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Antony Jenkins is the former group chief executive of Barclays, following a three-year stint as its CEO and three years as Barclaycard CEO. He also spent 16 years at Citigroup as EVP.
Jenkins, 61, founded 10x Banking in 2016, his venture dedicated to shaping the corporate bank of the future, fuelled by digital transformation.
When I first started in banking at London’s South Kensington branch of Barclays Bank, my first boss really was the customer.
This is important for me as I learned a lot. It was 1983 and as a graduate trainee the first port of call was being sent to a local branch. In those days they were fully serviced for the local community, from well-heeled customers to local hair salons, solicitors, waiters, hotel staff and architects. It was end-to-end full service and a complete business unit – all paper based – with 30 staff working there.
Read More: Sally Walker, Britain's spy chief on her first boss
I didn’t know anything about Barclays’ products, but with the customers there were also quite a lot of wealthy people and tourists. We would store wills, we would put money on deposit, buy and sell stocks, foreign exchange and open bank accounts for students. It was a varied exposure for day-to-day financial services.
There were several things that also struck me about my experiences.
When people came in with a financial problem, it was often something that was making them anxious or they felt intimidated as it affected their money. How people connect to their money was inherently a difficult experience.
What I learnt was that banking is about customers; it sounds obvious but most of the banking industry doesn't think like that. They think about selling products. We had a 300-page paper manual with every product a customer could get from a branch and where I would go to find the answer. I recognised that if you could solve the problem when they were in the branch, you could really make them happy and take a burden off them.
The other thing I realised was that if you could do it in a way that made the customer's life easier, it would be a good thing for the bank and the customer, who would be more loyal over time. Years later, when I was at Barclays, we did a survey of our 1,500 branch network and found that the best customer satisfaction had the highest level of colleague engagement and profitability.
Operational excellence was an aspect that has also stayed with me. Everything in the branch had to be reconciled at the end of the day – the tech was horrible and we might have had a fax machine at best – and nobody went home until it did. It was very diverse in what you got to see in that early exposure of the front-facing part of banking.
When I returned in 2006 to Barclays, I had various jobs which included running the retail bank. They were going to close the South Kensington branch, knew that I had started my career there and so invited me to the closing party. What they didn’t know was that it was the
hopefully it can't hurt! Doubt the effect will be very dramatic though.
Buy-backs commence on the 13th March but not sure if this will bolster the SP?
Quite agree badjob. BARC has so much more potential but the share price will continue to underperform it's peers as it's so badly run. It seems to go from one crises to another. Until there are dramatic changes in the boardroom, along with changes in attitude, BARC will continue to be a short term play. I suspect many investors here are underwater with BARC. Some more than others.
Hard to see the price drifting much lower. NWG market cap now more than £1bn ahead of Barc. Suggests lack of confidence in the leadership here. CEO takes a remuneration package of £5.2m after presiding over the issuance fiasco showing a complete lack of accountability to shareholders. It's really 2 fingers up. I doubt his 'brilliant' leadership will ever add more value than that single loss has cost the company. I think the share price will pick up in the medium term either because there are no more serious lapses in governance to justify the continuing discount to other bank shares or because ultimately activist investors are likely to get on board to shake it up. It can't go on drifting given the huge potential in the underlying business. The return on tangible assets for the UK part of the bank was over 18% which is seriously impressive but shows the extent to which the investment bank can act as a drag. It has to get sorted at some point.
The volume today is interesting already, 53m buy v 3m sell, not something we see often, if that's recorded correctly. Anyone with L2 should be able too see if a large order is being filled.
For an accurate SP guidance, see what “professional analysts” think, do Barclays analyse themselves? Anyway, if they say buy, sell and vice-versa.
....followed by a 5% - ish rise of circa 8p (not 5p) because of Buy backs.
Apologies, ipad has died, is out for repair and is yet to be returned. I have been using my small phone with fat fingers, hence the catalogue of spelling and grammar mistakes recently.
Regards, MrA
Morning All,
Classic see-saw behaviours with the Share price in the last 5 days or so to me. It get's close to circa 1.76 then falls back close to 1.71. No great signals one way or the other for a direction of travel. I suspect the 'manipulated' move up may be seen when the Buy-backs begin?
For myself, my simplistic thinking is a potential purchase circa 1.70p, followed by a 5% - ish rise of circa 5p because of Buy backs then a rinse and repeat exercise. Still 'curtain twitching' to quote MrWolf before I jump in with my 'big lump'.
I stress purely my random thoughts at the moment.
They are not form of guidance, suggestion or persuasion.
Please MYOC, DYOR and GLA. Regards MrA.
So its 2.4 billion on TOP of the Mortgage book! Someone here asked the ther day what happens to the profits!
Mr Marmite a.k.a. Independent analyst Alistair Strang gives his latest chartists' view on the FTSE 100 lender, giving both sides of the coin.
Make of it what you will.
Regards, Mr A
https://www.ii.co.uk/analysis-commentary/what-next-barclays-shares-ii527072?utm_source=newsletter&utm_medium=email&utm_campaign=NEW-DLY-ENGAGE-afternoon_round_up_270223%20(1)&utm_content=newsletter&spMailingID=24567363&spUserID=MzU1MTA2OTEwNzY0S0&spJobID=2175144420&spReportId=MjE3NTE0NDQyMAS2
Evening All, as per title just a tad more detail via the link.
Life is all about timing to me. Is now really a good time to be buying a Mortgage Company? I suspect the standard answer is that the purchase is for the long term?
Regards MrA
https://www.sharesmagazine.co.uk/news/market/1677673265879171100/barclays-completes-acquisition-of-kensington-mortgage-
Numpties at Barclays and other “professional analysts” downgraded Anglo (AAL) hence today’s SP jump.
These so called expert analysts have no clue whatsoever, so best to do the opposite of what they say.
Hi to all contributing on here this week.
@Mr A - Very kind offer sir, may well take you up on that offer. A celebratory dinner for when Barclays shares finally rally.
@ JayK - Not the dark side. . . as for scalping, well (deep breath and a sigh lol) the only time foul language echo's around our den, is when Im scalping.
To me scalping has always been more of a buzz than constructive trading, bit like when we were children and told not to lick batteries and we still did !
Back on track, bit of a sticky wicket here at 176 Half tempted to play a short, just waiting for a few signals for confirmation though.
It does appear to be making a triangle and could very well fall back in to 160's if we do not see a push.
Just lacks momentum atm, which is never a good sign.
GLA
I know it was annouced a while back but just see RNS that the deal has completed. Paid 2.4 billion for KMC however includes 2.2 billion of back book (which will/should all be repaid)
Wasnt sure about the deal when it was first annouced, but with rising rates, does this now become a good thing?
If my knowledge is right, it has actually cost 200m (2.4b paid minus the 2.2b back book) and will make interst payment on that back book.
Anyone understand the deal better? Any good?
@seaking1 - Your memory is correct. I remember the talk. This artricle shows it was Bank of America when the shareprice was 730p!
https://www.theguardian.com/business/2006/dec/08/money
https://www.ii.co.uk/analysis-commentary/stockwatch-which-uk-bank-shares-should-be-your-isa-ii527087
@Mr A sounds like a plan! Shifnal is not to far at all.
@Mr Wolf, hehe, far to many permutations and variations of EW for me and Fib I did use previously along with expansion levels but I found I was just as profitable without all these indicators, I'm more of a scalper tbh, just looking at patterns and price action and volume, support / resistance / on M5 and M15, its going fine so far with all the indicators gone. Maybe I am going to the dark side.........I don't see dead people.......I see double tops lol.
MrWolf, if you're ever in the Midlands then the offer remains.
Good Luck My Friend, Regards MrA
@ Mr A - Sorry but your local Star of Bengal's a tad far my ole paws chap lol.
Though one can highly recommend The Regency Club,Queensbury Station Parade, Edgware if anyone likes traditional dishes. Over the years we have tried most of the popular (word of mouth venues) only one that I ever recommend is T.R.C.
@ JayK - You will never make a Jedi if you do not trust the force i.e Elliot wave, EMA and Mr fibonacci lol
Combined with a Bear or Bull Flag, to me is like sitting at the traffic lights on some plotted charts.
Can honestly say I would not place a trade on macro or gut feeling without plotting out a decent chart first, which always includes an old school E.W
Which leads me to wish you and others a good afternoon.
Didn't manage to get the action off the Dow I was hoping for so i'm off, handing over to auto pilot lol
GLA
JayK,
A very small world indeed. The next time I get a profitable deal, (tempting fate) we'll have to meet up at a fantastic Award Winning Indian Restaurant I know in Shifnal. My shout... i.e. The Shifnal Cottage. They do a fantastic Monkfish amongst many other things.
If you should venture on your own just say Mike the Italian sent you and Abdul will look after you and yours like royalty.
MrWolf are you localish by any chance either? More than happy to extend my hand of gratitude to you also.
Between the pair of you, you have both either consciously or unconsciously through sharing your thought processes and deals have helped me to arrive at my own decisions, sometimes in unison, sometimes in an opposite direction.
Best of Luck to you Both, Regards MrA
Shropshire Mr A, the closer side to Wolverhampton :) I prefer the sticks to the city. Looking at the FTSE, a small rise and now a trading range. FTSE pullback on the daily chart held 7878 which is at last swing high, its looks very much the same as Feb 16/17th. Now its time to see if it can go higher after this consolidation or for Elliot Wave people is this now side ways, I dunno I don't like EW much lol.
If my foggy memory serves me right it was attempted once , cannot remember when though,I may be wrong.
Not sure it would be politically palatable to let BARC get taken over by any foreign entity, even a US bank.
I’m waiting for a takeover of barc . It would be a good fit for any well run American bank.