Barclays Plc will not be undertaking any “potential merger” with its rivals” confirmed two close sources of the bank. As a result, the media report claiming Barclays’ possible merger deal considerations, even one with “Standard Chartered, bears no ground.
The report, however, published by Financial Times claimed that senior members of the board at Barclays were “exploring a deal with another bank”, while John McFarlane, the chairman of Barclays, showed keen interest in extending a tie up with StandChart. However, comments on the report of Financial Times were declined by both the parties, “Barclays and Standard Chartered”.
According to FT, the tie ups were a step under a “wide-ranging contingency plans” under consideration as the bank was feeling the “activist investor” Edward Bramson’s pressure, who also happens to be among the “biggest shareholders” of the bank.
Following the “aggressive” investment banking push led by the bank’ chief executive, Jes Staley, Barclays is facing the heat to hike its profits. However, as mentioned earlier, Reuters was informed by two close sources of the bank on Wednesday, May 23, 2018 that no such merger deal was being look into while “Barclays had no plans to combine its operations with any of its rivals”.
While Reuters also added:
“Bramson’s fund Sherborne Investors has called on Barclays to end the bulk of trading activities at its investment bank, in a radical plan to cut costs and boost returns at the British lender, three sources familiar with the matter have told Reuters”.
References:
reuters.com
The report, however, published by Financial Times claimed that senior members of the board at Barclays were “exploring a deal with another bank”, while John McFarlane, the chairman of Barclays, showed keen interest in extending a tie up with StandChart. However, comments on the report of Financial Times were declined by both the parties, “Barclays and Standard Chartered”.
According to FT, the tie ups were a step under a “wide-ranging contingency plans” under consideration as the bank was feeling the “activist investor” Edward Bramson’s pressure, who also happens to be among the “biggest shareholders” of the bank.
Following the “aggressive” investment banking push led by the bank’ chief executive, Jes Staley, Barclays is facing the heat to hike its profits. However, as mentioned earlier, Reuters was informed by two close sources of the bank on Wednesday, May 23, 2018 that no such merger deal was being look into while “Barclays had no plans to combine its operations with any of its rivals”.
While Reuters also added:
“Bramson’s fund Sherborne Investors has called on Barclays to end the bulk of trading activities at its investment bank, in a radical plan to cut costs and boost returns at the British lender, three sources familiar with the matter have told Reuters”.
References:
reuters.com