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16/02/2010
Barclays' Profits Jump
Profits at Barclays bank have soared by 92%, the financial services giant revealed today.
Full year profits for 2009 tipped £11.6bn ($18.2bn), a figure bolstered by the sale of the bank's BGI fund management arm to US firm BlackRock.
Minus this deal, profits stood at £5.3bn, with almost half of this generated by Barclays Capital investment banking business.
Barclays did not benefit directly from the UK Government's 'bank bail out' last year.
Bonuses at the bank also peaked at £2.7bn - over £1.5bn of which was paid out in 2009, with the remainder spread over the next three years.
However, both chief executive John Varley and president Bob Diamond have refused to collect their bonus returns for the second year running, citing the "intense public interest and concern" about bankers' pay.
Bank bosses and risk-taking investment bankers bore the brunt of public anger over the economic meltdown, which plunged the UK into one of the deepest recessions on record.
Millions of pounds were pumped into the British banking sector by the government in a bid to sustain institutions and limit industrial collapses.
Barlcays did not take direct funds from the Exchequer, instead sourced capital from the Middle East.
"The bond of trust between banks and stakeholders has been damaged by the credit crunch and the economic recession. That bond must be restored to health by how banks behave, how we lend, and how we pay," said Mr Varley.
Barclays said it had loaned about £35bn to businesses and households in the UK in 2009, having promised in April to lend at least £11bn.
The turnover of loans within the money markets is seen as a vital sign of confidence, which can help shore-up economic recovery.
(PR/GK)
Full year profits for 2009 tipped £11.6bn ($18.2bn), a figure bolstered by the sale of the bank's BGI fund management arm to US firm BlackRock.
Minus this deal, profits stood at £5.3bn, with almost half of this generated by Barclays Capital investment banking business.
Barclays did not benefit directly from the UK Government's 'bank bail out' last year.
Bonuses at the bank also peaked at £2.7bn - over £1.5bn of which was paid out in 2009, with the remainder spread over the next three years.
However, both chief executive John Varley and president Bob Diamond have refused to collect their bonus returns for the second year running, citing the "intense public interest and concern" about bankers' pay.
Bank bosses and risk-taking investment bankers bore the brunt of public anger over the economic meltdown, which plunged the UK into one of the deepest recessions on record.
Millions of pounds were pumped into the British banking sector by the government in a bid to sustain institutions and limit industrial collapses.
Barlcays did not take direct funds from the Exchequer, instead sourced capital from the Middle East.
"The bond of trust between banks and stakeholders has been damaged by the credit crunch and the economic recession. That bond must be restored to health by how banks behave, how we lend, and how we pay," said Mr Varley.
Barclays said it had loaned about £35bn to businesses and households in the UK in 2009, having promised in April to lend at least £11bn.
The turnover of loans within the money markets is seen as a vital sign of confidence, which can help shore-up economic recovery.
(PR/GK)
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10 February 2012
Barclays Bank Profits Fall
Barclays full year results reveal a 3% drop in profits year on year to £5.9bn. The bank's bonus pot will be £2.15bn, down by 25%, with cash bonuses capped at £65,000. Chief executive Bob Diamond is expected to receive a payout worth several million pounds.
Barclays Bank Profits Fall
Barclays full year results reveal a 3% drop in profits year on year to £5.9bn. The bank's bonus pot will be £2.15bn, down by 25%, with cash bonuses capped at £65,000. Chief executive Bob Diamond is expected to receive a payout worth several million pounds.
03 August 2009
Barclays Profits Nearly £3 Billion
A top bank has announced pre-tax profits for the first six months of 2009 of £2.98 billion.
Barclays Profits Nearly £3 Billion
A top bank has announced pre-tax profits for the first six months of 2009 of £2.98 billion.
08 May 2014
Barclays To Axe 10,000 UK Jobs
Barclays is to cut approximately 20,000 job cuts by 2016. The firm said it is part of a new strategy. The number of job' reductions is bigger than the 10 to 12,000 the bank announced earlier this year. Around 14,000 cuts will be made during 2014.
Barclays To Axe 10,000 UK Jobs
Barclays is to cut approximately 20,000 job cuts by 2016. The firm said it is part of a new strategy. The number of job' reductions is bigger than the 10 to 12,000 the bank announced earlier this year. Around 14,000 cuts will be made during 2014.
05 August 2010
Bank Of England Retains Low Base Rate
Base interest rates in the UK are again being kept on hold at just 0.5% - the same level it has been at for the past 18 months The Bank of England has voted to keep interest rates at this all-time low amid concerns over the strength of the economic recovery.
Bank Of England Retains Low Base Rate
Base interest rates in the UK are again being kept on hold at just 0.5% - the same level it has been at for the past 18 months The Bank of England has voted to keep interest rates at this all-time low amid concerns over the strength of the economic recovery.
16 July 2008
Co-op Agrees Somerfield Purchase
Supermarket chain The Co-operative Group has agreed to purchase rival chain Somerfield in a deal worth £1.57 billion. The deal will cement the Co-op Group's position as the fifth biggest food retailer in the UK.
Co-op Agrees Somerfield Purchase
Supermarket chain The Co-operative Group has agreed to purchase rival chain Somerfield in a deal worth £1.57 billion. The deal will cement the Co-op Group's position as the fifth biggest food retailer in the UK.
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