Barclays to review operations in Gibraltar

GIBRALTAR Staff at the Barclays offices on the Rock were told yesterday, Tuesday, morning that management have decided to go ahead with a formal review of its operations in Gibraltar, and that it could take up to three months. Nigel Riley, Head of Barclays Wealth International Direct, who is on a visit to Gibraltar, has already begun contacts with staff and major clients, according to the GBC, though there seem to be redundancy notices handed out already, if the social media is to be believed. Outgoing Barclays Gibraltar boss Franco Cassar, however, denied any such thing. The review is part of a strategic retrenchment that includes 3,700 job cuts a throughout Barclays operations worldwide. It is understood that the Gibraltar 'branch' is part of the Wealth and Investment Management division, which, although performing well, is one of the divisions that ran into well-publicized trouble in the recent past. Cassar added that regardless of the result of the ongoing review customers' money is 'as safe as at any branch in the UK'. (For further direct information, clients can call Barclays on 200 67519.)

Barclays Spain cuts 30% of staff and concentrates on banking for the wealthy

MADRID The Spanish branch of Barclays is retrenching, as part of an overhaul of its entire worldwide operations. It will be focusing on investment and private banking because, in common with most of its competitors, retail banking is not profitable enough. Jaime Echegoyen, Chief Executive since March 2011, has decided he doesn’t need so many branches or employees. The bank announced last month that it was starting negotiations with the unions aimed at eliminating 1,100 employees – 30% of the total – and closing 160 branches – 37%. There would be some 2,500 jobs remaining, and 271 offices. If negotiations work out in the banks favour, some 1,800 jobs and 320 branches would have been eliminated since 2011.

Spain is still a headache for Barclays

SPAIN / UK (Source: whatinvestment.co.uk) Barclays has posted better-than-expected third quarter results after it slashed its exposure to Eurozone sovereign debt in the last three months. Ignoring a £1 billion accounting gain, adjusted pre-tax profit in the third quarter rose 5 per cent year-on-year to £1.34 billion, while profit in the first nine months of the year was up 18 per cent to £5 billion. Barclays Capital, the bank’s investment arm, outperformed the sector, declining 15 per cent to £2.25 billion, compared to the more drastic falls from some European investment banks.>>>