Barclays can’t be held responsible for a customer’s request to transfer £700,000 to fraudsters, the Supreme Court ruled in a closely watched case. A lawyer said the landmark ruling may have stopped “a flood of litigation” against banks by victims of Authorised Push Payment (APP) fraud, which has become one of the most significant types of fraud in…
Barclays Warns of ‘Second Wave’ of Deposit Outflows as ‘Sleepy’ Depositors Awake and Run for Exits
March 31, 2023
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After a month of uncertainty, Barclays warned that a “second wave” of deposit outflows is increasingly likely, a sign that the latest banking crisis is far from over. The collapse of Silicon Valley Bank (SVB) and Signature Bank forced federal regulators to rush to backstop the banking system, which calmed market fears in the short…
Barclays Calls Allegations Against Former CEO Staley ‘Serious and New’
LONDON—Barclays has said recent allegations against its former Chief Executive Jes Staley are “serious and new”, after U.S. lawsuits alleged he had a close relationship with Jeffrey Epstein and alleged involvement in his sex-trafficking operation. The British bank said in a notice ahead of its annual general meeting scheduled for May 3 that it had…
Barclays Beats Forecast on Trading Boom, but Bad Loan Charges Rise
LONDON—Barclays beat forecasts with a small rise in third-quarter profit on Wednesday lifted by a record performance in fixed income trading, but costs and loan charges crept higher in a sign of ongoing challenges. The British bank made a profit before tax of 2 billion pounds ($2.3 billion) in July–September, up from 1.9 billion a…
Barclays Hit by $361 Million Penalty Over Issuance of Securities
British bank Barclays agreed to a $361 million penalty over internal control failures related to the unregistered offer and sale of “an unprecedented amount” of securities, the U.S. Securities and Exchange Commission (SEC) said on Thursday. The conduct concerned dates back to March this year when Barclays disclosed that it had accidentally oversold complex structured…
Beyond Meat Shares Tumble on Disappointing Q1 Results, Barclays Downgrades Price Target
Barclays on Thursday cut the price target for shares of plant-based meat company Beyond Meat by nearly 70 percent following the company’s disappointing sales revenues in the first quarter. Barclays analyst Benjamin Theurer downgraded shares to equal weight from overweight, with a $25.00 per share price target, down from $80.00. “Given limited short-term visibility, mounting cost pressure,…
Analysts Continue to See Sharp Upside in SMART Global Post Q2 Results
Analysts had a mixed take on SMART Global Holdings Inc post Q2 results. Needham analyst Ravindra Gill raised the price target to $45 (89 percent upside) with a Buy rating following the seventh consecutive beat raise quarter. SGH remains the firm’s Top Pick for 2022. SGH’s commercial and government customers have already designed and contracted the HPC/ML systems. Memory…
Barclays Suspends Sales of Two Products Linked to Oil, Volatility
LONDON/NEW YORK—British bank Barclays said on Monday it had suspended the sales and issuance of two exchange-traded notes (ETNs) with combined assets of about $1 billion—one linked to crude oil and another to a gauge of market volatility—due to capacity constraints, in a move that some investors said could spur big price swings in the…
Barclays Suspends Jes Staley’s Share Bonuses Amid Investigation Into Relationship With Jeffrey Epstein
Barclays has suspended millions of pounds in bonus share awards to former boss Jes Staley amid an investigation by British regulators into his relationship with convicted sex offender Jeffrey Epstein. Staley announced in November that he was stepping down from his role as head of the multinational banking group after Britain’s Financial Conduct Authority (FCA) announced preliminary conclusions…
Analysts Bump up Corning Price Target Post Q4 Results
Analysts lifted their price targets on Corning Inc. post Q4 results. Barclays analyst Tim Long raised the price target on Corning to $52 from $47 (26 percent upside) and reiterated an Overweight rating on the shares. The company’s results and guidance were above expectations, with continued strength in optical and outperformance in life sciences and Hemlock boosting results. JPMorgan analyst…
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