Convergex Names Ops and Strategic Planning Head New York-based Convergex, an agency-focused brokerage and trading-related services provider, reports that Jason Emerson has been named managing director and head of operations and strategic planning. In this new position, he will be “responsible for overseeing the firm’s global operational initiatives,” according to a statement, which notes also… Read More >>
Barclays Proposes ‘Ice Breaker’ $94M Settlement for Euribor Case
Barclays has stepped forward and proposed a potentially trend-setting $94 million settlement with U.S. authorities over the antitrust case brought against it and 10 other banks over allegations they commandeered the European Interbank Offered Rate (Euribor) to their advantage. This proposed settlement for Sullivan et al v Barclays Plc, case number 13-02811, is before Judge… Read More >>
Barclays Hopes New CEO Will Jolt IB Efforts
Ending much media speculation, Barclays officials announced that the bank has named industry veteran James E. Staley to be its new top executive, signaling the start of a new era for a firm shaken by legal battles with government authorities and regulators, sudden executive shuffles and layoffs. Staley has been appointed as Group CEO of… Read More >>
Barclays to Settle RMBS Lawsuits for $325 Million
Barclays has reached a $325 million settlement with a U.S. government agency that regulates federal credit unions, bringing to an end a lawsuit against the Barclays Capital investment banking subsidiary over the sale of allegedly faulty residential mortgage-backed securities (RMBS) to corporate credit unions that allegedly failed as a result of the transactions. The agreement… Read More >>
Does Markit Have a ‘Game-Changer’ for Mitigating Third-Party Op Risk?
(Editor’s note: Markit, a financial information services vendor, has launched a seminal offering, dubbed the Know Your Third Party (KY3P) service. It’s a centralized, cloud-based data hub intended to help financial services firms better manage the operational risk that comes with third-party risk providers. The service, hosted by Dell Cloud Services, can be used for… Read More >>
Ops Needs Hub to ‘Take Out Operational Risk and Cost’ of KYC
(Editor’s note: Designed for simplifying client data gathering and document management, the Clarient Entity Hub utility service of Clarient Global went live in the spring with the support of Barclays, BNY Mellon, Credit Suisse, Goldman Sachs, JPMorgan Chase and State Street. The hub targets the client onboarding and client lifecycle operations such as know your… Read More >>
Barclays Cuts 150 Staff from the Investment Banking Unit
Barclays is cutting approximately 150 employees from its investment bank, according to multiple media reports, the latest move in a broader push by big banks to wind down trading desks after profits have shrunk in the post-crisis landscape. While the layoffs are likely to be contained to the front office for now, industry observers say… Read More >>
Barclays Board Dismisses CEO Antony Jenkins
Barclays’ board is parting company with Antony Jenkins, who is being dismissed from the post of chief executive after three years to make way for a CEO that can “accelerate the pace of execution going forward,” according to bank officials. While a search for Jenkins’ successor is underway, his temporary replacement is John McFarlane who… Read More >>
SunGard Targets FCMs via Derivatives Clearing Utility
FinTech giant SunGard Financial Systems has launched a venture to cut costs and fatten margins for derivatives brokers, unveiling a new derivatives industry clearing utility that the vendor says will increase operational efficiency by streamlining redundant workflows at clearing firms. The SunGard Derivatives Utility, as it’s called, was born out of a partnership with Barclays… Read More >>
InfraHedge Founder to Head Barclays Unit
The founder of InfraHedge Ltd. Akshaya Bhargava will become the new chief executive of Barclays’ Wealth and Investment Management group, officials say. Bhargava, who will be joining the bank on October 13, founded InfraHedge in 2010 and later sold it to State Street Corporation at the end of 2013, officials say. Prior to InfraHedge, he… Read More >>
