Here’s Bob Diamond’s memo, with a few italicized changes to make it seem more sincere…
It has been an incredibly tough period for all of you given the nature and volume of negative comment that has come against Barclays in the past few days as I cling onto my ‘total remuneration package’ and sacrifice my friends whilst hanging [...]
Marcus Agius should, and could, have sacked Barclays CEO, Bob Diamond, over the LIBOR scandal, which has destroyed Barclays’ reputation with the public, regulators and governments, particularly in the UK and United States. It has also cost the bank more than a staggering one quarter of a billion pounds (about $450 million) so far, but multi-million [...]
HSBC's global HQ is in Canary Wharf
HSBC announced its financial results today. It will probably be attacked by many, so this is a defence.
HSBC is a very different animal to the other UK banks. It is still run by bankers, rather than former McKinsey consultants like Barclays. A good friend, working [...]
Figures are from Barclays Results Announcements and Annual Reports. This graph doesn’t really require much in the way of commentary, does it? It isn’t hard to see where most of the spare cash Barclays generates is going, and it certainly isn’t to the shareholders who were nearly wiped out in the financial crisis.
Since Legal & General [...]
Here’s a graph showing dividend and share price performance for Barclays shareholders normalised to 2005. Contrast this performance with the pay:income ratio at Barclays Capital, again normalised to 2005. This is not a graph you’ll find in a Barclays annual report or a Bob Diamond presentation.
As an interesting aside, when cantankerous was at business school, half [...]