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The same bank that told regulators to do one when the UK introduced ringfencing (splitting investment from retail banks). I remember there was a story in a pape

The same bank that told regulators to do one when the UK introduced ringfencing (splitting investment from retail banks). I remember there was a story in a paper that someone from the BoE went to talk to management, the BoE told them that Parliament passed a law saying they had to split, and Barclays responded by implying they wouldn't split and would take down the UK economy if they were forced to...you cannot make this up. It is like the Devil being made Pope.

gadders 5y ago
But they actually did split, though?
- hogFeast 5y ago
  Correct. And they are now lobbying aggressively for the ringfence to be removed again (their investment bank is not regarded as economically sustainable as an independent operation).
  - zahllos 5y ago
    I would argue yes and no (for the split). They created two separate legal structures under Barclays PLC, since they had to (https://home.barclays/who-we-are/ring-fencing-explained/ https://home.barclays/who-we-are/ring-fencing-explained/) but as a consumer would you notice? The branding remains the same and the consumer probably doesn't notice when interacting with Barclays. Can't comment on the investment bank situation, but I know they went through a few CEOs a few years back :)
    - gadders 5y ago
      I think they did what they were required to do under the law. They don't have to become two wholly separate companies, just ensure that the investment bank going under doesn't jeopardise the solvency of the retail banking operation. HSBC has done similar.
LatteLazy 5y ago
When did they say that? Google says they were the first UK bank to complete the process in 2018.
- hogFeast 5y ago
  Yes, after their executive team left. And why did you expect to hear about it? Do you work in financial services? Most of these stories don't appear in newspapers because the public isn't that interested in the implementation of financial regulation (in this case though, there was actually an op-ed in the Telegraph from one of the Chairman who was forced out which basically made explicit what they were reported to have said to the BoE).
  - LatteLazy 5y ago
    I do work in FS (actually I'm unemployed at the moment). You're right though, these things are rarely reported so I would expect to hear even as an insider. I'm surprised Barclays were ballsy enough to outright refuse. Normally they just grip ane moan and don't do it and get infinite extensions...

gadders 5y ago

But they actually did split, though?

hogFeast 5y ago
Correct. And they are now lobbying aggressively for the ringfence to be removed again (their investment bank is not regarded as economically sustainable as an independent operation).
- zahllos 5y ago
  I would argue yes and no (for the split). They created two separate legal structures under Barclays PLC, since they had to (https://home.barclays/who-we-are/ring-fencing-explained/ https://home.barclays/who-we-are/ring-fencing-explained/) but as a consumer would you notice? The branding remains the same and the consumer probably doesn't notice when interacting with Barclays. Can't comment on the investment bank situation, but I know they went through a few CEOs a few years back :)
  - gadders 5y ago
    I think they did what they were required to do under the law. They don't have to become two wholly separate companies, just ensure that the investment bank going under doesn't jeopardise the solvency of the retail banking operation. HSBC has done similar.

LatteLazy 5y ago

When did they say that? Google says they were the first UK bank to complete the process in 2018.

hogFeast 5y ago
Yes, after their executive team left. And why did you expect to hear about it? Do you work in financial services? Most of these stories don't appear in newspapers because the public isn't that interested in the implementation of financial regulation (in this case though, there was actually an op-ed in the Telegraph from one of the Chairman who was forced out which basically made explicit what they were reported to have said to the BoE).
- LatteLazy 5y ago
  I do work in FS (actually I'm unemployed at the moment). You're right though, these things are rarely reported so I would expect to hear even as an insider. I'm surprised Barclays were ballsy enough to outright refuse. Normally they just grip ane moan and don't do it and get infinite extensions...