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☆ Barclays banker fired over sexual harassment loses $770,000 case
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 27 (Reuters) - A former Barclays (BARC.L) director who was fired for sexual harassment has lost an employment lawsuit against the British bank in which he sought nearly 600,000 pounds ($770,000) in compensation, a London tribunal announced on Thursday. He argued at the East London Employment Tribunal in March that female colleagues fabricated allegations against him and that his dismissal was unfair. But his complaints of unfair dismissal, breach of contract and sex discrimination were rejected on July 10, according to a summary of the tribunal's findings published on Thursday. Barclays and Record's lawyer did not immediately respond to a request for comment. But Barclays said Record's dismissal was fair based on disciplinary findings including "unwelcome physical contact with a female colleague" and sexual harassment, filings showed.

Persons: Robert Record, Sam Tobin, Kirstin Ridley, Tomasz Janowski Organizations: Barclays, East, Employment, Thomson Locations: London

☆ Fact Check-Liverpool Barclaycard building not being converted to house asylum seekers, says council
▼ + stars: | 2023-07-19 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

A former bank building in Kirkby, Liverpool, in the north of England, is being refurbished for use as offices and is not being converted to house asylum seekers, as social media users claim. Posts circulating online say the former bank building, which is currently being refurbished, is to be converted to house “up to 2,000 asylum seekers” without the knowledge of the public. It said proposals to house asylum seekers would require planning approval from the council, with planning approval subject to public consultation. The building is in fact being promoted as office accommodation, according to Knowsley Council and agents for the building. A former Barclaycard building in Liverpool is being refurbished for use as offices, not to house asylum seekers, according to Knowsley Council and surveyors for the building.

Persons: it’s, Phil Morley, Read Organizations: Knowsley Council, “, “ Kirkby Town Centre, Barclays Bank, … Workers, Reuters Locations: Kirkby, Liverpool, England, “ Kirkby

☆ Protesters should work with sport - Wimbledon panellists
▼ + stars: | 2023-07-06 | by ( Mitch Phillips | ) www.reuters.com time to read: +4 min

Wimbledon has dubbed Thursday "Environment Day" and began it with a panel discussion hosted by former footballer-turned TV presenter Gary Lineker. But I think it’s like ‘come let's work as a team, collaborate'. It's never going to be perfect, but at least we can try to work together." "Don't think of us as competitors, think of us as potential collaborators and allow the amplification that our athletes and that sport can give to this," he said. Wimbledon responded by saying Barclays was committed to "creating access to sport for all" and that having a positive impact on the environment is central to the tournament.

Persons: Katie Boulter, Daria Saville, Hannah Mckay LONDON, Gary Lineker, Briton Heather Watson, It's, Monica Seles, Suzann Pettersen, Sebastian Coe, Hannah Mills, Mitch Phillips, Ed Osmond Organizations: Lawn Tennis, Croquet Club, Wimbledon, golf's Solheim, World, Diamond League, Barclays Bank, Barclays, Thomson Locations: London, Britain, Germany, Norwegian, Stockholm

☆ How Jeffrey Epstein turned the US Virgin Islands into a pedophile's playground and helped elect a sitting member of Congress
▼ + stars: | 2023-06-27 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +21 min

Court filings show how Jeffrey Epstein exerted power in the US Virgin Islands, two of which he owned. A financier worth hundreds of millions of dollars, Epstein owned two islands in the US Virgin Islands (there are roughly 50 islands overall). He had donated generously to Democratic politicians from the US Virgin Islands for years. With the assistance of the US Virgin Islands' first lady, Epstein navigated the territory's political waters unscathed. The court records show that, at least in the US Virgin Islands, he exerted influence with little friction.

Persons: Jeffrey Epstein, Stacey Plaskett, —, Plaskett, Epstein, James, Lesley Groff, Scott Applewhite, Stacey, Thomas, didn't, Groff, maxed, Shawn, Michael Malone, Gabriel Lopez Albarran, Cecile de Jongh, John de Jongh Jr, de Jongh, Malone, De Jongh, Darren Indyke, Richard Kahn, Kahn, Groff didn't, Stuart McPhail, McPhail, Jeffrey Epstein's, Erika Kellerhals, Hi Jeffrey, Rick Friedman, Corbis, de, JPMorgan Chase, Ghislaine Maxwell, Epstein's, Maxwell, She's, Mary Erdoes, Jamie Dimon's, Jes Staley, Epstein's thrall, Jongh, Denise George, Albert Bryan Jr, Bryan, Jed Rakoff, Emily Michot, Bill Clinton, Donald Trump, Prince Andrew, Trump's, De, Epstein doled, John de Jongh's, Kenneth Mapp, John de Jongh, John, wasn't Organizations: Virgin Islands, Service, Democratic, US, Islands, Democratic Congressional, AP, Federal, Commission, Democratic Party, Virgin Islands Economic Development Authority, Southern Trust Co, de, Indyke, Democrat, Getty Images JPMorgan, US Virgin Islands, JPMorgan, Virgin, Hyperion, Barclays, Authorities, United States Virgin Islands, Virgin Islands Senate, Gov, New York Times, US Virgin, Deutsche Bank, U.S ., Miami Herald, Tribune, Getty, Federal Government, Mapp's PAC Locations: Virgin, Washington, Puerto Rico, Little St, Palm Beach , Florida, St, Croix, Manhattan, Islands, US Virgin, New York, U.S, U.S . Virgin Islands, Jongh, Tortola

☆ UBS just reshuffled its leadership ranks after buying Credit Suisse. See the new power players in charge of the $1.7 trillion Swiss banking behemoth.
▼ + stars: | 2023-06-12 | by ( Michelle Abrego | Kaja Whitehouse | ) www.businessinsider.com time to read: +11 min

The merger between Credit Suisse and UBS creates a new Swiss banking behemoth with $1.7 trillion in assets. Investment bank leadersThe president of UBS's investment bank, Robert Karofsky, circulated a memo on Monday announcing his new leadership team. Ebert, co-head of markets at Credit Suisse, was also named head of Credit Suisse for the Investment Bank, reporting to Karofsky. UBS global wealth management president Iqbal Khan revealed the appointments to its critical wealth business in an internal memo titled "Becoming a global wealth powerhouse." Members of the current Credit Suisse wealth management leadership team will report to both Yves-Alain and to their respective UBS global wealth management regional leader.

Persons: Yves, Alain Sommerhalder, Michael Ebert, Robert Karofsky, Ebert, Karofsky, Marco Valla, Valla, Javier Oficialdegui, Mike, I've, George Athanasopoulos, Jason Barron, Ros L'Esperance, Dan Dowd, Taichi Takahashi, Chris Leone, Julie Beavan, Tricia Hazelwood, Jeff Hinton, Kurt Anthony, Laurence Braham, Richard Hardegree, Richard Casavechia, Ozzie Ramos, Jason Williams, Neil Meyer, Ken Tittle, Iqbal Khan, Francesco De Ferrari, Khan, Reuters Yves, Alain, Wiwi Gutmannsbauer, Benjamin Cavalli, Cavalli, Kinner, Amy Lo, Jin Yee Young, Young, Hatecke, UBS's Anton Simonet, Christl, Jason Chandler, Sergio Ermotti, Ralph Hamers, Ermotti, MICHELE LIMINA, Todd Tuckner, Sarah Youngwood, Michelle Bereaux, Stefan Seiler, Christian Bluhm, Damian Vogel, Ulrich Körner Organizations: UBS, Credit Suisse, Suisse, Credit, Wall Street, Investment, Investment Bank, Barclays, Global Banking, Investment Bank Management, Global Markets, Global Research, IB, Resource Management, Staff, MUFG Securities, Reuters, Yves, Deutsche, Switzerland, Swiss Re, Getty Locations: Switzerland's, Swiss, Americas, Asia, Singapore, Switzerland, Europe, Middle East, Africa, America, AFP

Venkatakrishnan's intervention underscores the pressure that the British bank is under to protect its U.S. investment banking franchise. Venkatakrishnan promised during the meeting to invest in the investment banking business to boost morale, the sources said. Miller left Barclays to join Jefferies last month, while Barclays only announced a new role for Astier this week, naming him global head of financial sponsors. Still, the exodus that Venkatakrishnan and other Barclays executives have been trying to stem has continued apace. But it was its consumer, cards and payments division, rather than investment banking, that led the charge.

Persons: C.S, Venkatakrishnan, dealmakers, Cathal Deasy, Morgan Stanley, Taylor Wright, Marco Valla, Deasy, John Miller, Jean, Francois Astier, Miller, Jefferies, Jim Rossman, Christopher Ludwig, Pete Contrucci, Evan Rothenberg, Daniel Kerstein, Contrucci, Rothenberg, Kerstein, Milana Vinn, Abigail Summerville, David Carnevali, Svea Herbst, Bayliss, Anirban Sen, Greg Roumeliotis, Christopher Cushing Organizations: YORK, Barclays, Citigroup Inc, UBS Group AG, Jefferies Financial Group Inc, Reuters, Credit Suisse Group AG, UBS, Lazard Ltd, Credit Suisse, Svea, Thomson Locations: Americas, Europe, Middle East, Africa, United States, New York, Rhode Island

☆ Blackstone, Thomson Reuters consortium sells $3.4 bln LSEG shares in upsized offering
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: 1 min

May 17 (Reuters) - An investor consortium including U.S. buyout firm Blackstone (BX.N) and Thomson Reuters (TRI.TO) sold 33 million shares in the London Stock Exchange Group (LSEG.L) worth about 2.7 billion pounds ($3.41 billion), Barclays Bank said on Wednesday. The placing of shares was upsized from 28 million, the investment bank running the sale, added. Thomson Reuters is the owner of Reuters News. ($1 = 0.7923 pounds)Reporting by Yadarisa Shabong in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ LSEG, Experian shares weigh on UK's FTSE 100
▼ + stars: | 2023-05-17 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

The financial services sector (.FTUB3020) slid 1.1% while the broader FTSE 100 (.FTSE) shed 0.1%. Shares of Experian Plc (EXPN.L) slipped after the credit data firm forecast annual organic revenue to grow between 4% and 6%, while analysts were expecting a 5.8% growth. "In early trade, the market looks to be taking a cautious approach (with Experian's shares)," said Steve Clayton, head of equity funds, Hargreaves Lansdown. Among other movers, Watches of Switzerland Group Plc (WOSG.L) slumped 7.4% on a marginal sales decline in the first quarter. Bucking the sombre mood, Sage Group Plc (SGE.L) rose 3.6% after upgrading its annual organic recurring revenue growth forecast.

☆ Dollar bonds of India's Adani Ports rise as company starts debt buyback
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, April 24 (Reuters) - The U.S. dollar-denominated bonds issued by India's Adani Ports and Special Economic Zone (APSE.NS) rose on Monday, after the company commenced a cash tender offer for a buyback of securities. On Monday, Adani Ports and Special Economic Zone (APSE.NS), part of the beleaguered Adani Group, said it has floated a tender of up to $130 million of 3.375% 2024 maturity dollar-denominated bonds. The company has engaged Barclays Bank, DBS Bank, Emirates NBD Bank PJSC, First Abu Dhabi Bank, PJSC, MUFG Securities Asia Singapore Branch, SMBC Nikko Securities (Hong Kong) and StandardChartered Bank to serve as dealer managers for the offer. The dollar bonds of Adani Transmission (ADAI.NS), Adani Green Energy (ADNA.NS) and Adani Electricity Mumbai were trading mixed. However, India's market regulator is looking into Hindenburg's allegations as well as the group's related party dealings following a Supreme Court directive.

☆ An executive coach who worked with Nelson Mandela and the last leader of the Soviet Union, says CEOs must realize they will always upset 'a large bunch of people every day'
▼ + stars: | 2023-04-24 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +6 min

René Carayol, an executive coach for more than 20 years, said CEOs can never make everyone happy. He told Insider the chief executive role is "the toughest job in the company." Carayol has a high-profile list of clients, including world leaders and CEOs at Fortune 500 and FTSE 100 companies. He's advised four former CEOs of Barclays Bank and even former Soviet leader, Mikhail Gorbachev. Inherent and implicit in the role is you are upsetting a large bunch of people every day.

Virgin Money (VMUK.L), Britain's sixth largest bank, said in a statement it had also seen "net business deposit inflows in recent days". That means SVB UK's customer deposits are safe and their loans supported, HSBC's top bosses have said. Franklin told Reuters a number of CEOs and startup execs had started researching other banks with which to park cash in addition to SVB UK this week, citing Barclays as a favourite among some. But the collapse of SVB has intensified scrutiny of the business models of all lenders, including specialists with smaller balance sheets to fall back on. "The UK banking system remains safe and continues to operate as normal."

☆ Analysis: U.S. bank loan plan provides Fed rate hike path amid SVB fallout
▼ + stars: | 2023-03-14 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +5 min

Banks can use eligible government securities on their books like Treasuries and agency mortgage backed-debt to guarantee the loans. By comparison, a one-year loan from a Federal Home Loan Bank, a government state enterprise that provides low-cost lending to regional banks, is around 5.4%, according to market participants. In essence, the bank lending program will allow the Fed to keep raising rates." U.S. banks had raised their holdings of government securities during periods of ultra-low interest rates to defend falling interest net margins. Major banks led by Goldman Sachs (GS.N) and Barclays Bank (BARC.L) have called for a pause from the Fed next week.

☆ 2 former Barclays bankers just netted a 700% profit selling Bored Ape NFTs
▼ + stars: | 2023-02-24 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Mike Anderson and Ovie Faruq offloaded their collection of Bored Ape Yacht Club NFTs this week. The 72 NFTs sold for $9.25 million, according to OpenSea data cited by Bloomberg. The former Barclays junk bond traders reportedly netted a 700% profit for the deal. The two traders' 700% profit still pales in comparison to what they could have made at the height of the crypto boom, according to Bloomberg. The publication estimated that Anderson and Faruq's Bored Ape collection was worth $30 million at the start of May 2022 – which would have netted them profits of just under 3,000%.

☆ Jeffrey Epstein emailed multiple pictures of women to a JPMorgan Chase executive who was supposed to be regulating his bank accounts, lawsuit says
▼ + stars: | 2023-02-16 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Jeffrey Epstein would email photos of young women to his banker at JPMorgan Chase, a lawsuit says. The convicted sex offender and his banker, longtime JPMorgan Chase executive Jes Staley, would write to each other about how they had "fun," the lawsuit said. Other newly unredacted details show that 20 of Epstein's sex trafficking victims were paid through his 55 JPMorgan Chase accounts, Insider's Lloyd Lee and Jacob Shamsian reported. Despite Staley's apparent close friendship with Epstein, JPMorgan Chase allowed Staley to manage the multimillionaire's funds, the lawsuit alleged. Staley's lawyer and JPMorgan Chase did not immediately respond to Insider's requests for comments sent outside regular business hours.

☆ UK regulator probes Barclays over anti-money laundering systems -FT
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: 1 min

[1/2] A branch of Barclays Bank is seen, in London, Britain, February 23, 2022. REUTERS/Peter NichollsFeb 10 (Reuters) - Britain's financial regulator is investigating Barclays Plc (BARC.L) for suspected failings in its compliance and anti-money laundering systems, the Financial Times said on Friday, citing people with knowledge of the matter. Reporting by Sneha Bhowmik in Bengaluru; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Global banks cut jobs as cost pressures mount
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +5 min

The British investment bank has performed well in recent quarters, especially in fixed income trading, but a blunder in the United States that saw it sell more securities than permitted has cost it hundreds of millions of dollars in penalties. CITIGROUPCiti (C.N) eliminated dozens of jobs across its investment banking division, as a dealmaking slump continues to weigh on Wall Street's biggest banks, Bloomberg News reported on Nov. 8. The cost savings reported are likely to involve more job cuts than previously announced for the first wave of reductions, including in its wealth business, Reuters reported. DEUTSCHE BANKDeutsche Bank (DBKGn.DE), Germany's largest bank, cut staff in its investment bank's origination and advisory teams in October, in a move than affected mostly junior bankers. MORGAN STANLEY (MS.N)In December, the investment bank slashed about 2% of its workforce, a source familiar with the company's plans told Reuters.

☆ Oil edges higher as petroleum demand set to touch record next year
▼ + stars: | 2023-01-10 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

ETHOUSTON, Jan 10 (Reuters) - Oil prices edged slightly higher on Tuesday as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows. A weaker dollar can boost demand for oil, as greenback-denominated commodities become cheaper for holders of other currencies. But analysts said a revival of Chinese demand may only give oil prices limited support under downward pressure from the global economy. Goldman Sachs expects that the growing ability of the Organization of the Petroleum Exporting Countries (OPEC) to raise prices without hurting demand too much will limit downside risks to its bullish oil forecast for 2023. Separately, U.S. stockpiles of crude oil and distillates were expected to have fallen last week, a Reuters poll showed.

☆ Oil rises 1% as petroleum demand set to touch record next year
▼ + stars: | 2023-01-10 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

ETHOUSTON, Jan 10 (Reuters) - Oil prices climbed marginally on Tuesday as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows. Thursday's data "could easily clarify the direction of the financial and oil markets for weeks to come", said Tamas Varga of oil broker PVM. A weaker dollar can boost demand for oil, as greenback-denominated commodities become cheaper for holders of other currencies. But analysts said a revival of Chinese demand may only give oil prices limited support under downward pressure from the global economy. Separately, U.S. stockpiles of crude oil and distillates were expected to have fallen last week, a Reuters poll showed.

☆ Extinction Rebellion UK to halt disruptive protests
▼ + stars: | 2023-01-01 | by ( ) www.reuters.com time to read: +2 min

[1/2] Activists from the Extinction Rebellion drape a banner across Marble Arch as part of a protest in central London, Britain, April 16, 2022. The grassroots group's protests have previously included closing key roads and bridges in central London, blockading oil refineries, smashing windows at Barclays bank headquarters and spraying fake blood over the finance ministry building. In a statement entitled "We quit", Extinction Rebellion UK said that in the four years it has been taking direct action, very little had changed, with emissions continuing to rise. "As we ring in the new year, we make a controversial resolution to temporarily shift away from public disruption as a primary tactic," the group said. Extinction Rebellion said it planned to surround the Houses of Parliament from April 21 with 100,000 people.

☆ Compass CEO Robert Reffkin told his leadership team to step up managing out low-performing employees, as the company racks up losses and is forced to cut costs
▼ + stars: | 2022-12-09 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +5 min

Compass CEO Robert Reffkin sent an email to his leadership team on "managing out poor performers." Compass employees were disheartened. "It's also your responsibility to manage out employees who can't, or aren't, performing at that level," Reffkin wrote in the Sunday afternoon message. The full text of the memo was shared with Insider, and a Compass spokesman confirmed Reffkin sent the email. In June, Compass let go of about 450 corporate workers across departments.

LONDON, Dec 8 (Reuters) - Barclays (BARC.L) has promoted 85 people to managing director in its investment bank, it said on Thursday, with by far the majority of the coveted titles this year being taken by men. Nor did it give a breakdown of which part of the investment bank those promoted worked in, as it had in previous years. Meanwhile, Barclays Bank PLC, which houses the lender's investment bank, had a mean average pay gap of 43% in favour of men in 2021, the bank's pay gap report states. Barclays' investment bank has been a source of contention in recent years, after previous CEO Jes Staley fended off an activist investor who wanted the unit shrunk. Recent performances have tended to vindicate the investment bank, as in the third quarter this year, when a fixed income trading boom helped it beat market estimates.

☆ Turkey's MNG Airlines to go public on NYSE
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

Dec 7 (Reuters) - Turkey's MNG Airlines will list on the New York Stock Exchange through a merger with Golden Falcon Acquisition Corp (GFX.N), a special purpose acquisition company (SPAC), the Turkish cargo carrier said on Wednesday. The merger has a pro-forma enterprise value of $676 million, and has been approved by the boards of both the companies, MNG said in a statement. Golden Acquisition Corp, which went public in 2020, is headed by Chief Executive Officer Makram Azar, a former Barclays banker, and counts Xavier Rolet, a former London Stock Exchange CEO, as an independent director. Istanbul-based MNG Airlines started operations in 1996, and serves corporate customers across 41 countries with more than 3,500 flights per year. Reporting by Rahat Sandhu in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of England wants more transparency for 'non banks' after gilts turmoil
▼ + stars: | 2022-11-07 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

[1/3] Traders work on the trading floor of Barclays Bank at Canary Wharf in London, Britain December 7, 2018. It shone a light on the less regulated global $200 trillion 'non-bank' sector which is made up of pension funds, insurers and different types of investment funds, and spans borders. The onus for building resilience in the non-bank system sits first and foremost with the firms themselves," Breeden added. Banks and non-banks also need to improve stress-testing for risks, she added. Toks Oyebode, executive director for regulatory affairs at JPMorgan bank, said steps outlined by Breeden and other regulators, such as regarding margining, were timely.

☆ Bid deadline for India's Future Retail extended due to low interest -sources
▼ + stars: | 2022-10-21 | by ( Nupur Anand | ) www.reuters.com time to read: +2 min

MUMBAI, Oct 21 (Reuters) - The resolution professional for India's debt-laden Future Retail Ltd (FRTL.NS) has extended the deadline for potential buyers to submit their bids for the retailer, due to tepid interest, two banking sources said on Friday. The deadline had ended on Oct. 20, but has been extended to Nov. 3, according to an updated document released by the resolution professional (RP). Register now for FREE unlimited access to Reuters.com RegisterFuture Retail's RP did not immediately respond to an email seeking comment. Future Group's flagship retail unit, Future Retail was once the country's second-largest retailer but has been in bankruptcy proceedings after it defaulted on loans and its lenders rejected a $3.4 billion sale of its assets to market leader Reliance Industries (RELI.NS). The lead lenders include Bank of India (BOI.NS) and State Bank of India (SBI.NS).

☆ All eyes turn to bank earnings for clues on slowing U.S. economy after Dimon’s recession warning
▼ + stars: | 2022-10-13 | by ( Hugh Son | ) www.cnbc.com time to read: +4 min

Big American banks have mostly resisted bulking up loan loss reserves this year as the financial health of consumers and corporations has held up despite mounting recession concerns. For much of the year, bank managers have told one story, while stocks have told another. Retail customers were spending briskly and still had ample cash in their accounts, executives including Bank of America CEO Brian Moynihan have said . In April, JPMorgan was the first big bank to begin boosting reserves for credit losses, taking a $902 million charge. Analysts expect the New York-based bank to generate $2.90 per share in third-quarter earnings, 22% lower than a year earlier.

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