Barclays Plc is reaping the benefit of ex-Chief Executive Officer Robert Diamond’s decision to buy Lehman Brothers Holdings Inc.’s North American unit, as the division helped to push equities revenue up 19 percent.
Barclays Plc, the first U.K. bank to report first-quarter results, posted a bigger-than-estimated gain in investment banking profit and said it’s on track to meet its target for cost cuts. The shares advanced.
Barclays Plc, the first U.K. lender to report first-quarter results, may report a rise in profit at its investment bank, helped by gains in the U.S. as Europe’s sovereign debt crisis crimps income from the region.
Barclays Plc appointed two non- executive directors to bolster oversight at the lender as Chief Executive Officer Antony Jenkins seeks to improve profitability and regain the confidence of investors and the British public.
Barclays Plc’s investment-banking chief Rich Ricci and wealth-management head Tom Kalaris, two of the last remaining members of former Chief Executive Officer Robert Diamond’s management team, will step down.
Barclays Plc, the U.K.’s second- largest bank by assets, paid nine senior executives 40.3 million pounds ($61 million) in bonuses, less than a year after the bank was fined for manipulating benchmark interest rates.
As 1,100 managing directors from Barclays Capital descended on the Grosvenor House hotel near London’s Hyde Park in late September, they had more to celebrate than having successfully swallowed the North American unit of Lehman Brothers Holdings Inc. two years earlier. Their guy, Bob Diamond , the Massachusetts-born founder of Barclays Capital, had just been handed the top job at parent Barclays Plc in a sign of how he had transformed the 320-year-old British institution in his 14 years as investment bank chief, Bloomberg Markets magazine reports in its January issue.
Barclays Plc protected itself when it bought Lehman Brothers Holdings Inc. ’s defunct brokerage by focusing on the “maximum exposure” it was taking on in the falling markets of September 2008, a bank executive said.