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LONDON MARKET OPEN: Tesco bank sold to Barclays for GBP600 million
(Alliance News) - Stock prices in London lacked direction on Friday, after Barclays announced plans to buy the retail banking business of Tesco Bank.
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Barclays Information
Share Price Information for Barclays (BARC)
Share Price is delayed by 15 minutes
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Share Price:
203.65
Bid:
203.95
Ask:
204.05
Change:
-0.70 (-0.34%)
Spread:
0.10 (0.049%)
Open:
204.00
High:
207.45
Low:
202.75
Prev. Close:
204.35
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Don't have an account? Click here to register.UPDATE 2: Barclays cost to income ratio comes in at top end of expectations
Tue, 02nd Aug 2011 11:46
Barclays is to cut 3,000 jobs this year, blaming a "lacklustre" economic environment for hitting many of the bank's major markets. The bank has already cut 1,400 positions this year, according to chief executive Bob Diamond. The news follows an announcement by HSBC, yersterday, that it will cut 30,000 jobs across the world. Thus, and for the period under review, total income slipped to £15.24bn from £15.73bn, while pre-tax profits fell to £2.64bn from £3.94bn over the same period of the previous year. The fall in pre-tax profits, however, takes account of items such as the £1bn provision Barclays had to make to redress customers who were sold Payment Protection Insurance (PPI). Thus, and as the chief executive Bob Diamond explained, "We have delivered underlying profit before tax up 24% to £3.678bn and our underlying return on average shareholders' equity improved to 9.1% despite a lacklustre economic environment in many of our major markets which impacted income generation." "Our operating expenses have been tightly controlled while we have continued to invest in selected growth initiatives in a number of our businesses." Profit before tax in its retail banking arm improved 33% to £1.45bn and in investment banking 7% to £2.33bn. By geographical areas the Bank's income from the UK fell 3.2% to £6.28bn, in Europe by 21% to £2.23bn, in the Americas by 10% to £3.69bn, in Africa by another 5% to £2.5bn and in Asia by 18% to £637m.So how good or bad are the results and what were analysts looking for? Credit Suisse analysts writing last week, when they cut their 2011 and 2012 EPS forecasts for the bank, were of the opinion that, "The main reason for the revisions is the deterioration seen in the trading environment coupled with the fact that Credit Suisse does not see costs coming down quiet so quickly, resulting in an increase in the bank's cost to income ratio (CI) to levels above management's expectations (60-65%). More pressure on restructuring the business could be seen in the second half of 2011."Well, from today's release it turns out that the cost to income ratio, defined as operating expenses (before PPI payments) compared to total income net of insurance claims, works out to 65%, at the top end of management's expectations, but not above.As of 11:45AM shares of Barclays are trading up by 2.44% to 222.30p in London trading. RG/MM/AB
More News
9 Feb 2024 08:11
Barclays adds scale, income and profits with Tesco Bank deal, says Shore Capital
(Sharecast News) - Shore Capital has reiterated a 'buy' recommendation on Barclays after its deal to takeover Tesco Personal Finance for £600m, saying that the stock should double from current levels.
Read more9 Feb 2024 07:59
TOP NEWS: Barclays buys Tesco Bank as supermarkets refocus on food
(Alliance News) - Barclays PLC and Tesco PLC on Friday announced an agreement for Barclays to buy the retail banking business of Tesco Bank, as the big UK supermarkets scale back their forays into financial services.
Read more9 Feb 2024 07:51
LONDON BRIEFING: Barclays buys Tesco's retail banking business
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Read more9 Feb 2024 07:03
Tesco sells banking unit to Barclays for £600m
(Sharecast News) - UK supermarket giant Tesco has sold its most of its retail banking business to Barclays for £600m, the two companies said on Friday.
Read more4 Feb 2024 11:12
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Read more26 Jan 2024 17:39
Texas bans Barclays from local govt debt business over ESG concerns
NEW YORK, Jan 26 (Reuters) - Texas Attorney General Ken Paxton on Friday said Barclays bank would not be permitted to underwrite municipal bonds after failing to respond to questions from state authorities about its pledges to cut greenhouse gas emissions.
Read more26 Jan 2024 17:08
Texas bans Barclays from local debt business over ESG concerns
NEW YORK, Jan 26 (Reuters) - Texas Attorney General Ken Paxton said on Friday that Barclays bank would not be permitted to underwrite municipal bonds after failing to respond to questions from state authorities about its carbon emissions reduction commitments.
Read more25 Jan 2024 10:36
BoE says 'ring fencing' capital rules for retail banks need no big overhaul
LONDON, Jan 25 (Reuters) - The Bank of England said on Thursday that its rules requiring banks to "ring fence" their retail arms with bespoke buffers of capital have worked satisfactorily with no major overhaul needed.
Read more25 Jan 2024 10:05
Bank of England says 'ring fencing' capital rules for retail banks need no major overhaul
LONDON, Jan 25 (Reuters) - The Bank of England said on Thursday that its rules requiring banks to "ring fence" their retail arms with bespoke buffers of capital have worked "satisfactorily" with no major overhaul needed.
Read more23 Jan 2024 12:37
UK Chancellor Hunt meets top UK bank heads over plans to boost City
(Alliance News) - Jeremy Hunt has met the UK's biggest banks as part of efforts among the government to boost interest in the City.
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