Latest news with #NigelHiggins
The Guardian
27-06-2025
- Business
- The Guardian
Barclays and Jes Staley face fresh lawsuit in US over Epstein link
Barclays and its former chief executive Jes Staley are facing a class action lawsuit in the US over claims they defrauded and misled investors over Staley's relationship with the child sex offender Jeffrey Epstein. A judge in a Los Angeles court denied Staley's request to dismiss the case this week, paving the way for a fresh hearing that continues a long-running legal saga emanating from Staley's statements to regulators and investors over the nature of his ties to the disgraced financier. It is a bruising outcome for the American banker, who lost a legal challenge in the UK on Thursday against the Financial Conduct Authority (FCA), which banned him for life from holding senior management roles in the City in 2023 for misleading the watchdog over his history with Epstein. The US class action suit, led by pension funds in New York and Missouri, alleges that Barclays, its chair, Nigel Higgins, and Staley repeatedly misrepresented Staley's history with Epstein to media and investors, starting in July 2019 – weeks after Epstein was arrested on charges of trafficking underage girls for sex. Court documents allege that this was done in an attempt to protect Barclays' reputation and share price. The plaintiffs claim Barclays downplayed the relationship even after the FCA launched its investigation, which centred on claims made in a letter it received from Barclays in October 2019. That letter claimed that Staley 'did not have a close relationship' with Epstein, and that his last contact with the financier had been 'well before' he joined Barclays four years earlier in 2015. The FCA investigation, triggered by a cache of 1,200 emails from Staley's former employer JP Morgan, concluded that the pair were 'indeed close' and had a relationship that 'went beyond one that was professional in nature'. The latest US lawsuit claims that Barclays, Staley and Higgins misled them even after learning about the FCA investigation. They claim that this continued even after Barclays reviewed the JP Morgan email cache, which 'demonstrated that the two men shared a much closer, personal relationship than defendants acknowledged to the FCA and the public'. The case has been brought by US shareholders and owners of American depository receipts (ADRs), which give investors the chance to own and trade shares in foreign companies on US stock exchanges. They claim they were ultimately defrauded, having learned about the true nature of Staley and Epstein's relationship only after the FCA publicly released findings of its investigation and banned Staley from the City, in October 2023. The news caused the value of their shares and ADRs to drop, resulting in 'significant economic losses.' Staley had resigned from Barclays two years earlier in 2021 over preliminary findings from the FCA's investigation. 'When the FCA privately informed defendants of the outcome of its preliminary investigation, Staley left Barclays. Nevertheless, Barclays publicly continued to minimise the scope of the FCA's investigation into Staley's relationship with Epstein and voiced its support for its former CEO,' court filings by the plaintiffs state. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion That continued, they allege, after damaging details were revealed in a civil suit against JP Morgan, which was accused of banking Epstein while he was sex trafficking women and girls. While the cases were eventually settled, the class action says the evidence presented 'further exposed correspondence between Staley and Epstein that publicly revealed their relationship was more than merely professional – contrary to the assurances defendants made to investors in Barclays securities'. The filings cite the infamous exchange in which the pair refer to Disney princesses in July 2010. 'That was fun. Say hi to Snow White,' Staley wrote. 'What character would you like next?' Epstein asked, to which Staley replied: 'Beauty and the Beast.' The filing states: 'When defendants' deception of the FCA and investors was revealed, the price of Barclays Securities again fell, and investors were further economically damaged.' The plaintiffs are suing Barclays, Higgins and Staley for an unspecified amount, saying they want compensation for 'all damages sustained as a result of defendants' wrongdoing, in an amount to be proven at trial, including interest'. They are also requesting that costs and expenses linked to the trial be covered, on top of 'such other relief as the court may deem just and proper'. The first scheduling hearing in this US class action case, which will start setting out a timetable and deadlines for the legal process, is due to take place on 14 August. A legal representative for Staley declined to comment. Barclays and Higgins declined to comment.
Daily Mirror
12-05-2025
- Business
- Daily Mirror
Barclays issues update on future bank closures after shutting 1,236 branches
Barclays' boss, CS Venkatakrishnan, made the announcement at an annual general meeting last Wednesday, as data shows the lender has shut 1,236 sites in the last ten years Barclays has promised not to announce any more bank branch closures in 2025 or 2026. Barclays ' boss, CS Venkatakrishnan, made the announcement at an annual general meeting last Wednesday. He said: "We don't have any plans to announce further bank branch closures in 2025 or 2026." However, the bank could still close more branches beyond 2026. Chairman Nigel Higgins said: "We want to see how the current branch strategy plays out." The high street bank has closed 1,236 sites over the past ten years, according to data from Which? magazine. Barclays has already shut 14 bank branches in 2025. If you're a Barclays customer and you're worried about closures, you do have several options. You can check if Barclays has a "mobile branch" near you. The bank also has 200 pop-up banking sites, located in spaces such as community centres, libraries and business hubs. However, these don't have cash or counter services. You can do some basic cash or counter services at your nearest Post Office, for example, paying in cash and cheques and making withdrawals. It comes after Barclays lowered the interest rate on its Rainy Day Saver account. The interest rate has now dropped from 4.87% to 4.61%. It marks the second time Barclays has cut savings rates in the last four months. It previously offered a rate of 5.12% for its Rainy Day Saver but this was cut by the bank in February. Barclays has also started paying out compensation to customers who were affected by a major outage earlier this year. Thousands of people were left unable to make and receive payments at the end of January following a glitch that lasted several days. Barclays previously confirmed that if you were left out of pocket due to the glitch, it would compensate you - for example, if you couldn't pay a bill and were hit with late payments. A spokesperson from Barclays says it is using its own records to try and identify customers that may have been impacted, and says it is prioritising those who are considered vulnerable. You may be contacted by the bank to provide more information. Customers can also raise a complaint directly with Barclays. The number to call is 0800 282 390 from the UK, or +44 (0)207 116 7488 from abroad. Full list of Barclays that have shut in 2025 Sheringham Borehamwood Leiston South Woodford Farnham Whitby Tredegar Ystrad Mynach Cockermouth Pickering St Neots London - West End Willesden Green Barnard Castle
The Sun
11-05-2025
- Business
- The Sun
Barclays issues major update on bank closures after shuttering 1,236 locations in last decade
BARCLAYS has issued a major update on its bank branch closure plans after shutting 1,236 sites over the past 10 years. The banking giant has pledged not to announce any additional branch closures in 2025 or 2026. 1 Barclays' boss, CS Venkatakrishnan, made the promise at the bank's annual general meeting on Wednesday. When questioned about future plans, Venkat stated clearly: "We don't have any plans to announce further bank branch closures in 2025 or 2026." While this is good news for now, Barclays hasn't ruled out the possibility of closures in the future. Chairman Nigel Higgins said that the bank hadn't made any decisions beyond the 2026 timeframe, saying: "We want to see how the current branch strategy plays out." Like other major banks, Barclays has been shutting branches as more customers move to online banking. However, this has raised concerns that older and more vulnerable customers could be left behind. Over the past ten years, more than 6,300 bank branches have closed across the country, according to consumer group Which?. Barclays has been responsible for the largest number of these closures, shutting 1,236 branches. Its recent promise to halt further closures follows similar moves by HSBC and Nationwide Building Society. HSBC said last August that it would not close any more branches until at least 2026. This commitment, which extends a previous pledge to avoid new closures in 2024, aims to maintain its 327-branch network and invest over £50 million in improving existing branch locations. Meanwhile, Nationwide has vowed to keep all of its branches open until at least 2028, extending its previous commitment from 2026. What's happening at other banks? Customers are increasingly turning to online banking to manage their finances while banks and building societies look for ways to cut costs. Since 2022, UK bank branches have seen widespread closures, with Barclays leading the way with 397, followed by Lloyds Bank (308), NatWest (256), and Halifax (203), according to ATM operator LINK. Looking ahead from May 2025, Santander has the most planned closures (95), significantly more than Halifax (60) Lloyds Bank (59), NatWest (41) and Bank of Scotland (25). What to do if your local bank is set to close There are still a number of ways people can access basic banking services without having to venture to another town with a branch. You can use one of the Post Office's 11,684 branches to perform basic banking tasks — but not to open new bank accounts or take personal loans and mortgages. You can find your nearest Post Office branch by visiting Meanwhile, many banks offer a mobile banking service - where they bring a bus to your area offering services you can usually get at a physical branch. Other banks use buildings such as village halls or libraries to offer mobile banking services. It's worth contacting your bank to see what mobile services they have available, and when they might next be in your area. New super ATMs are being rolled out across the UK where branch closures have left residents unable to access essential banking services. These ATMs will allow customers to withdraw funds, access their balance, change PIN numbers and deposit cash. Bank of Scotland, Barclays, Halifax, Lloyds, NatWest, Royal Bank of Scotland and Ulster Bank are already signed up to allow deposits, at the super ATMs. Banking hubs are also being opened across the UK with 250 set to be available by the end of 2025. These sites typically feature a counter service operated by the Post Office as standard, enabling customers to conduct routine banking transactions conveniently. Each hub also has a private area where customers can consult with staff representing their banks for more complex matters. What services do banking hubs offer? BANKING hubs offer a range of services to bridge the gap left by the closure of local branches. Operated by the Post Office, these hubs allow customers to perform routine transactions such as deposits, withdrawals, and balance enquiries. Each hub also features private booths where customers can discuss more complex banking matters with staff from their respective banks. Staff from different banks are available on a rotational basis, ensuring that customers have access to a wide range of banking services throughout the week. Additionally, customers can receive advice and support on various financial products and services, including loans, mortgages, and savings accounts.
Daily Mail
07-05-2025
- Business
- Daily Mail
Barclays boss promises not to shut any more branches 'this year or next'
The boss of Barclays has promised not to announce any more branch closures this year or next in a boost for the High Street. Chief executive CS Venkatakrishnan, known as Venkat, made the pledge as he faced questions at the lender's annual general meeting from shareholders over its shrinking presence in towns and cities. But the bank refused to rule out shutting more sites in the coming years. Major UK lenders have been axing their branch networks as customers switch to digital banking. But critics have said the move risks cutting older people and vulnerable customers off from their finances. Responding to a question on further closures, Venkat said: 'We don't have any plans to announce further bank branch closures in 2025 or 2026'. Following further probing on plans for the next three to five years, chairman Nigel Higgins told shareholders: 'We have not made plans that far out. HOW THIS IS MONEY CAN HELP 'It isn't part of our thinking. We want to see how the current branch strategy plays out.' He added: 'We have to face the reality that there is a massive shift away from branches to digital banking and we are trying to get the balance right.' According to the latest figures from consumer group Which?, more than 6,300 branches have shut in the last decade. Barclays has closed 1,236 – more than any other lender. The pledge not to close more branches for now comes after HSBC said last year that it would not shut more until at least 2026. Nationwide, Britain's biggest building society, has promised to keep its sites open until the start of 2028. There was heightened security at the QEII Centre in central London where the Barclays AGM was held yesterday. A mob of protesters gathered outside, waving Palestine flags and holding banners that accused it of 'banking on genocide'. Barclays has faced a backlash, including vandalism of branches, for lending to defence firms that supply Israel. Pro-Palestine protesters disrupted the meeting several times in the first ten minutes before being removed. But one shareholder told Higgins that the views expressed by the demonstrators were 'not necessarily shared by all of us'. In response to a question later in the meeting, the bank chairman said: 'We abhor the human suffering on all sides in the conflict in the Middle East. 'We are not arbiters of foreign policy... we take the lead set by our government.' Barclays has said its role as a lender involves providing financial services to defence companies, including US, UK and European firms supplying products to Nato and other allies. Last week, the bank reported a better-than-expected 19 per cent rise in first-quarter profits to £2.7billion. But it warned of a slowdown in dealmaking and lending amid tariff uncertainty. Barclays shares fell 0.7 per cent, or 1.95p, to 296.15p yesterday.
Al Arabiya
07-05-2025
- Business
- Al Arabiya
Barclays attracts fresh anti-Israel protests at AGM
Barclays' annual meeting on Wednesday attracted fresh protests from activists opposed to its alleged provision of financial services to Israeli defense firms, forcing the lender to increase security checks on attendees in a bid to reduce disruption seen in previous years. Dozens of protesters gathered outside the event in Westminster, central London, waving Palestine flags and holding banners that accused Barclays of 'arming Israel' and 'banking on genocide'. Reuters saw at least one protester physically ejected from the building shortly before the event was due to begin. The activist was heard to shout 'Free Palestine' as he was escorted out by security. Protesters also interrupted chairman Nigel Higgins as he tried to get the meeting underway. 'Barclays is a primary dealer in Israel government bonds', a protester standing on a chair shouted before being carried out by security staff. Several others joined in, waving Palestine flags and shouting Free Palestine. 'You can all go', Higgins said, as the group was removed from the room. Barclays has faced heavy criticism for its alleged relationships with defense firms that produce equipment used by the Israeli Defense Force. Dozens of its branches have been defaced and vandalized by pro-Palestine activists in recent years and customers have been urged to boycott the bank. Barclays has repeatedly said its role as a lender is to provide financial services to defense companies, including US, UK and European firms supplying products to NATO and other allies. The bank has said it does not invest its own money in companies that supply weapons used by Israel in Gaza, and it only trades shares in such companies on behalf of clients. Barclays did not immediately respond to a request for comment on Wednesday's protests.
