Great 'Work in a bank? What should we know' Hunt

BarclaysManager wrote: »

Do I detect some closet racism? Why exactly does it matter to you or anyone whether the finance comes from Arabic companies and person or from HMG?

And to correct you, the amount repaid in our deal is comparable to what we would lose to HMG. Do you think our shareholders would have voted for it otherwise? :rolleyes:

Also consider the hold up nature of this forced recapitalization - which wasn't even needed, might I add - the FSA, one part of the government, tells us we need more money to make it happy - lots more money. It does so at a time when the credit markets are difficult at best. Then, another part of the government comes along with the offer of finance in return for a massive stake in the company.

Do you not see what might be slightly wrong with that?

Nov 11 2008 - In spite of difficult market conditions Barclays has increased its lending and overdrafts to small businesses by 5.3.%, from £9.6 billion September 2007 to £10.1 billion September 2008.
http://www.newsroom.barclays.com/Content/Detail.asp?ReleaseID=1467&NewsAreaID=2

Dec 15 2008 - Barclays commits to making at least a further £1.5 billion available to SMEs in 2009, bringing its total commitment to some £16.5 billion by the end of 2009.
http://www.newsroom.barclays.com/Content/Detail.asp?ReleaseID=1467&NewsAreaID=2

Do you write for the Daily Mail or something? At least do SOME research first.

Hi Barclay's Manager
Very interesting reply for which I thank you. Like 99% of people my knowledge of what is destroying 12 % of the world's wealth is a little bit hazy. I find it difficult to understand how a combination of NINJA mortgages, securitisation and the "quants" have managed to wreck the world's economy.
Turning to Barclays specifically, with which I have had a relationship since my dad introduced me at the age of about 18 (44 years ago:cool:), let us discuss my lack of knowledge.
Do I detect some closet racism? Why exactly does it matter to you or anyone whether the finance comes from Arabic companies and person or from HMG?
My real beef is the rate of interest Barclays is having to pay!. What is Gordon Brown charging on his preference shares? My recollection is that Barclays is paying well over 10%, something like 14% to our friends in the Gulf.?

Given the choice between a Gulf Arab and Gordon Brown, I think I am marginally in favour of the Arab as his currency is backed by black gold, while GB's currency is backed by the very negative tax & balance of payments surplus of our booming economy, its saleable products and the graft of its industrious workforce.
I don't think Mr-Struggling-business-man can afford to pay an interest rate that offers Barclays a profit on the new capital? Tell me how I'm wrong; could this be the magic of fractional banking?
Do you think our shareholders would have voted for it otherwise?
My recollection is that the shareholders were asked for more money via a rights issue, they said no in large numbers.
The directors then came up with the Arab deal and the choice was "back us or sack us". As the latter option was really "put your bank into bankrupcy within a week" it was a bit of a "no brainer" akin to throwing the captain of the Titanic overboard? Somehow even I could have found the key to my wall safe and chipped in a bob or two to the "save Barclays" fund if offered the Arab deal, but the panic situation did not allow time for that.

Also consider the hold up nature of this forced recapitalization.
I would not begin to know anything about Barclay's imminent bad debts, but please explain why you are right and the second class box tickers at the FSA are wrong.
I'm a little bit amazed that after the rights issue and then the Arab deal the short sellers seem to know something, the rest of us don't.

Barclays has increased its lending and overdrafts to small businesses by 5.3.%, from £9.6 billion September 2007 to £10.1 billion September 2008.

After more than a decade of Mandelson politics, I am so cynical that I smell spin.
This is a chicken and egg argument.
Can I translate this into:
Barclays had given overdraft limits to small business during the good times and during the phoney war following the run on N.Rock, we were all crossing our fingers that the world economy would totter on while the foolish bad debts were quietly liquidated. Following the summer holidays it was obvious that things were a whole lot worse than everyone had thought as small businesses were all going overdrawn up to their limits? Just at the wrong time the bank was finding itself forced to lend to these people.
You are now working long hours against this tsunami of forced borrowing, working out which of your borrowers to cull?

Good luck,

If you can sort the sheep from the goats then you will deserve your bonus, if you cannot you will be joining me in the mass redundancies:hello:

Harry.

BarclaysManager wrote: »

Exactly. This is not the end of the world, despite what the internet would have you believe.

More importantly, it is not retail banking staff who are to blame for any of this - not even remotely. There is no justifiable reason to punish retail staff, many of whom work incredibly hard for much lower recompense than they might receive elsewhere.

But, still, I suppose they are the face of the bank, so they're the ones who naturally catch the brunt of the anger. I know that I work with people who have never worked in a branch and had to deal with this, and I think they're poorer for it.

The truth is, certainly in the branch I work, is that alot of customer anger is directed in exactly the same direction as that of the staff; ie at those way up above.

We actually had a hell alot of sympathy and support from our customers who appreciate the good job we do.

simon_templar wrote: »

My bank does not need any govt bailout!!!!

Mine neither.

simon_templar wrote: »

My ivory tower looks great SS, how about yours lol?

Mine's shinier.