Barclays News

P/C Insurers Face Challenge to Match 2013 Results in 2014

The U.S. property/casualty insurance industry reported strong performance in 2013, but in 2014, the industry may find it difficult to match last year’s results as insurers begin to face more headwinds, according to executives who spoke at the Insurance Information …

Britain’s Barclays, RBS Hit Over High Compensation Scheme

Britain’s Barclays and RBS paid more than 500 staff over 1 million pounds ($1.5 million) in 2012, a year when both were embroiled in rate rigging and mis-selling scandals. Both Barclays and RBS are paying out billions of pounds in …

Barclays Faces Libor Claim in Landmark UK Court Case

Barclays will face on Monday the first claim for damages stemming from manipulation of the Libor interest rate in a landmark case before Britain’s High Court that could have major implications for all UK banks. Guardian Care Homes, a residential …

Barclays Bank Shows Retail Intent with Takeover of ING Direct

Barclays’ new chief executive set the course firmly towards retail banking on Tuesday with his first deal since replacing Bob Diamond – the takeover of ING’s British savings and loan business and its 1.5 million customers. Antony Jenkins, previously head …

Travelers’ CEO Fishman: Rate Increases Continuing

Insurance rates continued to rise in the third quarter for both businesses and individual customers, extending the pricing power that developed late last year, insurer Travelers Cos. Inc. said on Tuesday. In a slide presentation prepared for a Barclays financial …

UK Watchdog Reviewing Regulatory Supervision after Libor Scandal

The UK’s Financial Services Authority (FSA) is reviewing how wholesale markets are supervised following the interest rate-setting scandal, its chairman Adair Turner said on Tuesday. “There are no free lunches, and shoddy wholesale practice is not a victimless act, even …

UK Banks Face New Scandal; Barclays Boss in Peril over LIBOR Rigging

Britain will expose on Friday a second scandal involving the country’s banks in as many days, as Barclays boss Bob Diamond clings to his job after regulators slapped a record fine on the lender for rigging interest rates. The Financial …

AIG Unlikely to Take Q4 Reserve Charges: Barclays

Bailed-out insurer American International Group is unlikely to add to reserves in the current quarter, though investors may not be convinced the reserves are adequate, Barclays Capital said Tuesday. Barclays analyst Jay Gelb, in a note to clients, said he …

Del Monte, Barclays to Pay $89.4M to Settle Investors’ Suit

Del Monte Corp. and Barclays Capital agreed Thursday to pay $89.4 million to settle a lawsuit that claimed they had not acted in investors’ best interests in the food company’s $4 billion takeover. Lawsuits stemming from the takeover have raised …

UK Banks Hit by Compensation Capitulation for Mis-selling PPI

British banks gave up a fight over compensating customers wrongly sold insurance, forcing Barclays Plc and HSBC to take a combined hit of more than $2 billion in the latest blow to the industry. Barclays said it would make a …