Taken together, Barclays Capital and Barclays Bank will be paying a total of $61,913,453 in penalties to U.S. and U.K. regulators for two past incidents — an inadequate compliance system for wealth management efforts, and a failure to properly protect clients’ custody assets. In the U.S., Barclays Capital is paying a $15 million penalty to… Read More >>
Barclays to Cut 7,000 Investment Banking Jobs
Barclays is cutting 7,000 employees from its investment banking group as part of an ongoing effort to become a simplified institution, bank officials announced yesterday. The streamlining, however, will require a retreat from investment banking. “Plans for the investment bank will result in gross headcount reductions of around 7,000 by 2016 across core and non-core,”… Read More >>
Barclays Picks Ops Head Amid Exec Shuffle
While Barclays is undergoing an executive shuffle in the U.S., it filled a top operational/IT post. Michael Harte, the chief information officer at Commonwealth Bank of Australia Group (CBA), will be leaving his post to become chief operations and technology officer at Barclays, according to Barclays officials. Harte, who is also group executive enterprise services… Read More >>
Barclays to Lay Off 12,000 as BI-SAM Hires from NYSE
Barclays to Lay Off 12,000 In an effort to streamline itself, Barclays is planning to cut up to 12,000 jobs in 2014, including a move begun last year to eliminate 3,700 positions, according to bank officials. The layoffs emerged as the bank presented its financial results for 2013. The bank is slated to cut 7,000 jobs… Read More >>
Omgeo Aims for a Global SSI Utility as DTCC Builds Client Data Service with A-List Firms
Omgeo & DTCC Ready ‘Global Utility’ for SSIs Post-trade solutions provider Omgeo and the DTCC are combining forces to build a repository that would effectively serve as a global utility for standing settlement instructions, intended to lower operational costs and bolster efficiency, say Omgeo and DTCC officials.SSI data such as account number, currency code, security… Read More >>
Illness Hastens Exit for Barclays’ Top Finance Director
Illness Hastens Exit for Barclays’ Top Finance Director Chris Lucas, the group finance director for Barclays, will step down from his position and the board on Aug. 16, which is earlier than expected because of health concerns, according to bank officials. Lucas was slated to step down on Feb. 28 next year.“My health was a… Read More >>
Mary Schapiro Goes Private as Barclays Bolsters its Cash Management Team
Mary Schapiro Crosses the Aisle to Join Promontory Mary Schapiro, the former chairman of the SEC, has crossed the aisle to the private sector and joined consultancy Promontory Financial Group as managing director and chairman of the governance and markets practice, say officials.The Washington, D.C.-based Promontory, which offers strategy, risk management, regulatory, and compliance consulting,… Read More >>
GFI Moves Into Mexico as RBC Capital Markets Hires from Barclays
GFI Launches Mexican Office GFI Group has launched operations in Mexico after its Mexican affiliate GFI Grupo Mexico, S.A. de C.V. met Mexican regulations, officials say.“We had been servicing our Mexican clients from New York for over 10 years and it is a pleasure for us to be able to service them locally,” says Nick… Read More >>
Robertson Stephens is Reborn as Barclays Fills Top Operations Post
Robertson Stephens Reborn as Wealth Management Firm Robertson Stephens Partners LLC has relaunched operations as the holding company of Robertson Stephens Asset Management LLC and broker-dealer Robertson Stephens Securities LLC with Joseph Piazza as chairman and CEO, officials say. While the investment advisor and the broker-dealer units are not yet registered, they have started the… Read More >>
BNY Mellon Announces Executive Promotions as Barclays Bolsters U.S. Presence
BNY Mellon Lines Up Executives for 2013 Global custodian bank BNY Mellon has announced three executive promotions, effective Jan. 1, 2013, in an effort to grow its investment management and services businesses. Karen B. Peetz, the current vice chairman and CEO of Financial Markets and Treasury Services will become president of BNY Mellon, officials say…. Read More >>
