Company Of The Week
Sunday 27 September 1998
Although Barclays said it does not expect a negative impact on its own profit and loss account as a result, investor confidence was undermined after UBS, Europe's largest bank, said it will report a third-quarter loss as high as $717m. The Swiss bank will write off SFr 950m because of its involvement with the hedge fund.
The UK Financial Service Authority will quiz British banks about their exposure to the $4bn losses incurred by fund. This follows on news earlier this month that Barclays Capital will take a pounds 250m loss on Russian loans and securities.
Also last week, Barclaycard, the bank's credit card business, said it will cut 1,100 jobs, about a quarter of its staff, and increase spending on technology by pounds 30m to retain its UK market leadership. While Barclaycard still dominates the British credit card business, other banks and international credit card providers such as MBNA and RBS Advanta are making inroads into the business by offering cheaper rates and consumers are becoming more sensitive to the high rates of interest on credit card borrowing.
"Barclaycard is clearly under a lot of pressure and they've had to react to defend their leadership position,'" said John Paul Crutchley, banking analyst at Credit Lyonnais Securities.
Barclaycard contributed about 12.5 per cent of Barclays first half profit even though it fell 11 per cent to pounds 253m from a year earlier.
As Voltaire once said, “Ice cream is exquisite. What a pity it isn’t illegal”
- 1 Mother fed her daughter tapeworms to make her skinny for beauty pageant
- 2 Crystal Palace next manager latest: Palace consider Ally McCoist - EXCLUSIVE
- 3 Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
- 4 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 5 Tim Sherwood column: 'It started as a three-horse race but turned into the Grand National'
'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
West poised to join forces with Assad in face of Islamic State
Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – as hunt begins for killer
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Bin bag full of cats' heads discovered near Manchester's Curry Mile
Disgusting, frustrating, but intriguing: how the country really feels about its politicians
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