Preview Newsletter

Lehman Juy 30

    Client Attorney Privileged/Attorney Work Product/At Request of Counsel

    Barclays Plc

  1. Barclays Pledges to Accelerate Overhaul as Profit Rises

    Jul 29, 2015 | The New York Times

    By Chad Bray

    ...The quarterly results were also bolstered by a gain of £496 million related to a settlement of a long-running lawsuit over the dismantling of Lehman Brothers. Barclays bought the bulk of Lehman’s North American brokerage operations in 2008...

    2. Full Text of Stories Below

    Client Attorney Privileged/Attorney Work Product/At Request of Counsel

    Barclays Plc

  1. Barclays Pledges to Accelerate Overhaul as Profit Rises

    Jul 29, 2015 | The New York Times

    By Chad Bray

    Barclays reported improved second-quarter earnings on Wednesday, but its new chairman said the lender would speed up its overhaul, curtail “marginal” activity and leave its 2015 dividend the same.

    The chairman, John McFarlane, who has a reputation for taking a hands-on approach to cutting costs, is leading the bank until it finds a successor for Antony Jenkins, who was forced out on July 8 after the directors lost confidence in his ability to improve returns for shareholders.

    ...The lender also took an additional £850 million in provisions in the quarter to reimburse customers for the improper selling of products in Britain, including a further £600 million related to payment protection insurance, a product that has cost British banks billions of dollars in customer redress.

    The quarterly results were also bolstered by a gain of £496 million related to a settlement of a long-running lawsuit over the dismantling of Lehman Brothers. Barclays bought the bulk of Lehman’s North American brokerage operations in 2008. In June, the trustee overseeing the winding down of Lehman’s brokerage unit said the remaining Lehman estate would pay $1.28 billion to settle a lawsuit filed by Barclays.

    Barclays also said it would keep its dividend flat at 6.5 pence for 2015, matching the 2014 level. The lender said it wanted to maintain its capital strength while looking to improve returns...

    For full story:

    http://www.nytimes.com/2015/07/30/business/dealbook/barclays-earnings-q2.html

    Return to headline | Return to top

    2. Full Text of Stories Below

Add recipients

Suggested