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Sunday Papers: New chairman vows to ‘change Barclays’

And leading investors are backing Stephen Hester to succeed Bob Diamond and become the new chief executive of Barclays Bank.

 
Sunday Papers: New chairman vows to ‘change Barclays’

Top stories

  • The Sunday Telegraph: Sir David Walker, the new chairman of Barclays, is to undertake a wholesale review of the way the bank operates and has admitted that he agrees "in principle" with the end of the free banking model.
  • Mail on Sunday: Gary Hoffman, the former boss of Barclaycard and Northern Rock, has been tipped as a possible chief executive of Barclays after the bank named Sir David Walker as its new chairman.
  • The Sunday Telegraph: Leading investors are backing Stephen Hester to succeed Bob Diamond and become the new chief executive of Barclays Bank.
  • The Independent of Sunday: Fashion retailer Next is branching out into garden centres after a trial format came up smelling of roses.
  • The Sunday Telegraph: Standard Chartered is to make it clear it wants to settle its battle with New York regulators over dollar trades with Iran rather than face a drawn-out battle.

Business and economics

  • The Independent of Sunday: An autumn hangover for the UK's jobs market is set to swell the unemployed ranks by 150,000 by the end of this year, experts warned today.
  • The Sunday Telegraph: Mehmet Dalman, the chairman of ENRC, has hired a key lieutenant of the company's founders and controlling shareholders to carry out work on his plans to split the mining giant in two.
  • The Sunday Telegraph: Sir Brian Bender, the chairman of the London Metal Exchange, has dismissed suggestions the commodities market will be open to manipulation by China as a result of its recent sale.
  • The Sunday Telegraph: Virgin Trains is preparing for a legal fight over its last remaining rail franchise, as ministers prepare to award the contract for the prestigious West Coast line to rival FirstGroup.
  • The Sunday Telegraph: Facebook will face its first major test of the UK's competition laws this week with the Office of Fair Trading deciding whether to refer the social network's $1 billion acquisition of photo-site Instagram to the Competition Commission.
  • The Sunday Telegraph: The owners of Silverstone, the Northamptonshire racetrack that is home to Formula One's British Grand Prix, have given themselves until the end of the year to find an investor willing to pay £150 million to run the race and fund ambitious expansion plans.

Share tips, comment and bids

  • Mail on Sunday: Universal Music is considering whether so many concessions are being demanded that the £1.2 billion deal no longer makes sense, in which case it plans simply to sell the whole of EMI straight on to a new buyer.
  • The Independent on Sunday: Picture agency Getty Images is poised to change hands in a deal that will value it at more than $4 billion.
  • The Sunday Telegraph: The life insurance arm of Guggenheim Partners, the $160 billion financial giant that traces its roots back to Solomon R. Guggenheim, is in pole position to buy some, or all, of Aviva USA.
  • Mail on Sunday: British Airways' parent company is considering buying a small stake in American Airlines to prevent it from being taken over by Delta and turning into a global rival.
  • The Sunday Telegraph (Comment): The morning after he was announced as the man who will tame, nurture and reinvigorate the bedraggled eagle that is Barclays, Sir David Walker was hot on detail.
  • Mail on Sunday (Comment): Does Standard Chartered have no morals at all? Well, one thing is certain – it is far from alone in having dealings with the Central Bank of Iran.

3 comments so far. Why not have your say?

Carl via mobile

Aug 12, 2012 at 10:40

Business is about profits not morals come on guys wake up!

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Jeremy Bosk

Aug 12, 2012 at 16:35

The Daily Mail has never withdrawn or apologised for its pre-war headline, "What Britain Needs is a Herr Hitler". Lectures on morality from a Nazi sympathiser are surplus to requirements.

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Anonymous 1 needed this 'off the record'

Aug 12, 2012 at 20:01

Please NOoooo ! not Hester - he's a serial mover-around having 'done' stints at many plcs without achieving any real result for shareholders ... check out the record at British Land and Abbey and RBS ... all abysmal under performances .

Mind you his ability to shake out golden hellos and golden bye-byes for himself seems to be quite a forte. So over all, Stevie boy's done well for himself and nobody questions 'when is this mover ( not shaker) going to return any value to the shareholders?'.

Diamond on the other hand signified what one identifies with what was good about Barclays - world players with an avaricious American CEO who knew his value and did what was needed. Watch any trading floor on the financial channels and it's Barclays traders who predominate. Barcays never asked the UK taxpayers to prop them up or had system crashes . The Arabs and trhe chinese would dearly love to own a significant stake in this Bank and Barclays reciprocated and kept paying out dividends.

The LIBOR fiasco and interest rate setting was IMO a total non-event: if you're reading this , you'll know that all prices (of bonds, equities and interest rates) are set and move in a heart beat in an open market. Prices are driven by sentiment and newsflow - not determined by some Central quasi government authority and based on out-of- date data on a spreadsheet.

By paying a hefty fine for a non event instead of toughing it out in the courts , Diamond's bosses sought to get some good PR for bankers. It's classic misdirection and God knows what was the real reason behind them paying over the funds. No doubt in his memoirs, Bob will reveal the real truth of the matter.

It is hard to believe that Diamond was ousted over this Libor nonsense when in fact, he was one of the few bankers who turned up for work and applied his team on doing what we expect and pay bankers to do. Maybe he was too American and too direct?

If the UK is to become a prime financial centre, it is not good enough to trot out yesterday's has beens . We need fearless innovative talent not old boys networkers. If it means bringing in those from overseas with proven track records of high performance and delivery, then this has to be the way forward.

Personally I'll be sorry to have to sell my shares in Barclays if the Board go this route .

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