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Barclays Sells Off Corporate, Payroll Prepaid Portfolio

“Barclays has divested its portfolio of physical prepaid cards in the U.K., selling the assets to Prepaid Financial Services (PFS), PFS said in a press release Wednesday (March 6)” reports pymnts.com. PFS took on the corporate and payroll prepaid card assets from Barclays and integrated the portfolio into its own platform earlier this year, the company noted.Adding this Corporate and Payroll portfolio to our existing corporate book further strengthens our position in the market as one of the leading payment providers for corporate customers.” The companies did not reveal financial…

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Former Barclays executive felt sick over 2008 Qatar deal, court hears

“LONDON (Reuters) – A former Barclays executive told in-house lawyers he felt sick when he was told the bank could be challenged by criminal authorities over side deals with Qatar during a 2008 emergency fundraising, a London fraud trial heard on Wednesday” writes Midwest Communications Inc for 95kqds.com. Boath said that Jenkins, who was negotiating with the Gulf state, had “real heft” in Qatar and was a “big deal down there”. Source: 95kqds.com

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Tesla’s stock sinks after Barclays slashes target to lowest on the Street

“He reiterated the underweight rating that been in place for the past three years, while lowering his price target to $192–31% below current levels–from $210” writes Reporter Editor for marketwatch.com. The stock has tumbled 23% over the past three months while the S&P 500 SPX, -0.01% has gained 3.4%.TSLA, -1.29% sank 3.1% to a 4 1/2-month low in morning trade Tuesday, after Barclays’ Brian Johnson cut his price target to be the most bearish of analysts surveyed by FactSet, saying the sooner-than-expected price cuts to Model 3s and retail store…

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Barclays bosses fretted over Qatar deal in 2008 fundraising

“An unfairly preferential deal could also have risked trouble for the executives who planned it, Boath said he told Jenkins” writes Midwest Communications Inc for 95kqds.com. LONDON (Reuters) – Top Barclays executives worried that investors in the bank’s 2008 emergency fundraising would go “nuts” if Qatar was given a better deal unfairly, a London court heard on Monday.The prosecution alleges that concerns about the deal expressed by the defendants show they thought or knew what they were doing was wrong. China Development bank and Singapore’s Temasek were among the other…

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Brokers News 

How secure is your Tier 1 prime broker? The figures bare all

“How your Tier 1 bank handles it and how secure its systems are is paramount” reports financefeeds.com. According to the regulator, during the same period Barclays, Cahoot and Santander each suffered seven incidents while Lloyds Bank customers faced disruption on six occasions.FinanceFeeds followed this up with some London-based prime of prime brokerages, and it appears that most certainly, RBS has the lowest entry barriers and is actually willing to do business as a Tier 1 counterparty.Once upon a time, not very long ago, Tier 1 banks with large market shares…

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Qatar, China, Japan sought ‘extras’ after Barclays 2008 fundraising: court

“Four months later, the bank paid Qatar 280 million pounds in a second ASA, the court has heard previously” reports businessinsider.com. Glenn Leighton, a former Barclays director and a witness for the Serious Fraud Office (SFO) prosecutor, told Southwark Crown Court that these agreements with Qatar, Japan and China were separate from the bank’s emergency fundraising in June 2008 but negotiated “in tandem”. Source: businessinsider.com

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Barclays is revamping how it trades stocks as it welcomes in the ‘golden age for electronic trading’

“The next five years are really going to be the golden age for electronic trading,” Nehren said in an interview with Business Insider” writes Dan Defrancesco for businessinsider.com. Condensing the number of algos the banks uses for stock trading down to one will allow it to innovate more.A new era of electronic stock trading has arrived.Barclays’ equities business generated $2.7 billion in income in 2018, a 25% uptick from 2017. Source: businessinsider.com

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Mastercard and Barclays are partnering to grow Pay by Bank

“And in 2020, Barclays will launch the Pay by Bank app, which will extend access to over 6 million mobile banking users” writes Rachel Green for businessinsider.com. Barclays rolled out Pay by Bank, which is offered to merchants by Mastercard-owned Vocalink and enables online shoppers in the UK to pay for purchases using their mobile banking app as a direct debit, to Barclaycard merchants. Source: businessinsider.com

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Barclays’ former chairman says he was completely in the dark over deal with Qataris during the financial crisis

“Former Barclays chairman Marcus Agius was unaware of the existence of a deal with Qatari investors at the heart of a historic fraud trial, a London court heard Wednesday” writes Callum Burroughs for businessinsider.com. Agius said he was also unaware of how the deals were negotiated or how the fees were arrived at. Source: businessinsider.com

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