ipath bloomberg precious met (JJP) Key Developments
Barclays Appoints Steve Rickards as Head of Offshore Funds
May 25 15
Barclays appointed Steve Rickards as head of offshore funds, after 30 years with Barclays in corporate banking and international finance centres. In the new role, Rickards will be tasked with heading the creation and implementation of the bank's offshore funds strategy. Rickards has been leading the Guernsey Funds team for the past four years, where he was responsible for offering debt solutions for private equity as well as working with locally based fund administrators.
JPMorgan Chase, Citigroup, Barclays, and the Royal Bank of Scotland to Pay $5 Billion Fine
May 21 15
JPMorgan Chase, Citigroup, Barclays, and the Royal Bank of Scotland agreed to pay more than $5 billion in penalties and plead guilty to rigging the currency markets. Traders at JPMorgan Chase, Citigroup, Barclays, and the Royal Bank of Scotland were accused of conspiring among themselves to manipulate rates on the foreign-exchange market, where hundreds of billions of dollars and euros change hands. The penalties are a victory for the government and reflect a broader effort by the Justice Department, long criticized as reluctant to prosecute big banks, to tackle financial misconduct. The four banks can continue to do business in the currency markets. No executives have been charged, though that part of the investigation continues. The banks will pay a combined $2.5 billion in criminal penalties for manipulation of currency rates between 2007 and 2013. The Federal Reserve is slapping them with an additional $1.6 billion in fines. In addition, Britain's Barclays is paying an additional $1.3 billion to British and US regulators. All told, including an agreement announced last year, the group of banks will pay nearly $9 billion in fines for manipulating the $5.3 trillion currency market.
Barclays Announces Foreign Exchange and ISDAfix Settlements
May 21 15
As part of their industry-wide investigations into certain sales and trading practices in the Foreign Exchange market, Barclays has reached settlements with the U.S. Commodity Futures Trading Commission, the New York State Department of Financial Services, the U.S. Department of Justice, the Board of Governors of the Federal Reserve System and the UK Financial Conduct Authority. Barclays has agreed to pay a combined total of GBP 1,533 million. In common with other financial institutions announcing FX settlements with the DOJ, Barclays has also agreed to plead guilty to a violation of US anti-trust law. The fine imposed by the DOJ includes an amount of GBP 38.7 million as a consequence of certain practices continuing after Barclays entered into a Non-Prosecution Agreement with the DOJ in June 2012. However, the DOJ has exercised its discretion not to declare a breach of the NPA recognising the significant cultural and compliance changes already instituted by Barclays and the degree of co-operation that Barclays provided in the course of the DOJ's investigation. As the settlements show, Barclays has also received recognition for these changes and its co-operation from other authorities. Barclays has also reached a settlement with the CFTC as part of an industry-wide investigation into the setting of the US Dollar ISDAfix benchmark. In connection with this resolution, Barclays has agreed to pay GBP 74.2 million. The fines imposed under settlements are covered by existing provisions of GBP 2.05 billion, including those taken by Barclays in its first quarter of 2015 results.
Barclays plc Announces Executive Changes
May 14 15
Barclays Plc announced that it has named a new head for its Asia Pacific markets. Mark Dearlove has been named as head of markets for Asia Pacific. Dearlove replaces Conor Brown, who is taking a sabbatical. Dearlove has spent almost 20 years at the bank, most of which was spent in the liquidity and treasury function.
Barclays Reportedly In Talks To Divest Loans
May 5 15
Barclays PLC (LSE:BARC) is in discussions to divest £2 billion of risky second-charge mortgages and loans made through its Firstplus brand, the Financial Times reported. According to people familiar with the situation, Barclays has been in discussions with a number of challenger banks in the past few weeks regarding the sale of the portfolio.