Barclays

The bankers would all move to Frankfurt. The hedge funds would all decamp to Zurich. The asset managers would be off to Paris and Dublin, and the lawyers, accountants and consultants would swiftly follow them.  For much of the last four years since the UK voted to leave the European Union, it has been assumed across most of the continent that one of the big prizes of Brexit would be repatriating the lucrative financial services industry out of the City of London to a series of European centres. Indeed, Paris was confidently expecting to boom on the back of all the business that would hop on the first Eurostar to

After a dull interlude, the big banks in their annual results season look a bit more interesting again. First to report was Barclays, where pre-tax profits were up 25 per cent to £4.4 billion but attention focused, yet again, on Chief Executive Jes Staley, whose name rarely appears in print without ‘accident-prone’ attached to it. The trouble this time is his link to the late billionaire sex offender Jeffrey Epstein, who was Staley’s client at JP Morgan in his earlier career: under investigation is whether Staley was sufficiently ‘transparent’ with his board and regulators in declaring that relationship. Staley survived previous embarrassments, including a £642,000 fine imposed by the Financial

Friends of former Barclays chief executive John Varley — I don’t mean ‘people who speak to the media on his behalf’, but rather people like me who have known him all our working lives and hold him in high regard — were relieved to hear he has been cleared of fraud charges relating to the bank’s 2008 capital raising from Qatar. Charges against Barclays itself were dropped last year but Varley’s co–defendants Roger Jenkins, Tom Kalaris and Richard Boath now face a retrial — so I’ll say no more for now about the Serious Fraud Office’s handling of this dossier. But it’s fair to ask, in general, how well our

We may or may not hear news soon of a settlement of the Irish border issue that will allow Brexit to proceed without the calamity of ‘no deal’. Word this week was that Irish taoiseach Leo Varadkar might offer a compromise ‘review mechanism’ for the ‘backstop’ which might otherwise leave the UK locked in a customs union — but like me, you’re probably none the wiser as to what that actually means. History will judge this episode as a disgraceful example of politicians bluffing in the face of tough choices rather than explaining complexities or acknowledging hard facts — set out, in this case, in a Northern Ireland Affairs select

A mixed bag of annual results from the big banks. RBS, still 73 per cent owned by the taxpayer, recorded a small profit for the first time since 2008 but took flak for a newly released report on the outrageous behaviour of its Global Restructuring Group, the team that mistreated struggling business customers in the post-crash phase. No wonder chief executive Ross McEwan looked tired, irritable and homesick for New Zealand. Lloyds, having served its time in the sin bin alongside RBS, is now by contrast the sector’s comeback star, with profits up 24 per cent to £5.3 billon (despite another hefty charge for PPI mis-selling) and promises of more

Removing all trade and tariff barriers as part of a hard Brexit would generate ‘a £135 billion annual boost to the UK economy’, according to Professor Patrick Minford on behalf of Economists for Free Trade — while those who claim his ideas spell economic suicide are ‘hired hands, they work for government, they work for big industry…’ Well maybe, as I frequently say: Minford talks of a 4 per cent GDP gain from free trade, 2 per cent from ‘improved regulation’ and more from reclaiming our net EU budget contribution and ‘removing the taxpayer subsidy to unskilled immigration’. All of which adds up to much more, for example, than the

What troubled places banks have become, I thought as I listened to two news stories, one concerning a formal reprimand for Barclays chief executive Jes Staley after he tried to uncover the identity of a ‘whistleblower’, the other trailing new revelations about the Libor scandal. But both, I’m afraid, were so badly explained that the majority of listeners must have been none the wiser. The Staley episode is mysterious. Anonymous letters to Barclays directors made allegations about a recently recruited senior executive: Staley felt this was an ‘unfair personal attack’, believed ‘honestly but mistakenly’ that it was permissible for him to identify the author, and tried to do so with