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Stories of Interest
- Credit Suisse Fully Compliant on Sanctions: CEO
- Ex-UBS Metals Trader Beats Spoofing Conspiracy Charge
- Investment Advisor, WCAS Management Corp, To Pay Nearly $800K Over Conflicts of Interest
- Altaba, fka Yahoo!, to Pay $35Mn for Failing to Disclose Massive Cybersecurity Breach - SEC
- SEC Formerly Bars Martin Shkreli from Industry
- HF Billionaire Steve Cohen Buying Into Fintech Start-Ups
- Deutsche Bank Is Weighing Massive Cuts in Its U.S. Cash Equities Unit
- Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89
- Goldman Sachs Makes First Hire in Cryptocurrency Markets Unit
- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
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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.