New Barclays boss Antony Jenkins is the only CEO of a global universal bank without a background in investment banking, and according to Bloomberg, the low-profile retail banker is everything that former CEO Bob Diamond wasn’t. Mr. Jenkins, the first in his family to attend university, started his career at Barclays in 1983 and, after a stint at Citi, returned in 2006. Barclays chairman Marcus Agius, expected to step down in the wake of the Libor scandal now that the task of replacing Mr. Diamond is complete, said that Mr. Jenkins stood out in a competitive field of candidates, according to The New York Times. Former U.K. financial services chief Paul Myners told Bloomberg that there were “probably less than four credible candidates, two of whom I know were approached and turned it down almost without any serious consideration.” Read More
Barclays Names Retail Banker as New CEO; Citigroup to Pay $590 Million to Settle Shareholder Suit: Roundup
Barclays named Antony Jenkins, head of retail and business banking at the British lender, as its new chief executive. Mr. Jenkins, who started his career at Barclays in 1983, replaces Bob Diamond, who resigned last month in the days after the bank agreed to a $450 million settlement over its alleged attempts to Read More
John Paulson Is More Aggressive, Says BofA Exec; Ray Dalio Bowls Over Boatyard for Stamford HQ: Roundup
John Paulson is a more aggressive risk-taker than other hedge fund managers, a Bank of America executive told clients on a conference call yesterday, Bloomberg reports. Mr. Paulson answered questions from BofA’s wealth management clients after Citigroup’s private banking unit redeemed $410 million from Paulson funds last week.
Ray Dalio isn’t making friends in Stamford, Read More
Morgan Stanley likes to tout the steady revenue provided by its wealth management franchise. At the same time, the bank is arguing that it’s Smith Barney joint venture with Citigroup is worth $13 billion less than Citi estimates. Bloomberg’s Michael Moore breaks down the process by which investment bank Perella Weinberg will assess the JV this week.
Lawsuits against financial institutions under investigation for manipulating interbank lending rates such as Libor continue to pile up, according to The Wall Street Journal. Plaintiffs holding bonds that pay some amount above the Libor rate have the best chances at legal victory, The Journal says. The legal liability facing banks may total as much as Read More
Nasdaq may be planning to sweeten its compensation offer to entities that suffered losses due to technical problems at the exchange on the day of Facebook’s initial public offering, The New York Post reports, which would fit the pattern: Nasdaq makes an offer, the market makers—Citigroup, UBS, Citadel and Knight—talk tough, Nasdaq ups Read More
Citigroup Blasts ‘Hasty, Self-Interested’ Nasdaq Over Facebook IPO; Whale-Slayer Weinstein Struggling: Roundup
Citigroup says it gave Nasdaq a chance to make good on the botched Facebook IPO that cost market makers hundreds of millions of dollars. Now Citi has run out of patience, blasting the exchange in a 17-page letter to the Securities and Exchange Commission. “As set forth in detail below, the hundreds of Read More
As Europeans return from August vacations, Greece is at the top of the to-do list. Athens needs another bailout; the Germans may be wary, but are they willing to risk a Grexit? Some hedge funds are nibbling at Greek debt, increasingly optimistic of further European assistance. Another way to bet on Read More
Vikram Pandit Gets Around to Talking Sandy Weill; George Soros Takes Stake in Manchester United: Roundup
Nearly a month after former Citigroup chief executive Sandy Weill called for the break-up of the biggest U.S. banks, current Citi CEO Vikram Pandit told the Financial Times that the bank is sized just right.
British Lawmakers Find Flaw With Barclays’ Ex-CEO Bob Diamond; Deutsche Bank Up Next in Iran Inquiries? Roundup
British lawmakers published results of their investigation into Barclays efforts to manipulate Libor and other interbank lending rates. They were less than happy with cooperation provided by former CEO Bob Diamond.