Barclays Bank

Barclays Partner Finance will begin sending early full-and-final settlement offers to tens of thousands of customers who complained about mis-sold motor loans, using the FCA’s compensation model. Acceptance is optional, customers get a month to decide and those who agree are likely to receive payments before Christmas but forfeit future claims on that agreement. The FCA’s £9.1bn scheme is paused by legal challenges and could delay or change final payouts, meaning customers who reject offers might get more, less or no compensation depending on the court outcome. Barclays has set aside £430m in connection with alleged mis-selling. » Mere på theguardian.com

Barclays raised its price target for Tesla from $370 to $450 and upgraded its rating from "Equal Weight" to "Overweight." Analyst Dan Levy cites the possible merger with SpaceX as a central topic of discussion, which Elon Musk has reportedly confirmed. Barclays also assesses the core business as robust and sees progress in the robotaxi business. Tesla shares gained as much as about 5.5% in NASDAQ trading, trading around $393.12. » Mere på finanzen.net

Barclays will cut around 5,000 jobs following increased adoption of artificial intelligence; 1,000 positions have already been eliminated and the remainder is to be cut by the end of 2026 (about 5% of the workforce). In the third quarter, profit attributable to shareholders rose 13% to £1.65 billion, and total income increased 3% to just under £7.4 billion, though parts of the figures fell short of analysts’ expectations. Investment banking revenues lagged expectations, while Barclays reduced provisions for loan losses. CEO C. S. Venkatakrishnan said the bank is on track for 2026–2028 and announced a £0.5 billion share buyback. » Mere på manager-magazin.de

The British major bank Barclays plans to cut around 5,000 roles by the end of the year, about five percent of its 93,000 employees, and will replace many positions with AI solutions. About 60 percent of the reductions affect support functions, such as software development; the impact is mainly in retail banking and partly in investment banking. The aim is structural cost savings of around £300 million to create room for further technology investments. » Mere på n-tv.de

The Prudential Regulation Authority is reviewing Barclays after concerns an internal whistleblower flagged that derivatives tied to private credit loans were recorded in the wrong portfolio, understating their risk. Misclassification could have reduced capital held against potential losses and inflated profits, while Barclays reportedly has billions of dollars of exposure through these derivatives. Barclays said it takes regulatory obligations seriously and declined to comment on interactions with regulators; its shares fell 3.5% ahead of upcoming results. » Mere på theguardian.com