8.2 C
New York
Thursday, March 28, 2024

Real Deal on Wall Street: Why Best Buy Founder Really Wants to Buy the Company

Courtesy of Benzinga.

According to a Sunday Times report, Barclays’ (NYSE: BCS) board of directors is considering splitting the bank into two units in the wake of the LIBOR fixing scandal, which has cost former Chief Executive Officer Bob Diamond his job. The Times did not cite its sources in the report.

According to the newspaper, Barclays is considering plans to spin off its investment banking arm, which would then be listed on the New York Stock Exchange. The London-based retail and commercial banking operations would retain its listing on the London stock exchange. Currently, Barclays also trades on the New York Stock Exchange as an ADR.

Dow Jones reports that a source familiar with the situation said the Sunday Times article is inaccurate. Barclays settled with U.S. and U.K. regulators for $453 million after an investigation into the bank’s role in fixing the London Interbank Offered Rate, or LIBOR, which is used to calculate interest on trillions of dollars of financial assets across the world.

At least six other banks remain under investigation for their roles in the scheme. Last week, Bob Diamond, chairman Marcus Agius, and senior executive Jerry del Missier, all resigned in the wake of the scandal. On Monday, BCS shares have fallen around 1% to $10.17. Over the last month, the stock is down nearly 15% with most of the losses occurring in the wake of the unfolding scandal at the UK bank.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

157,453FansLike
396,312FollowersFollow
2,280SubscribersSubscribe

Latest Articles

0
Would love your thoughts, please comment.x
()
x