|Bid||9.07 x 45100|
|Ask||9.11 x 36900|
|Day's Range||9.05 - 9.15|
|52 Week Range||6.54 - 10.22|
|Beta (5Y Monthly)||0.81|
|PE Ratio (TTM)||81.07|
|Forward Dividend & Yield||0.46 (5.04%)|
|Ex-Dividend Date||Feb. 26, 2020|
|1y Target Est||9.56|
The Annual Report on Form 20-F for Barclays PLC for the year ended 31 December 2019 (the "Form 20-F") has been filed with the US Securities and Exchange Commission and is also available on our website, home.barclays/investorrelations.
(Bloomberg) -- The advice was delivered in a beach-side gazebo on a private island in the Caribbean: If you need a private banker, talk to Jes Staley.The speaker was Jeffrey Epstein, the remarks captured on tape in 2003 -- long before Epstein was accused of sexually abusing and trafficking hundreds of young women and girls on that very island.Now, six months after his death in a Manhattan jail cell, his 15-year relationship with Staley has once again come to the fore. Today Staley is chief executive officer of the venerable Barclays Plc, and British authorities want to know more about the banker’s ties to the mysterious financier who became an infamous symbol of wealth, privilege and abuse.“It’s clear in my own mind, going all the way back to 2015 when I joined Barclays -- I have been very transparent with the bank and have been very willing and open to discuss the relationship that I had with him,” Staley, 63, told Bloomberg Television on Thursday.Barclays has said the CEO retains the “full confidence” of the board. Still, much hinges on the outcome of the investigation by the Financial Conduct Authority, which started inquiries last summer after press reports revealed the links between the men, a person familiar with the process said. The FCA opened a formal probe in December into how Staley characterized his relationship with Epstein.The turmoil at Barclays is the latest indicator of how the late pedophile has haunted elite financial and social circles ever since he was found dead in his Manhattan cell. He was arrested on sexual trafficking charges in July and accused of abusing and exploiting dozens of girls.Those who’ve been on the defensive include Leslie Wexner, the billionaire behind Victoria’s Secret, who until Epstein’s first arrest in Florida more than a decade ago relied on him to manage money. Then there’s Glenn Dubin, who last month announced he would retire from his hedge fund, and Prince Andrew, who was forced to step back from royal duties after a disastrous TV interview, in which he tried to explain his friendship with the convict.Staley reiterated Thursday that he knew Epstein since 2000 when he was head of JPMorgan Chase & Co.’s private bank and was told to strike up a professional relationship with the financial adviser.Epstein regularly brought Staley business and vice versa.“They know they can call up and ask me, you know, there’s an opportunity here and might take a very large sum of money, $100 million or more, whatever the number may be,” Epstein bragged to journalist David Bank in 2003. “And I can give them an answer by the end of the telephone call.”Around that time, Epstein and Staley traded calls at least every few months, according to phone records obtained by Florida prosecutors. U.K. regulators have received a batch of emails between the men dating to the time Staley was at JPMorgan that suggested the pair’s relationship was closer than Staley has claimed, according to the Financial Times, which cited people familiar with the matter without identifying them.Epstein introduced Staley to Dubin, a connection that helped Staley arrange JPMorgan’s acquisition of a majority stake in Dubin’s hedge fund, Highbridge Capital Management, in 2004.The deal elevated Staley within the bank, turbocharging his career, which culminated in him emerging as a candidate to succeed Jamie Dimon. Ultimately Staley left JPMorgan in 2013 and -- after a brief stint at hedge fund BlueMountain Capital Management -- was named CEO of Barclays in 2015.Yet even after Epstein’s 2008 guilty plea for soliciting prostitution, in one case with a minor, Epstein stuck by his longtime client. Staley visited while Epstein was serving his time behind bars, according to the New York Times.The pair were close enough in 2015 for Staley and his wife to stop off for lunch on Epstein’s island while they were on a sailing holiday.Staley said his relationship with Epstein “began to taper off as I left JPM and contact became much less frequent in 2013, 2014,” before ending in 2015, after his visit to the island and before he took up his role at Barclays.The beginning of his tenure at Barclays was marked by another scandal after Staley repeatedly and improperly attempted to unmask the identity of whoever sent letters to members of the bank’s board and another executive. After a yearlong regulatory probe, Staley kept his job, though the FCA and Prudential Regulation Authority said he failed to behave “with due skill, care and diligence.”For now, investors are signaling support for the executive, who’s overseen a 25% share price drop since he took over as CEO in 2015.“Barclays is probably in a better position today than a few years ago, but these investigations are a continuing distraction,” said Alan Beaney, Chief Executive at RC Brown Investment Management, which has held Barclays shares since 2012. “The board may eventually think this guy is tarnished and decide at some stage that the bank will be better off without him. At the current time, they fully support him”.Staley is adamant he’s been fully transparent with Barclays. But like others drawn into Epstein’s orbit, he admits to poor judgment.“I thought I knew him well and I didn’t,” Staley said in a call with reporters on Thursday. “With hindsight of what we all know now, I deeply regret having had any relationship with Jeffrey Epstein.”(Updates with details of emails in 11th paragraph.)\--With assistance from Anders Melin.To contact the reporters on this story: Tom Metcalf in London at firstname.lastname@example.org;Stefania Spezzati in London at email@example.comTo contact the editors responsible for this story: Ambereen Choudhury at firstname.lastname@example.org, ;Pierre Paulden at email@example.com, David Gillen, David ScheerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- Within a few months of joining UBS Group AG in 2011, Sergio Ermotti found himself in just the right place. Switzerland's biggest bank needed to restore stability after a spate of trading losses, and the newcomer was quickly elevated to the chief executive role. His exit isn’t going so smoothly.Ermotti, 59, has signaled that he plans to step down this year and the Zurich-based lender is now seeking a replacement, Bloomberg News reported. After implementing a successful turnaround by taking UBS out of some parts of the trading business and bolstering its lead as the world’s biggest wealth manager — just as central-bank stimulus infused markets and the rich became richer — Ermotti has allowed the bank to drift recently, and the stock has languished. It’s hard to see an obvious successor, which doesn’t reflect well on the CEO and his chairman, Axel Weber.While the shares have outperformed European rivals since Ermotti took over, that hasn’t been the case over the past two years. Crucially, the bank now trades below book value. The CEO has struggled to meet key financial targets, seen as unambitious at first, and he cut his goals again in January, the third time in three years that he’s had to reset ambitions.In an era of negative rates, the $2.6 trillion wealth manager hasn’t adapted as quickly as some rivals — including Credit Suisse Group AG — to preserve its private-banking margins. The shift to passive investments and lower expectations on returns for customers have made it difficult to defend higher fees, while geopolitical tensions have muted client trading.Chasing absolute growth in assets under management hasn’t helped improve returns as much as hoped as costs at UBS remained elevated. Even with its lead in the booming Asian market, managing money from the rich has become tougher.The succession doesn’t appear to have gone to plan either. With both Weber and Ermotti having been in their jobs for almost eight years, the bank should have assembled a deep bench of potential candidates. Instead, a series of botched senior appointments and management changes, including the exit of investment bank chief Andrea Orcel 18 months ago, are limiting UBS’s choice.Iqbal Khan, a prized hire from Credit Suisse brought in to help run the wealth management division, may not be among the runners, Bloomberg News reported. That isn’t surprising. He’s only been in the role a few months, and revelations about his acrimonious split with his former employer will be fresh in everyone’s minds.It may be too soon to turn to asset management chief Suni Harford, who’s also only been in the job since September. That leaves Sabine Keller-Busse, the chief operating officer, among the most promising internal candidates. But the former McKinsey & Co. consultant hasn’t managed a big division at the bank.A $5 billon fine in France for helping clients avoid taxes is clouding the outlook for higher investor returns this year, after the bank passed on the chance to settle when the opportunity arose. Still, lower targets for profit and cost efficiency are seen as achievable because they rely less on revenue than before. Khan’s plans to offer more tailored products for wealth clients, and to cut bureaucracy and increase lending, should juice up returns and profit. But that big shift into lending carries risk.UBS is still in a privileged position compared to some European competitors. It’s not in the midst of a deep restructuring like Deutsche Bank AG and HSBC Holdings Plc, nor is it beset by scandal like Credit Suisse and Barclays Plc. So this is a chance to think radically. As robots replace workers and banks invest heavily in the digital revolution, UBS would be wise to look beyond the usual circles for its next leader.To contact the author of this story: Elisa Martinuzzi at firstname.lastname@example.orgTo contact the editor responsible for this story: James Boxell at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Elisa Martinuzzi is a Bloomberg Opinion columnist covering finance. She is a former managing editor for European finance at Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.