Barclays reshuffle (plus £2bn) will sooth investors
Barclays will try to sell its "Transform" programme to an army of small investors at London's Royal Festival Hall on Thursday, just a day after reporting £2bn of firstquarter profit.
The bank's meetings have been highly charged affairs in recent years, with investors inside the hall often as angry as demonstrators outside. But the company will be hoping that a management shake-up and adjusted pre-tax profit of £2.1bn before restructuring charges, will buy-off some of the dissent.
Last week, CEO Antony Jenkins sought to stamp his authority on the bank with a reshuffle which saw the "retirements" of Rich Ricci, the controversial investment bank head, and Tom Kalaris, the boss of Barclays Wealth.
They were key allies of former chief executive Bob Diamond. Eric Bommensath and Tom King were promoted to head the corporate and investment bank, with Hugh "Skip" McGee, a Texan former Lehman Brothers banker, running Barclays in the Americas.
The investment bank is expected to turn in £1.3bn profit before restructuring charges, or 59 per cent of the bank's earnings, illustrating its importance to the group.
Members of the new top team may appear at the AGM but won't occupy podium positions since none are on the board. They instead sit on Barclays' executive committee, which runs the bank.
A good set of results before the meeting should ease small investors' unhappiness as shares trod water in the early part of this year after a strong finish to 2012.
The Association of British Insurers has given the company an "amber top" over pre-emption rights – the right of existing investors to buy in when cash calls are undertaken. And the Local Authority Pension Fund Forum has urged its members to vote against the report and accounts.
- 1 BBC told new political editor must be 'impartial' with Nick Robinson reportedly stepping down
- 2 Number of young homeless people in Britain is 'more than three times the official figures'
- 3 Humans of New York image of crying gay teen receives best response yet from Ellen DeGeneres
- 4 The map showing the most dangerous tourist destinations in Europe, according to the Foreign Office
- 5 Swedish minister gives strongest case yet on why EU should stop turning away asylum seekers
BBC told new political editor must be 'impartial' with Nick Robinson reportedly stepping down
Isis propaganda video shows 25 Syrian soldiers executed by teenage militants in Palmyra
Number of young homeless people in Britain is 'more than three times the official figures'
Humans of New York image of crying gay teen receives best response yet from Ellen DeGeneres
The map showing the most dangerous tourist destinations in Europe, according to the Foreign Office
More Britons believe that multiculturalism makes the country worse - not better, says poll
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...