Latest news with #Barclays'
Straits Times
20 hours ago
- Business
- Straits Times
Barclays to cut more than 200 investment bank jobs to reduce costs: Sources
Staffers in investment banking, global markets and research will likely be affected, sources said. PHOTO: REUTERS LONDON – Barclays is preparing to cut more than 200 jobs in its investment bank in the coming days as part of chief executive officer C.S. Venkatakrishnan's plan to boost the profitability of the division. Staffers in investment banking, global markets and research will likely be affected, according to people familiar with the matter. Managing directors will be the most senior roles affected, they added. The reduction represents about 3 per cent of the investment bank's headcount. The cuts are meant to give the bank more capacity to invest in priority areas, one of the people said. In markets, the bank has been focused on boosting its market share in European rates, equity derivatives and securitized product trading. In investment banking, the firm has been looking bolster the revenue it generates from equity capital markets and mergers and acquisitions, in particular across the health care, industrial, tech and energy transition industry groups. The move is not a sign that the bank is retrenching away from any products or asset classes, the person added. Although it's prioritising growth elsewhere, Barclays has committed to its costly transatlantic investment banking model in the face of pressure from investors over the years. 'Like other banks, we regularly review our talent pool as part of our ongoing business operations to ensure continued investment in priority areas,' a Barclays spokesperson said in a statement. The lender made similar reductions just over a year ago. Mr Venkatakrishnan has been under pressure to boost returns across the investment bank, which consumes large amounts of capital compared with other, higher-returning parts of the business. He has said the division won't be allocated any additional risk-weighted assets from the parent company in the coming years, even as it navigates higher capital requirements from global regulators. The CEO set out a new strategy in 2024 that anticipated about £2 billion (S$3.5 billion) of efficiency savings across the bank by 2026, helping to boost earnings and return £10 billion to investors. Barclays' investment bank is by far its largest division, generating £11.8 billion in revenue in 2024, up 7 per cent from a year earlier. The bank is known as a powerhouse in fixed-income markets – though it's been investing heavily in its prime and equity divisions in recent years to catch up to rivals. The bank has seen its market share in investment banking inching upward after it had roles on deals including Alphabet.'s US$32 billion (S$41 billion) purchase of Wiz Inc. and Sunoco's acquisition of Parkland Corp. for about US$9.1 billion including debt. Within markets, revenue for the first three months of the year jumped 16 per cent as the firm's stock traders posted their best quarterly haul in almost three years. Investors seem to be happy with the bank's progress so far, with shares up about 24 per cent this year. That's better than the 8 per cent advance of the FTSE 100 index. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
a day ago
- Automotive
- Yahoo
Analysts Diverge on Tesla's Road Ahead Post-Feud
Tesla (NASDAQ:TSLA) stock rebounded after a bruising public spat between CEO Elon Musk and former President Donald Trump knocked about $153 billion off its market value, but analysts are divided on whether the worst is over. While year-to-date TSLA is down nearly 27%, some see a buying opportunity once the dust settles. Barclays' Dan Levy warned that last Thursday's drop may have been a classic sell the news reaction ahead of Tesla's robotaxi launch on June 12, but he argues TSLA hasn't fully priced in near-term headwinds and sticks with a Hold rating and $275 price target (6.8% downside). Levy remains bullish on Tesla's total addressable market for autonomous ride-hailing but cautions that Musk must manage elevated expectations as the robotaxi narrative remains front and center. Oppenheimer's Colin Rusch also holds TSLA at Hold, noting that the Musk-Trump feud could shift the political calculus on EV incentives and autonomous driving regulations, potentially slowing Tesla's AV rollouts even as favorable solar provisions in the looming Senate Budget Bill might buoy its energy business. By contrast, Morgan Stanley's Adam Jonas sees Tesla's core growth driversAI leadership, robotics, manufacturing efficiency and energy solutionsas largely apolitical, and he maintains a Buy rating with a $410 price target (38.9% upside). Jonas believes the upcoming phase-out of federal EV tax credits won't dent Tesla materially and that long-term returns hinge more on execution than on headline risk. Why It Matters: The Musk-Trump fallout has amplified existing EV market jitters and regulatory uncertainty, but Tesla's potential robotaxi launch and diversified growth engines could swing sentiment sharply. This article first appeared on GuruFocus.
Yahoo
a day ago
- Automotive
- Yahoo
Analysts Diverge on Tesla's Road Ahead Post-Feud
Tesla (NASDAQ:TSLA) stock rebounded after a bruising public spat between CEO Elon Musk and former President Donald Trump knocked about $153 billion off its market value, but analysts are divided on whether the worst is over. While year-to-date TSLA is down nearly 27%, some see a buying opportunity once the dust settles. Barclays' Dan Levy warned that last Thursday's drop may have been a classic sell the news reaction ahead of Tesla's robotaxi launch on June 12, but he argues TSLA hasn't fully priced in near-term headwinds and sticks with a Hold rating and $275 price target (6.8% downside). Levy remains bullish on Tesla's total addressable market for autonomous ride-hailing but cautions that Musk must manage elevated expectations as the robotaxi narrative remains front and center. Oppenheimer's Colin Rusch also holds TSLA at Hold, noting that the Musk-Trump feud could shift the political calculus on EV incentives and autonomous driving regulations, potentially slowing Tesla's AV rollouts even as favorable solar provisions in the looming Senate Budget Bill might buoy its energy business. By contrast, Morgan Stanley's Adam Jonas sees Tesla's core growth driversAI leadership, robotics, manufacturing efficiency and energy solutionsas largely apolitical, and he maintains a Buy rating with a $410 price target (38.9% upside). Jonas believes the upcoming phase-out of federal EV tax credits won't dent Tesla materially and that long-term returns hinge more on execution than on headline risk. Why It Matters: The Musk-Trump fallout has amplified existing EV market jitters and regulatory uncertainty, but Tesla's potential robotaxi launch and diversified growth engines could swing sentiment sharply. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Times
a day ago
- Business
- Business Times
Barclays cuts more than 200 investment bank jobs to reduce costs
[LONDON] Barclays is preparing to cut more than 200 jobs in its investment bank in the coming days as part of chief executive officer CS Venkatakrishnan's plan to boost the profitability of the division. Staffers in investment banking, global markets and research will likely be affected, according to people familiar with the matter, who asked not to be named discussing personnel. Managing directors will be the most senior roles affected, they added. The reduction represents about 3 per cent of the investment bank's headcount. The cuts are meant to give the bank more capacity to invest in priority areas, one of the people said. In markets, the bank has been focused on boosting its market share in European rates, equity derivatives and securitised product trading. In investment banking, the firm has been looking bolster the revenue it generates from equity capital markets and mergers and acquisitions, in particular across the health care, industrial, tech and energy transition industry groups. The move is not a sign that the bank is retrenching away from any products or asset classes, the person added. Although it's prioritising growth elsewhere, Barclays has committed to its costly transatlantic investment banking model in the face of pressure from investors over the years. 'Like other banks, we regularly review our talent pool as part of our ongoing business operations to ensure continued investment in priority areas,' a Barclays spokesperson said in a statement. The lender made similar reductions just over a year ago. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Cost cuts Venkatakrishnan has been under pressure to boost returns across the investment bank, which consumes large amounts of capital compared with other, higher-returning parts of the business. He has said the division won't be allocated any additional risk-weighted assets from the parent company in the coming years, even as it navigates higher capital requirements from global regulators. The CEO set out a new strategy last year that anticipated about £2 billion (S$3.5 billion) of efficiency savings across the bank by 2026, helping to boost earnings and return £10 billion to investors. Barclays' investment bank is by far its largest division, generating £11.8 billion in revenue in 2024, up 7 per cent from a year earlier. The bank is known as a powerhouse in fixed-income markets – though it's been investing heavily in its prime and equity divisions in recent years to catch up to rivals. Many changes As part of the investor update last year, Barclays said its work to gain share in European rates, equity derivatives and securitised products trading would help it boost revenue by £500 million by 2026. Meanwhile, the push to get back to the 4 per cent market share it last had in advisory and underwriting in 2019 was supposed to yield £700 million in income growth within investment banking. To pull off those goals, the bank has been appointing key leaders and has made several high-profile hires. For instance, it added former Centerview Partners LLC partner Andrew Woeber as its global head of M&A in April and Royal Bank of Canada's John Kolz joined in March to co-run equity capital markets globally. The bank has seen its market share in investment banking inching upward after it had roles on deals including Alphabet Inc.'s US$32 billion purchase of Wiz and Sunoco LP's acquisition of Parkland Corp. for about US$9.1 billion including debt. Within markets, revenue for the first three months of the year jumped 16 per cent as the firm's stock traders posted their best quarterly haul in almost three years. Investors seem to be happy with the bank's progress so far, with shares up about 24 per cent this year. That's better than the 8 per cent advance of the FTSE 100 index. BLOOMBERG
CNBC
22-05-2025
- Business
- CNBC
The UK government is on track and focusing on growth, says Barclays CEO
C.S. Venkatakrishnan, Barclays' group chief executive, discusses the global economy, the bank's business outlook, the U.K. economy, M&A and more from the Barclays Leadership Conference in London.
