Hi pal, All good thanks - with you too I hope. As you know I've pretty much stopped posting these days. But still having the occasional lurk! All the best.
It's been a great week so far. Greece may yet spoil it!!!
New chairman John McFarlane, who is temporarily in charge after ousting Jenkins, said he was ‘personally pleased’ by progress at the investment bank. But he reiterated his concerns that the pace of change had been too slow and outlined plans to speed up the turnaround process. Branding the bank’s decision-making as ‘cumbersome’ he said it ‘remains far too hierarchical, bureaucratic and group-centric to deliver the required outcomes.’ Although this may have been music to the ears of shareholders, McFarlane revealed investors would pay the price in the short term for his more efficient regime. The Scot, who previously chaired struggling insurance giant Aviva, scrapped a commitment made in May last year by Jenkins to increase dividend payouts. The lender indicated its full-year dividend would remain frozen at 6.5p – a fraction of the 34p per share pay-out at the peak in 2007. Jenkins had pledged to pay out 40-50 per cent of profits to shareholders after infuriating investors in 2014 by dishing out £2.4billion in bonuses and just £860million in divis. But yesterday McFarlane urged patience and insisted shareholders were supportive of the decision to pay a ‘more realistic dividend’. He added that increasing the divi remained one of the bank’s main objectives and that he would be surprised if it did not hit Jenkins’ target in ‘the fullness of time’. In another departure from the Jenkins regime, McFarlane announced plans to shrink the balance sheet more quickly. Jenkins had set a target to reduce unwanted assets in the bank’s ‘non-core’ division to £45billion by the end of 2016. The new goal is to shrink non-core assets to £20billion by the end of 2017 after the bank discarded businesses such as its Spanish retail arm quicker than it anticipated. McFarlane hinted there are more job cuts to come at the bank but refused to say how many. Barclays (up 5p to 284.6p) has already laid out plans to cut 19,000 jobs by the end of 2016. McFarlane said: ‘It is fair to say that with the actions we will take, the company will get smaller in terms of headcount but we are not going to speculate on what that is and actually at this point in time we don’t know what that is.’ The chairman also hinted that Barclays’ next chief executive would be from outside the UK – dealing a blow to finance chief Tushar Morzaria’s ambitions for the top job. Stressing that headhunters have yet to draw up an initial list of candidates, he added: ‘We are looking globally. But I think instinctively that there is more fertile ground internationally than domestically from the early sights I have had.’ One candidate tipped for the job is Mike Smith, chief executive of Australia and New Zealand Banking
Your Watchlist (Manage Your Watchlist) Barclays PLC (BARC) (Previous Close: GBX 284.60 ($4.42), Get Quote) (Ratings, Earnings and Dividend History) Updates: Barclays PLC (LON:BARC) declared a dividend on Wednesday, July 29th. Shareholders of record on Thursday, August 6th will be paid a dividend of GBX 1 ($0.02) per share by the financial services provider on Monday, September 14th. This represents a yield of 0.35%. The ex-dividend date is Thursday, August 6th. The official announcement can be accessed at this link. Barclays PLC (LON:BARC) had its "buy" rating reaffirmed by analysts at Goldman Sachs ( ). They now have a GBX 335 ($5.20) price target on the stock. Tweet This. Barclays PLC (LON:BARC) had its price target raised by analysts at JPMorgan Chase & Co. ( ) from GBX 285 ($4.42) to GBX 330 ($5.12). They now have an "overweight" rating on the stock. Tweet This. Barclays PLC (LON:BARC) had its price target raised by analysts at Deutsche Bank ( ) from GBX 287 ($4.45) to GBX 310 ($4.81). They now have a "buy" rating on the stock. Tweet This. Barclays PLC (LON:BARC) had its "buy" rating reaffirmed by analysts at Societe Generale ( ). They now have a GBX 320 ($4.97) price target on the stock. Tweet This. Barclays PLC (LON:BARC) had its price target raised by analysts at BNP Paribas ( ) from GBX 280 ($4.35) to GBX 290 ($4.50). They now have a "neutral" rating on the stock. Tweet This. Headlines: (7/29) Is Barclays PLC A Buy As Profits Rise By 43%? - The Motley Fool UK (7/30) Barclays PLC Given Buy Rating at Goldman Sachs (BARC) - Dakota Financial News (7/30) BARCLAYS PLC UK Regulatory Announcement: Form 8.5 (EPT/NON-RI) - REXAM PLC - Business Wire (press release) (7/29) In Spite of Increase in Profit Barclays PLC (ADR) (NYSE:BCS) Dividend Target ... - Benchmark Monitor (7/29) Barclays Plc H1 Pretax Profit Rises - Quick Facts - RTT News (7/29) Barclays ramps up asset sales as profits climb (BCS) - Seeking Alpha (7/29) Barclays Africa H1 profit rises on consumer bank boost - Moneyweb.co.za
Apologies thank you for your helpful post yesterday.
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