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The long-awaited strategic review at UK banking group Barclays was welcomed by Investec (and the market) on Tuesday, with the broker maintaining its 'buy' rating for the stock. The stock was up 4.46% at 314.95p by 09:24 in morning trade. However, while adjusted profit before tax rose 26% year-on-y
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JOHANNESBURG, Feb 12 (Reuters) - South Africa's Absa Group plans to return some of its excess capital to shareholders by paying a special dividend, its chief financial officer said on Tuesday. "The use of our excess capital will be through a special dividend," David Hodnett told Reuters fo
Read moreUK stocks opened broadly flat on Tuesday morning ahead of some UK inflation data, with markets pausing for breath after a strong rise in the year to date. The FTSE 100 had a subdued day yesterday on the back of a lack of economic news and low trading volumes, partly owing to the closure of Asian ma
Read moreLONDON, Feb 12 (Reuters) - Barclays said its adjusted pretax profit for 2012 was 7.05 billion pounds ($11.04 billion), up 26 percent and in line with the average analyst forecast. The bank also set out plans to axe at least 3,700 jobs and prune parts of its investment bank. For full s
Read moreAMEC: Exane BNP initiates with a target price of 1140p and an underperform rating. Anglo American: Goldman Sachs increases target price from 1500p to 1550p, while keeping a sell recommendation. Barclays: Nomura reiterates reduce. Charles Stanley reiterates hold. Investec reiterates buy, with price
Read moreLONDON, Feb 12 (Reuters) - Barclays is to axe at least 3,700 jobs and prune parts of its investment bank as its new boss put his stamp on the British bank with a plan to cut 1.7 billion pounds ($2.7 billion) in annual costs and improve standards. Barclays Chief Executive Antony Jenkins said
Read moreBanking giant Barclays revealed Tuesday it was slashing 3,700 jobs as part of a massive shake-up amid a string of scandals. The cuts include 1,800 in the Corporate and Investment Bank division and 1,900 in Europe Retail and Business Banking which will result in a restructuring charge of about £500
Read more* FY EPS 1,224.6 cents vs 1,265 cents consensus * Hit by 63 pct spike in bad debt costs * Shares flat so far this year JOHANNESBURG, Feb 12 (Reuters) - Absa Group, the South African bank majority owned by British lender Barclays Plc , posted a worse-than- expected 9 percent drop
Read moreBy Tim McLaughlin BOSTON, Feb 11 (Reuters) - BNY Mellon Corp said on Monday it will take an $850 million charge against first-quarter profit after losing a high-stakes tax case to the U.S. Internal Revenue Service, a move that will also erode some of its capital. The BNY Mellon case w
Read moreBOSTON, Feb 11 (Reuters) - BNY Mellon Corp said on Monday it will take an $850 million hit against first-quarter profit, a move that also will erode some of its capital after losing a high-stakes tax case to the U.S. Internal Revenue Service. The world's largest custody bank announced the h
Read more* CEO's strategic plan released with 2012 results on Tuesday 0700 GMT * Plan will shrink investment bank, may axe 2,000 jobs * New CEO Jenkins to focus on returns, costs and improving standards By Steve Slater LONDON, Feb 12 (Reuters) - Barclays' new boss is expected to sh
Read more(Corrects headline from $900 billion to $900 million) WASHINGTON, Feb 11 (Reuters) - A U.S. court ruled on Monday against Bank of New York Mellon Corp's bid to keep $900 million in tax benefits it called a legal funding strategy, but which tax authorities deemed abusive. The Internal
Read moreThe FTSE 100 was swinging between gains and losses for most of Monday's session with markets across Europe lacking direction on a quiet day. "Global markets are trading lower today which may be related to the significant strength within the markets within 2013," said market analyst Craig Erlam from
Read moreAll eyes will be on Barclays Tuesday as the bank unveils its full-year results for 2012 in the wake of a string of scandals. The company has been undergoing a massive shake-up under new Chief Executive Officer, Antony Jenkins, who is reportedly slashing about 3,500 jobs from its 23,300-strong workf
Read moreBarclays came under fire again Monday for reportedly misleading shareholders over a three billion-dollar investment by the owner of Manchester City F.C. The news comes in the wake of the bank's £290m fine to UK and US regulators over LIBOR rigging and mis-selling of payment protection insurance.
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