It has been unveiled by Barclays that it had paid just £113m as corporation tax for the year 2009. It has also informed that the company had posted pre-tax profits of £11.6bn.
Its bills were low because it had made losses on bad loans. This has been claimed by the bank today. This information was released in a letter which was given by chief executive Bob Diamond to Chuka Umunna. He is a member of the Treasury Select Committee.
Project Merlin, has been finally joined in by the four largest banks in UK. These are the HSBC, Barclays, RBS and Lloyds and the information was given by George Osborne to the House of the Commons.
If the project is able to rebuild the bank's relationship with the society, then its objective will be solved and that it is certainly going to be a good news. But there are stipulations in it that may make it unattractive.
Members of Barclays remuneration committee are on the way to give Bob Diamond the new chief executive of Barclay to pay a huge bonus package. The decision, however, will be made after next Thursday, when the full board meets, with the exact figure to be announced, which is speculated to be around £9 million.
Lord Mandelson had once described Mr Diamond to be unacceptable face of banking owing of his legendary riches which is estimated to be worth £95 million.
Tuesday saw Barclays PLC post a dramatic fall in net profits for the third quarter, in the wake of market volatility that has created reluctance among investors in its investment banking business.
The UK bank's Core Tier 1 ratio was at 10% on September 30. It has taken measures to ease concerns regarding raising capital ahead of new regulatory requirements.
George Osborne is said to have put forth some plans for a bank levy, intended to raise as much as £2.5bn a year, last week. Also Vince Cable, the Business Secretary reportedly intimidated about the reintroduction of a bonus tax.
The cuts in public spending, hence add to the reasons, to call for the UK banks to help endure the tax burden. Mr. Bob Diamond is due to take over from John Varley as Chief Executive of Barclays.
The big banks in the UK threatened to step out of the British markets, provided being forced either to break the operations or to narrow the financial trading operations. Such a dangerous announcement was made by HSBC, Standard Chartered and Barclays yesterday as a reply to the Government’s claims that they consider breaking them up.
Total 22,420 complaints have been accounted by the Companies against the Financial Ombudsman Service.
The number of complaints accounted by the Lloyds TSB was 12,750, whereas Bank of Scotland came up with 6,211 cases in the six months.
High numbers of complaints have been pointed out by the Lloyds Banking Group, whose 43% shares are possessed by the Government.
After RBS, Barclays was on second position in accounting high number of complaints with 9,215 complaints in total.
Total 5,372 and 4,031 complaints have been accounted by the Spanish bank Santander and HSBC, respectively.
Having being blamed for being a deal-maker, a brash and very much culpable for having run a bank, Bob Diamond who joined Barclays in 1996 seems aware of the fact that being excessively successful does not just bring praise, but sometimes accompanies suspicion too.
Be it the Barclays Capital deal to buy Lehman Brothers, or the multi-million Pound remuneration, Diamond has been everywhere ever since the credit crisis of 2007. News last week, suggested that Diamond was to become the Chief Executive of one of the UK's most successful banks.
The investors of Barclays wanted extra number of non-executive directors in the board for strengthening the board to ensure a better balance of power when Bob Diamond joined as the chief executive of the company.
The investors said that they have welcomed the appointment of Bob Diamond as the chief executive of the bank which would help the bank to improve. Meanwhile, they expressed their concerns that Mr. Bob would be a very dominant boss and harder to handle than the former boss John Varley.
Barclays entails under ferocious beat preceding night for handing its new chief executive a enormous pay contract that might turn him £70million man.
Bob Diamond, the American multi-millionaire plunk to secure the astounding sum if he accomplishes the bank’s goal for the coming next five years in spite being by now worth £95million.
The 59-year, once portrayed as the intolerable face of banking, shall be remunerated a yearly salary of £1.35million and latent bonuses of more than £10million per year.
Four major UK lenders viz. Barclays, HSBC, Lloyds and RBS swung back to profits during the first half of this year.
Results for the period of January to June showed profits surging, provisions for bad debts declining and balance sheets in healthier state.
Barclays reported a whopping increase of 44 per cent in pre-profits to £3.9 billion first half of 2010, while HSBC posted a mammoth 121 per cent jump in profits.
Banking giant Barclays will award its bankers with £1.7 billion in bonuses, as the bank reported pre-tax profits of £3.95 billion for the first half of this year.
Profits jumped a whopping 44 per cent year-on-year. Even after excluding accounting quirks, bank’s overall underlying profits were up 22 per cent at £2.9 billion.
The lion's share in bonuses will be enjoyed by Bob Diamond's investment bankers at Barclays Capital, which tripled earnings to £3.4 billion.
Britain's Business Secretary Peter Mandelson has criticized Bob Diamond, the president of Barclays Capital, for pocketing as much as £63 million in pay & perks.
Lord Mandelson branded Bob Diamond as the ‘unacceptable face’ of banking. He said Bob Diamond made the money by just “deal-making and shuffling paper around”.
Fifty-eight-year-old Bob Diamond, who holds the second highest position at Barclays, last year earned more than £20 million from the sale of his stake in the group’s fund management unit.
Bob Diamond, the president of British banking group Barclays has said that Britons should celebrate the success of the bank.
Speaking on the issue, Mr. Diamond said, “There has been anger and resentment because a number of banks failed.”
Bank’s CEO John Varley added that they cared about bank’s public image.
Both, Mr. Diamond and Mr. Varley have sacrificed their personal bonuses this year.
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