barclays etn+short b s&p 500 (BXDB) Key Developments
Barclays Unveils Enhanced LSOC with Excess Model
Nov 27 13
Barclays has launched an enhanced Legal Segregation with Operational Commingling with Excess, or LSOC, with Excess model at CME Clearing, reportedly allowing excess collateral value to cover variation margin requirements for cleared OTC derivatives. Barclays has worked closely with multiple clearing houses to develop and meet client demand for an enhanced LSOC with Excess model, which allows client-specific excess value to be used to cover margin requirements, including a client's variation loss.
Barclays to Cut 244 Jobs in Glasgow
Nov 21 13
Barclays is to cut 244 jobs in Glasgow with the closure of a centre which handles claims for mis-sold payment protection insurance. The bank said that it had decided to close the centre in Glasgow next March following a drop in the volume of payment protection insurance (PPI) cases. The lease for the site comes up for renewal that month and Barclays has decided not to negotiate a new lease as that would require a commitment for many years. Barclays said it would work to help the 137 permanent and 107 temporary staff affected access the support they need. It is possible some staff may be redeployed elsewhere.
Barclays Announces Executive Changes
Nov 21 13
Former FSA chief executive Sir Hector Sants has quit his role as Barclays head of compliance and government and regulatory relations. Sants has been on sick leave since the beginning of October, suffering from stress and exhaustion. He has concluded he will not be able to return to work in the near term and has decided not to return from sick leave. Sants joined Barclays in January this year after five years leading the FSA and was knighted in the New Year's honours list. Barlcays chief operations and technology officer Shaygan Kheradpir is also leaving to become chief executive at a US firm.
Barclays plc Names Chris Sullivan as Head of Financial Sponsors Group for the Americas
Nov 19 13
Barclays Plc has named Chris Sullivan as head of its financial sponsors group for the Americas. Sullivan in the new role will succeed John Miller, was promoted last month to the newly created position of head of banking for the Americas. Sullivan will work alongside Karen Frank and Ken McGrath, who have been appointed co-heads of financial sponsors group for Europe, Middle East and Africa.
Barclays to Axe More Jobs from its Branch Network
Nov 19 13
Barclays announced more job cuts as it presses ahead with plans to slash costs at its High Street operation. The lender’s retail and business supremo Ashok Vaswani said he is planning to overhaul the size, location and function of its branches as more customers move online. It comes after last week’s announcement that Barclays will cut 1,700 retail staff on the premise that its customers are increasingly using mobile and online services rather than traditional branches.