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LONDON, 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
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Banking 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.
Read moreMOSCOW, Feb 11 (Reuters) - Novatek, Russia's largest independent gas producer, plans a four-year rouble-denominated Eurobond issue, two banking sources told Reuters on Monday. Both added that initial yield guidance was set at around 7.75 percent, and that Barclays, Gazprombank, Goldman Sach
Read moreFeb 11 - Fitch Ratings has assigned Absa Money Market Fund a 'AA+(zaf)' National Fund Credit Rating and a 'V1(zaf)' National Fund Volatility Rating. The fund is managed by Absa Investments. KEY RATING DRIVERS: The 'AA+(zaf)' Fund Credit Rating is driven by the fund's high credit quali
Read moreOn a light day for economic data and trading volumes, the FTSE 100 was registering moderate gains by Monday lunchtime. Market strategist Ishaq Siddiqi from ETX Capital said that there was "a lack of direction from Asia overnight" with Japan's Nikkei and Hong Kong's Hang-Seng indices both closed for
Read moreDUBAI, Feb 11 (Reuters) - Abu Dhabi Commercial Bank has mandated joint lead arrangers for a possible benchmark-sized dollar-denominated bond, the company said in a statement to the bourse on Monday. The lender has picked itself, Barclays, JP Morgan Chase, ING, National Bank of Abu Dhabi a
Read moreThe FTSE 100 opened flat on Monday morning with volumes thin as Asian markets close for the Lunar New Year holidays. Market strategist Ishaq Siddiqi from ETX Capital said that there was "a lack of direction from Asia overnight" with Japan's Nikkei and Hong Kong's Hang-Seng indices both closed. "At
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