Barclays sets pounds 2.5bn for IT
Monday 24 October 1994
He said Barclays would spend on information technology to improve risk management, retail services and operational flexibility and to cut costs.
Technology offered 'huge opportunities' to provide greater value to customers at lower costs, However, it also posed a threat as it enabled new entrants to compete in the financial services market, by using increasingly effective delivery and distribution channels.
Mr Buxton was speaking in Kuwait, at an international conference on Gulf banking.
'I doubt whether any international bank can face the future with any confidence at all unless its information technology spending is relatively high,' he said. Barclays has already spent pounds 800m on technology around the world.
Mr Buxton also said the time had come to consider raising minimum capital ratios. Banks should keep high capital ratios and regulators might have set minimum capital requirements too low.
Barclays and TSB have denied press reports, however, that they were planning imminent buy-backs of shares to return a total of pounds 2bn of cash to shareholders.
Barclays has been reviewing its capital needs since the spring. In August it offered to buy back several hundred million dollars' worth of subordinated debt. A spokesman said further moves were possible, but reports were speculative.
A TSB spokesman said it had no immediate plans, although it has shareholder approval for a buy-back of up to 15 per cent, or nearly pounds 500m.
Both banks have core 'tier 1' capital-to-asset ratios well above the 4 per cent minimum.
- 1 Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
- 2 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 3 US? China? India? The 10 biggest economies in 2030 will be...
- 4 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
- 5 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
General Election 2015: David Cameron catching up in polls – but he badly needs a clear lead
Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
South Africa xenophobic attacks: Shops looted and violence on streets of Johannesburg as foreigners are forced to hide in police stations
18th century sex toy found in 'toilet of sword fighting school' in Poland
'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
The only black face in the Ukip manifesto is on the page about overseas aid
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...