Former Barclays FX Head Charged for Front-Running $8.5 Billion Hewlett Packard FX Orders

Former Barclays FX Head Charged for Front-Running Hewlett Packard $8.5 Billion FX Orders

Former Barclays Head of New York Foreign Exchange Operation, Robert Bogucki, had been charged for manipulating foreign exchange options, in advance of an exceptionally large trade of GBP 6 billion FX options to be placed by Hewlett-Packard (HP) in 2011.  This practice is known as front-running, using known information to place an order, before placing the client’s order.

” Barclays Traders Front-Run HP for $8.5 Billion FX Orders “

Between September and October 2011, he had misused information provided to him by HP to execute GBP 6 billion or $8.5 billion (XR: 1.42) foreign exchange options to acquire a UK-based company.  The GBP 6 billion transaction, was exceptionally large and would have a material impact on the GBP foreign exchange price.  Robert and other Barclays traders manipulated the volatility prices, that resulted in lowering the value of HP’s foreign exchange options.  As a result, the actions benefited Barclays financially, and was detrimental to HP.

Robert Bogucki, aged 45 was charged in the Northern District of California in United States on the 16th January 2018, with one count of conspiracy to commit wire fraud and six counts of wire fraud.  The charges are allegations, and the defendant is presumed innocent unless proven guilty.

Source: Department of Justice, Bloomberg, Reuters

 

 

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About Barclays

Barclays UK is a personal and business banking franchise with true scale, built around our customers’ needs with innovation at its core. It comprises our UK retail banking operations, our UK consumer credit cards business, our UK-based wealth offering, and corporate banking for smaller businesses. With around 22 million retail customers, and almost one million business banking clients, we are a pre-eminent UK financial services provider. This division will become our UK ring-fenced bank by 2019.

Visit: Barclays

 


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Barclays to Pay $97 Million On Claims It Overcharged Clients

Barclays to Pay $97 Million On Claims It Overcharged Clients

Barclays has agreed to pay $97 million to settle the claims that it overcharged thousands of clients on advisory fees and mutual fund sales charges. Barclays had overbilled customers by nearly $50 million through violations including imposing fees for due diligence that was not performed and collected excess mutual fund fees by leading clients into more expensive share classes.

“Barclays had overbilled customers by nearly $50 million through violations including imposing fees for due diligence that was not performed.”

~ Bloomberg

Barclays agreed to settle the claims without admitting or denying the agency’s findings, and agreed to set a fair fund to return money to affected clients.

Related Reports: Bloomberg, Wall Street Journal

About Barclays

Barclays UK is a personal and business banking franchise with true scale, built around our customers’ needs with innovation at its core. It comprises our UK retail banking operations, our UK consumer credit cards business, our UK-based wealth offering, and corporate banking for smaller businesses. With around 22 million retail customers, and almost one million business banking clients, we are a pre-eminent UK financial services provider. This division will become our UK ring-fenced bank by 2019.

Visit: Barclays

 


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Barclays Ready to Cut Ties with Up to 7,000 Business Clients

Barclays Ready to Cut Ties with Up to 7,000 Business Clients

Barclays is prepared to tell up to 7000 clients to trade more or find another bank. A new computer system called Flight Deck ranks every customer by the return they generate. Since 2014, Barclays has already cut 17,000 clients due to the tougher capital rules and the new system has now spotted 7,000 clients which have to go.

“Barclays is prepared to tell up to 7000 clients to trade more or find another bank.”

~Bloomberg

As a general rule, Barclays wants at least a 10 percent return on capital. Customers that don’t  meet this rule will be given the option to do more business with the bank; if they can’t or won’t, they will have to leave in what the bank terms a managed transition. Barclays is embarking on its second round of cutting as the industry follows suit.

Related Reports: Bloomberg, The Telegraph

 

About Barclays

Barclays UK is a personal and business banking franchise with true scale, built around our customers’ needs with innovation at its core. It comprises our UK retail banking operations, our UK consumer credit cards business, our UK-based wealth offering, and corporate banking for smaller businesses. With around 22 million retail customers, and almost one million business banking clients, we are a pre-eminent UK financial services provider. This division will become our UK ring-fenced bank by 2019.

Visit: Barclays

 


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Europe Bankers Set to Lose $2.5 Billion of Bonuses in Stock Rout

Europe Bankers Set to Lose $2.5 Billion of Bonuses in Stock Rout

Investment bankers at Europe’s securities firms have been watching their bonuses decline. A rout in financial stocks this year has wiped more than $2.5 billion from the value of deferred shares that were paid as bonuses in the past few years at Barclays Plc, Credit Suisse Group AG, Deutsche Bank AG and UBS Group AG.

“Awards for staff at Credit Suisse have plunged by more than 1.2 billion Swiss francs ($1.2 billion).”

~Bloomberg

Awards for staff at Credit Suisse have plunged by more than 1.2 billion Swiss francs ($1.2 billion) on a 42 percent drop in shares this year. Bonuses have fallen across Wall Street’s largest firms as revenue shrank.

Related Reports: Bloomberg, Wealth X

 

About Credit Suisse

Founded in 1856, we today have a global reach with operations in over 50 countries and 48,200 employees from over 150 different nations. Our broad footprint helps us to generate a geographically balanced stream of revenues and net new assets and allows us to capture growth opportunities around the world. We serve our clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specializing in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with our strategic direction. Our business divisions cooperate closely to provide holistic financial solutions, including innovative products and specially tailored advice.

Visit: Credit Suisse

 


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Barclays Reaches USD$100 million Libor Settlement

Barclays Reaches USD$100 million Libor Settlement

Barclays has reached a USD$100 million multi state settlement over charges that it manipulated the Libor and Euribor interest rate benchmarks. It is the first of several banks under investigation by US state attorney’s general to reach a settlement.

“Barclays has reached a USD$100 million multi state settlement over charges that it manipulated the Libor and Euribor interest rate benchmarks.”

~ CNBC

New York Attorney General Eric Schneiderman said that government entities and non profit organisations were defrauded of millions when they entered into swap contracts with Barclays as a result of the rate rigging. Other banks that have reached settlements in connection with Libor rate rigging include UBS, Royal Bank of Scotland, Deutsche Bank and ICAP.

Related Reports: CNBC, Reuters

 

About Barclays

Barclays UK is a personal and business banking franchise with true scale, built around our customers’ needs with innovation at its core. It comprises our UK retail banking operations, our UK consumer credit cards business, our UK-based wealth offering, and corporate banking for smaller businesses. With around 22 million retail customers, and almost one million business banking clients, we are a pre-eminent UK financial services provider. This division will become our UK ring-fenced bank by 2019.

Visit: Barclays


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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More than 600 Branches Closed Over the Past Year in Britain

More than 600 Branches Closed Over the Past Year in Britain

More than 600 bank branches across Britain have closed over the past year. This report is based on data from the big six high street banks: Lloyds, Royal Bank of Scotland, HSBC, Santander, Barclays and the Co-operative.

“RBS has closed the most branches a total of 166, followed by HSBC with 146 over the past year.”

~ Telegraph

RBS has closed the most branches a total of 166, followed by HSBC with 146 over the past year. Banks say that advances in technology and changes to way people communicate have also led to branch closures. HSBC said 93pc of contact with the bank was via telephone, online banking or smartphones, while 97pc of cash withdrawals were made at an ATM.

Related Reports: Telegraph, BBC

 

About Lloyds

Since its foundation on 3 June 1765, Lloyds Bank has been serving the households, businesses and communities of Britain. And, in 2015 we’re celebrating 250 years of helping the people of Britain with the things that matter most to them.  We offer a comprehensive range of financial products and services – including current accounts, savings, mortgages, loans and credit cards.

Visit: Lloyds Bank

 

About Royal Bank of Scotland

 Today’s RBS and its brands are made up of hundreds of past banks. They were all different – large and small, city and country, traditional and innovative – and grew to serve the banking needs of unique communities all over the United Kingdom. Each one has left its mark on our identity today.  The Royal Bank of Scotland was founded in Edinburgh in 1727. It went on to become one of the biggest banks in Scotland.

Visit: Royal Bank of Scotland

 

About HSBC

HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.  We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America.  Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about 213,000 shareholders in 132 countries and territories.

Visit: HSBC

 

About Barclays UK

Barclays UK is a personal and business banking franchise with true scale, built around our customers’ needs with innovation at its core. It comprises our UK retail banking operations, our UK consumer credit cards business, our UK-based wealth offering, and corporate banking for smaller businesses. With around 22 million retail customers, and almost one million business banking clients, we are a pre-eminent UK financial services provider. This division will become our UK ring-fenced bank by 2019

Visit: Barclays

 

About Santander Bank

We are Santander Bank, N.A.– one of the country’s top retail banks by deposits and a wholly owned subsidiary of one of the most respected banks in the world: Banco Santander. Our parent company, Santander Group, serves more than 100 million customers in the United Kingdom, Latin America, and Europe. Here in the Northeast, we are a team of 9,800 individuals all committed to a single mission: to help you make progress toward your goals. We aim to make your banking hassle-free by providing simple ways for you to spend, save and manage your money.

Visit: Santander

 

About The Co-operative Bank

The Co-operative Bank provides high street and internet banking, current accounts, mortgages, savings accounts, credit cards and loans.  We trace our roots back to our founding as the Loans and Deposit department of CWS in 1872 and we’ve worked hard ever since to provide our customers with a viable alternative to our larger competitors.  We pride ourselves on our customer service and customer satisfaction levels, and we’re always looking to put our customers at the heart of what we do.

Visit: The Co-operative Bank




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UK Banks Recovery from Crisis is Behind European Banks

UK Banks Recovery from Crisis is Behind European Banks

UK banks are lagging behind their European rivals in recovery since the financial crisis and are not expected to close the gap for years. Analysis by the Financial Times found that annual profits at the UK’s five biggest banks were still running 63 per cent below their 2007 high in 2015, while profits at their European competitors were 34 per cent away from 2007’s levels.

“Annual profits at the UK’s five biggest banks were still running 63 per cent below their 2007 high in 2015”

~ Financial Times

The figures show the toll the financial crisis has taken on UK banking industry which has been forced to shrink and restructure in the aftermath of the global financial crisis. All of the so-called big five UK banks — HSBC, Barclays, Lloyds, RBS, and Santander — had 2015 profits that were far lower than in 2007

Related Reports: Financial Times, Business Insider

 

About United Kingdom

Ridding the world of poverty is not only morally right, but would make the world a better place for everyone. In pursuit of this goal, the United Kingdom and the World Bank Group work together to develop policies on a wide range of issues, such as conflict prevention, governance, health, and education — trying to enable millions in the poorest countries to be immunized, gain access to roads and clean water, and become teachers, among other benefits. The Bank Group’s expertise, knowledge, and ability to work across sectors and countries helps further the goals of human, economic, and sustainable development around the world.

The United Kingdom became a member of the International Bank for Reconstruction and Development (IBRD) — the World Bank—in December 1945 and played a crucial role in helping found the Bretton Woods institutions (World Bank and International Monetary Fund). Today, the United Kingdom remains a major shareholder and an important and influential partner in global efforts to reduce poverty.

Visit: World Bank on United Kingdom

 


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