Latest news with #MattHammerstein
The Independent
7 days ago
- Business
- The Independent
UK firms taking early action as they brace for hits from tariffs
More than three-quarters of UK businesses are worried about tariffs and global trade uncertainty and have already taken pre-emptive measures to offset disruption, according to a new survey. The latest Barclays business prosperity report found that 79% of firms are concerned about the mounting global trade war sparked by US President Donald Trump's move to hike tariffs. The poll of 1,000 micro, small and larger firms – which was conducted last month – revealed that nearly half (48%) have already begun changing their US operations or supply chains to help offset any possible hit. It showed that 14% have already scaled back investment in the US market, with 15% pausing or cutting spend in America. The research suggests that almost half of firms (44%) were increasing international trade over the past year, of which 59% reported doing so with Europe and Central Asia, far outweighing those growing trade with the US (18%) and Asia-Pacific (44%). Firms – particularly larger companies – are optimistic that the possible upsides from America's tariff hikes will outweigh the initial impact on profit margins, demand and exports, according to the report. But more than a third (37%) are still bracing for a hit from US tariffs on their overall business prospects. Despite this, 86% of firms remain confident in their own prosperity over the next three to five years. Matt Hammerstein, chief executive of Barclays UK corporate banking, said: 'Given the widespread uncertainty in the international trade environment, it's unsurprising that businesses are taking proactive steps to adapt to these global pressures. 'A strong international trade strategy, and revised supply chain considerations, can turn geopolitical uncertainty into a competitive advantage and many larger firms are already adapting to build diverse global trade to develop resilience.' With many firms under pressure from tariff woes and hiring difficulties, productivity has become ever more important than it was a year ago, according to 46% of firms surveyed. This comes as 72% of those polled said difficulties in hiring skilled labour was holding back growth. Hannah Bernard, head of Barclays business banking, said: 'Productivity gains are seen as vital to help offset the increasing cost pressures on businesses. 'The focus on upskilling staff through training and development is a positive way for firms to combat skilled labour challenges, alongside efficiencies from digital transformation through emerging technologies such as AI.'
Yahoo
21-04-2025
- Business
- Yahoo
Barclays enters deal with Brookfield for payments acceptance business
Barclays has forged a 'long-term' alliance with Brookfield Asset Management, aiming to 'transform' its payment acceptance business as a standalone entity. This business will continue to use the Barclaycard Payments brand, serving as the exclusive payment acceptance service provider for Barclays' clients for at least ten years. The bank intends to invest nearly £400m($531.8m) into the new venture, focusing most of this capital injection within the first three years. Under the agreed terms, after the initial three-year period of the tie-up an up to the seventh year, Brookfield may acquire an estimated 70% ownership stake in the business. This acquisition is subject to certain conditions being met, including Barclays' full recovery of its investment. Following the potential sale, Brookfield's initial financial incentive is expected to be converted into an additional 10% shareholding. This could increase Brookfield's total ownership to around 80%. Barclays plans to maintain a 20% stake in the business post-sale. The payment acceptance business processes annual payments for a diverse range of clients, from small businesses to large domestic and international corporations. This collaboration marks the inaugural transaction for Brookfield Financial Infrastructure Partners ("BFIP"), a division of Brookfield's private equity business that invests in digital assets. Barclays UK Corporate Bank CEO Matt Hammerstein said: 'Finding a partner to support us in transforming our payment acceptance business, in a way that will enable us both to serve our clients' interests better and pursue a path to releasing value from the business, demonstrates clear execution of our three-year plan to become a simpler, better and more balanced bank. 'We have a leading position in the UK, but we know that our payments clients are increasingly looking for integrated connectivity, an end-to-end service and tailored technological solutions from their payments providers. Our partnership with Brookfield recognises the opportunity within our business to go beyond the foundations we have built to date.' Brookfield vice chair and head of financial infrastructure Ron Kalifa stated:'We're excited to draw on our deep global payments expertise to partner with Barclays and together deliver the operational transformation required to create the market leader, well-positioned to drive the growth of the UK's digital economy with innovative and integrated payment solutions.' In February this year, Barclays' completed the sale of its German consumer finance operations to BAWAG PSK, a subsidiary of BAWAG Group. "Barclays enters deal with Brookfield for payments acceptance business" was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
