Barclays 6.1 Billion profit
 

So, most know I work for them,
I'm quite proud that despite the worst trading period in recent history and whilst other Banks have gone cap in hand to goverment through hard work and focus on the basics of good service and sensible policies the company has made a decent(if reduced) profit.

So are you happy that it shows Barclays won't be owing to UK Taxpayer or suitably insulted that a British based and originated company is still successful enough to make what you no doubt see as an obscene profit?

Re: Barclays 6.1 Billion profit
 

Personally, I am pleased that they didn't go cap in hand for a lifeline.
I wish all the other banks had been left to sort out their mess themselves.
Barclays obviously have sounder financial skills than some of the other banks and I suppose that is why they are making a profit.

It does grieve me that over the recent months, due to cuts in interest rates, savers(who outnumber those who have mortgages and loans with banks by something like 7 to 1) have been penalised. I have some money saved and I am getting very little interest.
I might as well have it in a hole in the ground for what it is making.

Where do banks get money to lend to the folk who want to buy houses?
Why, from savers of course.......what induces savers to save....good rates of interest.

Alistair Darlings strategies have so far failed to produce any real movement of money.....and have reduced the savers ability to get a fair deal.

Re: Barclays 6.1 Billion profit
 

its summat to be pleased about in my book, also the fact they aint paying bonuses is brownie points, though doubt if you view it like that ian.:D

Re: Barclays 6.1 Billion profit
 

Yes, that is another thing that irritates the bejasus out of me...bonuses for failing banks.....that cannot be right. For goodness sake these folks are only in jobs because the government bailed them out with our money.
And before anyone tells me that these bonuses are written into the job contract.....I know that, but they shouldn't be.
There should be some kind of framework that nullifies bonuses when banks perform so badly.

Re: Barclays 6.1 Billion profit
 

I have to say those were my thoughts too cashy, shows the others up for what they are

Re: Barclays 6.1 Billion profit
 

Have a read of this: BBC NEWS | The Reporters | Robert Peston

Barclays existing shareholders are not universally overjoyed at the deal it has struck with the Abu Dhabi and Qatar.

Re: Barclays 6.1 Billion profit
 

Well, thats Robert Peston for you, always looks on the bright side of life...Da Da...Da Da Da Da Da Da!:rolleyes:


Best Regards - Taggy

Re: Barclays 6.1 Billion profit
 

They posted profits 15% down on the previous year. Also this is for 2008, so i would be expecting a greater loss of profits for this year.

The Lehmans Brothers acquisition left them with +2.2billion.

Re: Barclays 6.1 Billion profit
 

Nickelson, of course you are right, but they still made a profit....and didn't go with the begging bowl like some of the other banks.

Re: Barclays 6.1 Billion profit
 

Miserable sod, one bank that didn't need help!

Maybe the rest need to know how they did it? Then follow their example, instead of being bailed out and giving the money to those that wasted it!

Re: Barclays 6.1 Billion profit
 

re bonuses.
I must live in another world.
Bonuses are paid to people to reflect good work done within a given period. If a bonus is written into a contract and they get paid a bonus whatever happens, that isn't a bonus, it is part of their salary.
This whole mess was created by the very people being paid these bonuses who were gambling with money they didn't have and they are still being rewarded for their incompetence.

Re: Barclays 6.1 Billion profit
 

are ya quite proud of this report ian?:confused:

Re: Barclays 6.1 Billion profit
 

....and if it all gets a bit too much for the Bankers WAGs out there, heres the website for you!!:D

Dating A Banker Anonymous


Best Regards - Taggy

Re: Barclays 6.1 Billion profit
 

They basically did, however they opted for forgein investment rather than government bail outs in order to settle the balance sheet.

Also - Gordon Brown says banks will not 'reward failure' - Times Online

And your telling me that the government wont juggle the rescue capital around so that it does come from the taxpayer.

Re: Barclays 6.1 Billion profit
 

Not got a problem with bonuses,but until we all get our £33 thousand pounds each back I think they should put them on hold.

As someone said over the weekend,They may leave and go elsewhere but who the hell wants them.

Bonuses should be paid out of profits - could take a while.:mad::confused:

Re: Barclays 6.1 Billion profit
 

Mmm, Robert Preston the man who was dragged in front of the goverment charged with creating a lot of problems like Northern Rock. It was his comments that undermined the bank which triggered the mass stampede by people to get their money out causing a total run on the Bank which has in the end cost each of you(and me!) money. He also was chief protaganist in the downfall of RBS which has again cost you (and me) money. should he have kept quiet and allowed time for proper restructuring and financing to take place? IMHO yes. There are lots of times when we the general public aren't told the full story for reasons of our own benefit. Was this one, probably but we will never know now will we.

So Barclays chose to do something differently and raised capital privately just like any 'normal' business would do when prompted with difficult trading times. They went against what some people wanted and that didn't impress them. boo hoo. Would I rather my employers be in charge of the business(with an agreed private finance agreement allowing them to be flexible) or UK Gov have their sticky paws on it. I think you can probably guess.

One big point of the bonuses structure. Whilst the headline figures for what is called fat cats are huge they are a structured salary payments based purely on performance. how do I feel about them being paid big money? if it makes my employer successful by attracting teh very TOP people and keeps me in work then I'm all for it!

I completely agree with not paying for poor performance however I see no reason to not reward 'exceptional' performance. I also don't see an issue with paying bonuses to us rank and file people who have contributed to the day to day running of this successful ship. There is SUCH a huge range of skills and people involved in running a Bank and we all play an equally important position in those headline numbers.

I'm still proud Cashy, I choose to read both sides of a tale!!! :D

Re: Barclays 6.1 Billion profit
 

One good thing Entwisi ..am still pleased you are still there after they offloaded 400 IT people last month.... did think about you, and noticed nobody mentioned it .. x

Re: Barclays 6.1 Billion profit
 

i also like to hear both sides of a tale, then separating the fact from the fiction,comes into play, until that can be done i choose to trust no side.:D

Re: Barclays 6.1 Billion profit
 

In a democracy the people have a right to know.
Perhaps the select few were annoyed that the info became public knowledge too soon for them to rearrange their own share portfolios.

Re: Barclays 6.1 Billion profit
 

Thanks chuck,
only 2 people went from my area, both managers and both VR so no 'pain' as such. Again the headline figure of 400 was way off, 250 of them were short term contractors(i.e. NOT employees) whos contracts weree just not renewed. The exact nature of their employment is to fill in short term gaps and be the fat that can be trimmed when times are lean. Also the reason was simply due to re-organisation where two departments have been merged and there is duplication that needs to be removed. Never nice but par for the course when re-orgs happen.

Re: Barclays 6.1 Billion profit
 

In a perfect world I would agree with you but there is no where that sensible people wouldn't agree that a certain amount of 'secrecy' is required. If by not publicising the issues people hadn't stampeded then NR would probably still be in private hands. Similarly RBS.

Should Banks be 'outed' for using BoE cash( NOT GOVERNMENT). IMHO No, the BoE and banking system is there for reasons of cash flow in out and around. Its how the system works. The reason we are in a CC is because due to the American Sub prime issues money stopped flowing forcing Banks to go elsewhere. The only place left for NR (whose business model was different to more mainstream banks in that it lent a much higher percentage of its capital to consumers) was to BoE. Publicising that it was borrowing then caused people to ask for their savings which further compounded teh issue.

BTW, even goverment ministers are bound by insider trading rules so the chance of them 'adjusting their own' is simply not possible.

Re: Barclays 6.1 Billion profit
 

I think we can perhaps say at this time that Barclays are certainly the Best of a Bad Bunch!

Bear in mind that even they have written off £8 billion of bad debt. Cant be too many industries where this could happen. I wonder how much Bad Debt the banks will allow us to write off?

Best Regards - Taggy

Re: Barclays 6.1 Billion profit
 

Not one penny Taggy, thats for sure:(

Re: Barclays 6.1 Billion profit
 

"Do I say I am sorry as a banking chief executive? I say that unequivocally and unambiguously. But it is important to distinguish between banks that have made money and banks that have not, and banks that have raised money in the private sector and banks that have not," Mr Varley said.

Barclays chief executive John Varley says sorry for banks crisis - Telegraph


Even more kudos can go to for Barclays for that remark, compared to today's mealy mouthed apologies from the bosses at other banks. Other banks that have needed to be bailed out with public money because of gross incompetence and greed.

Re: Barclays 6.1 Billion profit
 

Does it make one iota of difference if the architects of the fiasco that was to bring the Royal Bank of Scotland and HBOS to the brink of collapse, apologise now?
No I don't think it does. They were neglectful to an almost criminal degree....but they can say 'Sorry' with their fingers crossed behind their backs and ride off in to the sunset....safe and secure in the knowledge that they are financially secure......something which many of their customers no longer are.

Re: Barclays 6.1 Billion profit
 

that i can agree with, but as fer any writing any peasants debt off, not 1 penny i'll warrant.:rolleyes:

Re: Barclays 6.1 Billion profit
 

What the analysts said in response to Barclays announcements



Barclays eagerly anticipated 2008 earnings showed decent income momentum and a slightly better capital position, offset by cautious guidance on asset quality and margins. We think investors were mostly relieved by the lack of new surprises from the balance sheet. Merrill Lynch.



Barclays shares do not look expensive in our opinion, but the near term earnings outlook remains highly uncertain and the debate on balance sheet leverage and credit marks are unlikely to be curtailed by this announcement. UBS.



Given the pre-announcement, stated earnings are not a surprise. JP Morgan.



Barclays has provided substantial disclosure on credit market assets and the asset quality of its customer loans. It remains to be seen whether a comparison can be made with competitors, particularly on the loan book. Cazenove.



The headline PBT (profit before tax) figures were above our expectations, which is positive. Nomura.





What the media said



Barclays stages a fight-back

Daily Mail – Alex Brummer



When it comes to courage no one can fault Barclays top team of John Varley, Marcus Agius and Bob Diamond. While the other bankers hid behind high walls, dodging questions from their critics, at least the Barclays team are taking the shots…The reality at Barclays is that in a year when most of the world’s banks made huge losses Barclays remains an exception.



Varley deserves credit - and not just for losing ABN Amro

Evening Standard – Chris Blackhurst



At some point, the City is going to have to start believing Barclays. Until now, during this crisis, the sceptics have been waiting for the true horror to emerge. But as the months have passed it simply hasn’t happened. Famously, the bank has not had to go cap in hand to the taxpayer. All in all, Varley and his chairman Marcus Agius are entitled to feel they should be getting acclaim – not raised eyebrows or nudges and winks.



Certainly, judging by the rise in the share price today, that is the prevailing wider mood. Barclays is right to draw a line between itself and the loss-making banks.



Barclays proves there is still hope for City

City AM – Allister Heath



It is high time that Barclays be recognised for what it has achieved. Its performance for 2008, announced yesterday, has dealt a devastating blow to the credibility of those who were convinced it was in as deep trouble as some of its rivals.



…Barclays must now tread carefully. It should refuse to take part in the government’s bad asset insurance scheme, which would erode its hard-fought independence. It should resist the temptation to gloat, especially with today’s Treasury Select Committee meeting set to humiliate many of its erstwhile competitors, especially Sir Fred Goodwin. As to the rest of us, we should all celebrate. There is still hope for the City and Britain’s finance industry.



In a drunken world at least it stayed upright

The Guardian – Nils Pratley



Is Barclays out of the woods?...Its risk managers showed a better appreciation of the noxious content of some of the liquids that fuelled the boom years. They reduced lending to the commercial property market, for example, at a relatively early stage…The fear of a colossal black hole has receded. Barclays, we could say, staggered last year, but it stayed upright and is moving in the right direction.



As bold as Barclays

The Times - Ian King



Barclays is convincing more City sceptics that its assessment of its structured credit positions is true and fair, hence yesterday’s share price rise.



Behind Barclays profit

The Wall Street Journal ( Europe )



Barclays had a lot to prove with its 2008 results…the bank’s riposte – contained in a 126-page report – strengthened chief executive John Varley’s claim that Barclays can survive without raising further capital.



Barclays launches big pay shake-up

Financial Times – George Parker and Peter Thal Larsen



John Varley, Barclays chief executive, acknowledged anger at banks’ decision to pay bonuses in spite of the credit crunch and the support from taxpayers for banks including the part-nationalised RBS and Lloyds. Mr Varley said bonuses to staff across the bank had dropped 48% last year.



Alistair Smith, Barclays Head of Media Relations, said: “Given the public attention on the issue, it's not surprising that many of the newspapers have focused on bonuses in their coverage. What is clear though is that Barclays profitability and the momentum in the business had some traction. We have a way to go before the media is convinced by our strategy, but we made progress yesterday.”

Re: Barclays 6.1 Billion profit
 

Just a brief update


Barclays has declined to take part in the Asset protection Scheme offered by the Goverment.

After its recent clean bill of health from the FSA and after discussion with major shareholder it is not in the best interest of the Bank or its investors.

Want to bank with a successful UK company? shift your account to Barclays. :D

Re: Barclays 6.1 Billion profit
 

All very interesting....but not quite 100%. Barclays have been bailed out by government...however, it's not the British one. So now even if they did want to take part in the APS, they would find it somewhat difficult.

I don't normally bother with a link on here, but here are more details:

Barclays ponders iShares sale to ease capital position before taking asset protection decision - Times Online

Re: Barclays 6.1 Billion profit
 

err, why post a link to a story thats 2 weeks old Tea?

Simply, FSA have done a detailed analysis, we are in a good position

iShare sale is something that actually makes good business sense ( I heard we are lending them 2/3rd of the cost at a good rate with an option to buy back).

so based on my posting of 'todays' position.......

we haven't been bailed by a foreign goverment either. we took private investment from a Royal Family.... Your detail is somewhat lacking in accuracy( unlike you.....).