inside a branch of a Tesco Extra Supermarket in London, Britain, February 10, 2022. Tesco, like Sainsbury's, is absorbing some of its cost inflation rather than passing it all on to consumers. The group maintained its forecast for 2022-23 retail adjusted operating profit of between 2.4 billion pounds and 2.5 billion pounds ($2.9-$3.0 billion), down from the 2.65 billion pounds earned in 2021-22. It expects retail free cash flow of at least 1.8 billion pounds and profit from Tesco Bank of 120-160 million pounds. Shares in Tesco have fallen 17% over the last year, but are up 7% over the last month.

☆ Britain's Tesco sticks with profit outlook after strong Christmas sales
▼ + stars: | 2023-01-12 | by ( James Davey | ) www.reuters.com time to read: +3 min

SummarySummary Companies UK Q3 like-for-like sales up 4.3%Six weeks to Jan 7 UK like-for-like sales up 7.2%Expects full year profit of 2.4-2.5 bln stgHas "good momentum" going into 2023LONDON, Jan 12 (Reuters) - Tesco (TSCO.L), Britain's biggest retailer, kept its full-year profit guidance after it joined rivals in reporting stronger than expected Christmas sales despite an escalating cost-of-living crisis. The supermarket group, which has a 27.5% share of Britain's grocery market, said on Thursday UK like-for-like sales rose 4.3% in its third quarter to Nov. 26 and were up 7.2% in the six weeks to Jan. 7. 2 supermarket group Sainsbury's reported a 5.9% rise in underlying sales for its Christmas quarter, while discounters Aldi UK and Lidl GB have also reported bumper Christmas sales. The group maintained its forecast for 2022-23 retail adjusted operating profit of between 2.4 billion pounds and 2.5 billion pounds ($2.9-$3.0 billion), down from the 2.65 billion pounds made in 2021-22. It expects retail free cash flow of at least 1.8 billion pounds and profit from Tesco Bank of 120-160 million pounds.

Search resuls for: "Tesco Bank"

8 mentions found