Barclays

Barclays to Cut 3,700 Jobs As Part of 'Project Transform'

Barclays new chief executive pledged a fresh course for the British lender on Tuesday, axing at least 3,700 jobs and pruning its investment bank as he seeks to rebuild its reputation and boost profitability after a series of scandals.

The $800 Trillion Scandal: How Banks' LIBOR Lies Affected You

The incredible LIBOR rate-rigging scandal is huge, and it's only going to grow in scope: Many of the world's largest banks have already been implicated in manipulating interest rates that are tied to some $800 trillion in loans and securities.

Time to Sell Apple Stock, or Buy It?

Following Steve Jobs' announcement late Wednesday that he was resigning as Apple's CEO, the company's stock price swung sharply. But while some investors are selling, others are saying a small drop in prices could make this a great time to buy Apple shares.

How Colleges Are Still Getting Rich Off Your Kids

For years, credit card companies have targeted college students to gain access to a lucrative source of profits: student debt. And despite laws designed to stop the practice, colleges and universities are still taking huge payments from card companies -- at your kids' expense.

U.K. Banks Face Government Levy

Five U.K. banks may have to pay hundreds of millions of pounds in a levy that aims to charge them for the risks they pose to the country%u2019s economy. The planned bank levy will raise a total of 2.5 billion pounds ($3.59 billion) a year from 2012 onwards, The Wall Street Journal said.

Walmart Will Join Auction to Buy Indonesia's Hypermart

The world's largest retailer, Walmart Stores, wants to get even larger: It has joined the bidding war for Indonesian retailer Matahari's hypermarket business, Hypermart, a deal that could be worth up to $1 billion, unnamed sources told Reuters on Thursday.

Who's the Best Stock Picker? Goldman Sachs

Everybody's favorite firm to hate -- Goldman Sachs -- really is the smartest money on Wall Street. The investment bank's analysts have landed at No. 1 on Bloomberg Markets' ranking of the "World's Best Financial Stock Pickers."

CNBC Anchor's Book Is a Fly on the Wall for Lehman's Fall

This week marks the second anniversary of an event that shook the financial industry to its core. In her newly released book, 'The Weekend that Changed Wall Street,' CNBC anchor Maria Bartiromo gives an insider's look at the fateful days surrounding the fall of Lehman Brothers.

Barclays Appoints Robert Diamond as CEO

British bank Barclays PLC (BSC) appointed Robert Diamond Jr. as CEO, according to The Wall Street Journal. Diamond is currently the head of Barclay%u2019s investment banking business. He will replace John Varley, who will step down on March 31, The Wall Street Journal said.

Legal Briefing: New Jersey Settles SEC Fraud Charges

The Securities and Exchange Commission made history this month when it charged New Jersey with fraud for lying to its bond purchasers about its underfunded pensions -- the first time the SEC ever sued a state for securities fraud. But New Jersey has already settled the case.

Legal Briefing: Blagojevich Lied But Not Corrupt

The jury found ex-Illinois Governor Rod Blagojevich guilty of lying to the FBI but deadlocked on the 23 other charges. Because of one hold-out juror, Blagojevich goes free on charges including allegedly selling the President's Senate seat.

Legal Briefing: Barclays Joins List of Sanctions Violators

Barclays agreed to pay $298 million to settle criminal charges that it did business with countries like Cuba, Iran, Libya and Sudan, violating U.S. economic sanctions against these nations. Barclays is just the latest in a string of banks that have transacted with such countries.

Legal Briefing: Will Big Banks Pay Over Misleading Ratings?

MBIA has sued Merrill Lynch because the CDOs on which Merrill bought insurance from MBIA were AAA-rated junk. MBIA says Merrill knew the CDOs didn't deserve the top rating at the time it insured them. If this case succeeds, big banks may find dud ratings very expensive.