We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Shares of Barclays (BCS - Free Report) were down nearly 2.3% in late-afternoon trading Monday after the company’s sale of its wealth and investment management business in Singapore and Hong Kong failed to raise as much cash as was expected.
The British banking giant offloaded these operations for about $225 million to Singapore’s Oversea-Chinese Banking Corp. (OCBC). When the deal was originally announced in April, Barclays indicated that it was expecting to fetch around $320 million from the sale.
Barclays’ Singapore and Hong Kong business currently has about $18.3 billion worth of assets under management, and it was valued as high as $500 million at one point. The deal was fixed at 1.75% of assets under management, and when some clients decided to stick with Barclays or move to other banks, the overall value of the sale was reduced.
Despite this sales, Barclays claims that it is still committed to Asia. The bank maintains offices in Singapore, Hong Kong, China, India, and Japan, although it did cut jobs and exit several smaller markets in the continent.
In a post on the company’s website, Barclays CEO Jes Staley applauded the sale and asserted its importance for the bank’s continuing goal to trim its non-core businesses.
“This is another example of the great progress we have made this year in Barclays Non-Core, as we aim to reduce risk weighted assets to £23 billion in 2017 and reintegrate the remainder of the unit back into the Group,” Staley said.
Barclays said that the sale will result in a nearly $1 billion pro forma decrease in risk weighted assets.
Stocks that Aren't in the News. Yet.
You are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. Many of these companies are almost unheard of by the general public and just starting to get noticed by Wall Street. They have been pinpointed by the Zacks system that nearly tripled the market from 1988 through 2015 with a stellar average gain of +26% per year. See these high-potential stocks free >>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Here's Why Barclays (BCS) Stock Fell Today
Shares of Barclays (BCS - Free Report) were down nearly 2.3% in late-afternoon trading Monday after the company’s sale of its wealth and investment management business in Singapore and Hong Kong failed to raise as much cash as was expected.
The British banking giant offloaded these operations for about $225 million to Singapore’s Oversea-Chinese Banking Corp. (OCBC). When the deal was originally announced in April, Barclays indicated that it was expecting to fetch around $320 million from the sale.
Barclays’ Singapore and Hong Kong business currently has about $18.3 billion worth of assets under management, and it was valued as high as $500 million at one point. The deal was fixed at 1.75% of assets under management, and when some clients decided to stick with Barclays or move to other banks, the overall value of the sale was reduced.
Despite this sales, Barclays claims that it is still committed to Asia. The bank maintains offices in Singapore, Hong Kong, China, India, and Japan, although it did cut jobs and exit several smaller markets in the continent.
In a post on the company’s website, Barclays CEO Jes Staley applauded the sale and asserted its importance for the bank’s continuing goal to trim its non-core businesses.
“This is another example of the great progress we have made this year in Barclays Non-Core, as we aim to reduce risk weighted assets to £23 billion in 2017 and reintegrate the remainder of the unit back into the Group,” Staley said.
Barclays said that the sale will result in a nearly $1 billion pro forma decrease in risk weighted assets.
Stocks that Aren't in the News. Yet.
You are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. Many of these companies are almost unheard of by the general public and just starting to get noticed by Wall Street. They have been pinpointed by the Zacks system that nearly tripled the market from 1988 through 2015 with a stellar average gain of +26% per year. See these high-potential stocks free >>