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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.