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Barclays injects cash into broker arm

Barclays is planning to inject millions of pounds into its squeezed stock broking arm Barclays Stockbrokers.

The cash injection follows the unprecedented surge in share dealings by private investors from 250,000 to 400,000 in two months. Its hoped the boost will enable the quadrupling of Barclays Stockbrokers internet dealing capacity.

The expansion plan is urgently needed to relieve the strain on Barclays Glasgow call centre. The pressure has forced the bank to close part of its business to new investors.

Barclays Stockbrokers managing director Tim Sheridan, said: “We were preparing for a 40 per cent increase in new business, not 100 per cent. With a jump like that something has had to give.”


No early Xmas for BoS

Bank of Scotland&#39s Christmas wish to complete its bid for National Westminster Bank will not be granted.The new timetable for the hostile takeover attempt will go beyond the original December 17 closing date. The new date will not be known until rival bidder Royal Bank of Scotland posts its formal offer document.Some BoS advisers had […]

Former A&L boss case

Former Alliance & Leicester chief executive Peter White has drafted in lawyers in a move which may see him filing a claim for unfair dismissal.Simmons & Simmons are putting together a claim to the employment tribunal.The case will see White and A&L chairman and acting chief executive John Windeler take the stand and discuss the […]

Aberdeen profits boost

Aberdeen Asset Management profits soared by 76 per cent year ending September as result of strong UK retail growth and buoyant sales of ISAs.Pre-tax profits were up from £8.7m to £15.3m year ending September 30 compared to the same time last year. Assets under management rose 23 per cent to £16.1bn.AAM chief executive Martin Gilbert […]

Nationwide ditches endowment mortgages

Endowment mortgages are being ditched by Nationwide.The move by Nationwide Investment Group follows last week&#39s scrapping of endowments by Pearl Assurance.Nationwide Investment Group managing director Bill Tonks said: “With such low volume of sales, it is not an effective use of resources to support a training and competence regime for endowments.”The NIG mortgage endowment plan […]


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