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Stories of Interest
- North Korean caught secretly mining bitcoin rival
- IPO Timelines Cut by 80% After SEC's Private Filing Decision
- How the Carried Interest Break Survived the Tax Bill
- FINRA: The Neutral Corner
- Coinbasex Says Buying and Selling Temporarily Disabled Amid Price Rout
- Bitcoin plunges by more than a third in a single day
- Goldman Is Setting Up a Cryptocurrency Trading Desk
- Jefferies Lets Employees Choose When to Receive Their Bonuses
- UBS Told to Pay $903K After Losing Retaliation Verdict
- BEWARE: Long Island Iced Tea Shares Soar After Changing Name to Long Blockchain
- Gary Cohn’s Last Laugh: Cashing Out on Trump’s Tax Plan
- E*Trade Lets Customers Trade in CBOE Bitcoin Futures
- Swiss Find Serious Shortcomings at JPMorgan in 1MDB Case
- Washington-based Investment Adviser and His Business Partner Charged in Multi-Million Dollar Scheme
- FINRA Board of Governors Meeting
- Cryptocurrency Market Now Doing Same Daily Volume as the NYSE
- Jailed Barclays Trader Must Pay $400,000 From Libor Profits
- Trump Asks ‘How’s Your 401(k)?’ But Most Voters Don’t Have One
- A Bitcoin Hedge Fund’s Return: 25,004% (That Wasn’t a Typo)
- Madoff Victims Near Full Recovery of Principal With Payout
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NEWSLETTERS & ALERTS
Barclays Shares Fall 8% as Trading Revenue Plunges
Investors dumped Barclays shares following the bank's release of quarterly earnings Thursday morning - wiping out over $3 billion in market capitalization. While the bank recorded a 41% jump in net profits for the 3rd quarter, it reported a 14% drop in trading revenues for the first nine months of the year.
The disappointing results ran contrary to trading growth targest established by CEO Jes Staley, who had championed investment banking while some analysts and investors had been calling for a focus on retail banking and the credit card business.
In the earnings call, Jes Staley said he would push ahead with reinvesting in the (investment banking) business, outlining plans to shift some 20 billion pounds in assets from corporate lending to riskier but higher-yielding trading activities. Staley also signalled his confidence in the bank's ability to increase returns by putting a timeframe on its targets - with Barclays saying it aims to achieve an overall return on equity above 9% in 2019, and above 10% by 2020. Such targets exceed the 8% ROE that analysts at Jefferies have predicted.
FINANCIALISH TAKE AWAY. Today's news presents further challenges for CEO Jes Staley, who is has had a disastrous year-to-date:
- A Whistleblower Investigation;
- A Legal Battle Between His Brother-in-Law and KKR, a Barclays Client;
- An Email Spoofing Incident;
- An Investigation Into a Possible 'No Poach' Agreement with JPMorgan
- For further details on Staley's issues, click on: Barclays CEO Jes Staley Skating on Thin Ice, 7/14/17.