Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

U.S. hedge fund Tiger Global has invested more than $1 billion in Barclays: FT

Published 01/22/2018, 09:34 AM
Updated 01/22/2018, 09:34 AM
© Reuters. FILE PHOTO:The logo of Barclays bank is seen on glass lamps outside of a branch of the bank in the City of London financial district in London

© Reuters. FILE PHOTO:The logo of Barclays bank is seen on glass lamps outside of a branch of the bank in the City of London financial district in London

(Reuters) - U.S. hedge fund Tiger Global Management has invested more than $1 billion in Britain's Barclays (LON:BARC) Plc, the Financial Times reported on Sunday.

The hedge fund had bought most of its roughly 2.5 percent stake in Barclays in November, FT reported, citing a person familiar with the matter. http://on.ft.com/2G2ihqK

Tiger Global Management is also extending a vote of confidence in Barclays Chief Executive Jes Staley's plans to strip back the bank to concentrate on its U.S.-led investment banking operations and its British-based consumer banking business, the report said.

Barclays did not respond to a request for comment outside regular business hours. Tiger Global Management said the hedge fund had no comment on the report.

Staley has championed investment banking amid calls from some analysts and investors to ditch a business which has in recent years struggled to match the profitability of Barclays' more mundane retail and credit card units.

Investment banks globally have struggled in recent years to make returns in excess of their cost of capital, as tighter regulations, pressure on fees from automation and low global interest rates combined to squeeze profits.

Barclays is cutting up to 100 senior jobs at its investment banks, Reuters reported on Wednesday.

© Reuters. FILE PHOTO:The logo of Barclays bank is seen on glass lamps outside of a branch of the bank in the City of London financial district in London

In 2016, around 1,000 jobs were cut from Barclays' investment banking business worldwide in an attempt to reduce costs and boost revenues. Barclays cut a total of 10,000 employees that year alone.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.