Good morning. Can I just point out to you that the Motley Fool has published a few articles about barc very recently. One is titled something like why barc is the bargain of the century and the other is why barc is headed to £1.70 - granted they are written by two different individuals. I have my own views as to which article I think contains the most substance but as always you pays your money and you takes your chances. Good luck
Article also names other US banks involved in dark pool, so how is it only the Brit bank gets hit?
It does not help that Jenkins is experienced in retail banking, not investment banking which covers dark pool. He also wanted to keep the equity trading division. The problem for Jenkins, given his pledge to cast off areas where conduct falls short, is that shutting electronic equities would be near impossible without damaging the rest of the equities operation. Then there is the resultant loss of equity trading revenue.
Stuck between a rock and a hard place I don’t see sp going up at present.
It was a decent attempt WEBBGURU but your posts and style are just too recognisable.
Decided I'm going to wait until the lawsuit response is out before I consider taking a larger holding. If that doesn't reassure me sufficiently then I'll consider waiting till I've seen the H1 results. That should be interesting given they will split core and non-core out.
For those that haven't looked yet, I'd encourage you to familiarise yourselves with the 2013 restated results from last week (split between core and non-core) before 31st, so you know what to expect with regards the new reporting style.
Webby you really have no idea what you are talking about. The EBITDA of the dark pool was in the region of $50m ie it was really quite a small business albeit with big revenues. But you dont fine on revenues you fine on losses and the losses will have been relatively small. Numbers of £bns are preposterous, that assuming they even admit it! They will only do so if it might affect their NY banking licence. Then the fines will be relatively small I think. But as I say we will just have to wait and see. If they grasp the nettle on bonuses and the other initiatives, including cost cutting, start to impact then they should be able to boost profits towards £8bn and beyond. That would put them on 4-5x earnings which is okay. Banks really dont deserve 10x but £8bn on say 7x is good enough. But please shut up about $bns of fines because a) you have no idea and b) based on probability it wont be anywhere near that.
From the telegraph...Mr Schneiderman is seeking damages related to money lost by Barclays clients, as well as unfairly gained profits and, potentially, punitive fines. An estimate by analysts at Jefferies said the bank may be fined around $525m (£308m) by the authorities, although the analysis said “it is hard to assess the prospective risks around this lawsuit”. The problem is what other problems manifest themselves...there can't be much more....FX...Electricity...IRS. We must be getting near the end...I hope!!
I repeat myself, we are looking at a fine proportionate to what they have done.. 1) They did not go against foreign policy of the States 2) They did not cause a crisis of any kind 3) They only misled and allowed predatory traders in which in turn disadvantage the legitimate clients
Now, correct me if I'm wrong but using common sense 7-10 billions is way of the league..
SORRY TYPING MISTAKE.. I MEAN WAY OUT OF THE LEAGUE
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