barclays will ge coming out with trading update on 07.05.2009 It is expected to report profits higher than market expectations.

A good Buy Medium to Long term

From Twitter

Search for Higgs boson took 45 years and still no one is sure what exactly has been found. Possible model for government's Barclays inquiry?

So Bob Diamond finally went. On Tuesday the Barclays boss stepped down as public anger grew over the bank’s role in manipulating the key Libor interest rate. Diamond had managed to survive previous scandals, such as the miss-selling of insurance, but this was one gaffe too far on his watch.

Some industry figures have claimed that the public reaction is exaggerated. On Thursday Merryn Somerset Webb disagreed. “It doesn’t make sense to blame one man for everything, but as the CEO of Barclays he has been responsible for a great deal.

“It was heavily involved in the PPI scam. It recently had to pay a huge amount to HMRC for its crummy tax avoidance scheme. Like the other high street banks it provides a pretty awful customer experience riddled with inappropriate cross selling and thievingly low interest rates.” And now there is the matter of its role in the Libor fiasco.

That would be bad enough for any company, says Merryn, but you also have to consider that Barclays gets a lot of help from the public purse.

“It is one of the largest private sector employers the UK (it employs 140,000-odd people) and so it benefits not only from the implicit subsidy that comes simply from being a big bank with the right to create money, but also from all the implicit subsidies of our welfare state.” So “the media and the public have every right to criticise it – and those responsible for it”.

Besides, even when you judge Diamond on his no-doubt preferred financial criteria – the ability to make money for his shareholders – he also falls short.

“If you’d invested a pound in the FTSE in 2005 (when Diamond joined the board) and hung on to your dividends you’d now have £1.08, notes a story in today’s Times. If you’d invested it in HSBC you’d have 78p. If you’d invested it in Barclays you’d have 29p. Which is rubbish, really. In the same time period, Diamond has been paid £119m.”

But perhaps his biggest failing has been his inability to read the public mood, says Merryn. “His institution has public elements to it and it is somewhat in debt to the public (those low interest rates that are rebuilding bank balance sheets aren’t doing much for ours). But he has catastrophically failed to judge or perhaps even to care about the public mood.”

What the hell is an 'implicit subsidy'?

Former Barclays chief executive boss Bob Diamond is to forego his bonus worth up to £20m, the bank's chairman says.

Barclays Agrees A Pay-Off In Region Of £2m With Bob Diamond.

Bob Diamond, the former Barclays chief executive, has reached agreement with the bank over a pay-off that directors will argue is the minimum possible.

I have learned that Barclays will announce this morning that it is to pay Mr Diamond somewhere in the region of £2m following his departure from the bank last week.

The severance deal is expected to be announced during the Treasury Select Committee hearing of Marcus Agius, Barclays' chairman, which takes place at 10am.

It seems US banks are doing quite well, much better than UK banks.

The number of visitors to Europe has been rising during last month and trend should continue given Euro levels against $ and £. We should therefore see some signs of improvement over there. UK banks will benefit from Olympic from this month.

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http://uk.finance.yahoo.com/news/1-c-suisse-sees-no-091022334.html

Harrycat - take you waiting for 140?

240 I think. No way they can prosecute BARC - that was system failure that will be modified, IMO.

As per my post #1001, 140p would be about right for me, but I would need to reconsider if it should get there, as looks like more bank scandal hitting the headlines as HSBC are now in a certain amount of trouble. Will also be interesting to see how the new BARC CEO affects sentiment.

Barclays in the news again: http://www.bbc.co.uk/news/business-19009169

Good news at last!

Barclays names City grandee Walker as chairman

(Reuters) - Barclays has picked corporate governance expert and City grandee David Walker as its new chairman in an effort to rebuild the UK bank's reputation after a rate rigging scandal.

The British bank said on Thursday that Walker, 72, a former Bank of England and Treasury official who wrote one of the most significant governance manuals for UK banks, would become a non-executive director on September 1 and succeed Marcus Agius as chairman two months later.

One of his first tasks will be to help choose a new chief executive, which Walker said he will be "fully engaged" in.

Another share toying with its 200ma.

Stan - 27 Jul 2012 12:08 - 1050 of 1053

Barclays in the news again: http://www.bbc.co.uk/news/business-19009169

.. And one more time -):

http://www.moneyam.com/action/news/showArticle?id=4434998

Stan - that's the bad news buried! :-)

Antony Jenkins appointed as Group Chief Executive

Barclays PLC and Barclays Bank PLC ("Barclays") announce that Antony Jenkins has been appointed as a Director and as Group Chief Executive of Barclays with immediate effect. Mr Jenkins currently leads Barclays Retail and Business Banking (RBB) business. He has been a member of the Group Executive Committee of Barclays since 2009. His role as CEO for RBB includes responsibility for retail banking in Barclays Africa and Absa and he also represents Barclays as a non‑executive Director on the Board of Absa Group Limited and Absa Bank Limited.

I thought this is a good news for Barc.

Today's drop is probably due to the news in Stan's link in post #1054 (SFO investigation which has hit the headlines today).