howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
you will all remember that the above did not come cap in hand to the taxpayer for a bail out during the crisis.
even more impressive they posted a 44% rise in profits to 3.9 billion smackers.
this is just for a half year, what is it that they do many other banks fail to do?
Howard Mcsweeny,
"SCREW THERE CUSTOMERS"
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
my dear james, the concensus of opinion is that they all do that.
the question is why do so many go downward and others go upwards and onwards.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Complicated. Barclays benefit from not suffering the dead hand of government as a shareholder and they did not get into too much of the dodgy stuff that did for RBS.
Lloyds have posted a turn around in their performance too. A loss turned into a modest profit. They were also a well run bank that kept clear of the dodgy dealings and only needed a bail-out because they bailed out HBOS on behalf of Brown. They have been applying some sensible management to get things turned around.
I do wish the government would stop telling banks to lend.
The credit crisis was caused in the first place by a government, the US one, being pushed by Clinton's legislation to lend to those they never should have made loans to. That was compounded in the UK by the removal of regulatory oversight and artificially low interest rates because Brown got the BoE inflation brief wrong - more ill-considered government intervention.
All HMG should do is get that regulatory system put right and stay out of it.
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
barry
the point i was trying to make was that barclays never went into trouble in the first place, so the "dead hand of government never entered the equation".
what did they do that was different before the crisis?
Jan Higgins
- Location: Dover
- Registered: 5 Jul 2010
- Posts: 13,833
HSBC made an even more impressive £7 billion.
"what is it that they do many other banks fail to do" neither of them had anything to do with Scottish banks would be my answer.
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I try to be neutral and polite but it is hard and getting even more difficult at times.
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Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Lots of dodgy lending and using suspect derivatives to a larger extent than was wise Howard.
What this proves is that the general hatred towards bankers from some quarters is overdone and unnecessary. It only arose because the last government wanted and needed scapegoats to cover up their failures over regulation and the economy.
By the way, I am no particular friend of the banks, Howard. Barclays recently received a well deserved fine from the FSA over consumer advice failures. Banks are the worse possible people to give consumer financial advice.
IMO they may make millions/billions, but Brackleys Bonk are the worst bank for customer service and understanding in the country.
We are very very close to completing our mortgage, originally taken with The Woolwich (very nice people) and needed to ask a couple of questions about what happens.
The Bracklays call centre wouldn't answer questions as they cannot give financial advice(?) and referred us to our local branch. Well, we already know how unfriendly the Dover branch is so chanced our arm at Canterbury. The person we saw listened to our two questions then promptly picked up the phone and dialled .... you got it, the call centre!!!
We got up and left in digust. Undaunted I tried to call another Branch but got through to the call centre. They wouldn't put me through to a branch but said I should seek independent advice! Well, I could ask my IFA, he's top notch, but my mortgage is with Barclays and they should be able to tell me anything about it; why the hell won't they speak to me?
We are now following their complaints procedure, and I got the answers to my questions elswhere.
The questions Barclays wouldn't/couldn't answer?
1. What penalties, if any, will I suffer by paying my mortgage off 3 months early?
2. Do the deeds automatically come to me when the mortgage is fully paid?
Not exactly rocket science eh?
Luckily, my association with Brakclay will end once the mortgage is finished.
Guest 653- Registered: 13 Mar 2008
- Posts: 10,540
Not exactly difficult for a Bank to answer - about their own mortgage either Sid.
At least you've found the answer.
It's a wonderful feeling knowing that you own the house outright and no more payments on it.
Roger
Guest 640- Registered: 21 Apr 2007
- Posts: 7,819
We always banked as a business with Barclays in our business days and we always found them very good. They have special corporate centres set up that deal with business and very slick they are. We were liked by our bank manager, were on first name terms, because we were always in good shape financially and they used to call us in periodically to see if they could be of help.
So the right kind of bank but fortunately we never saw the side of things where people might be desperate for a loan...so we were fortunate.
The reason the different kinds of banks suffered in different ways was a direct result to the kind of market they operated in. Northern Rock for example were very exposed in the mortgage market and as mortgages went pearshaped from here to Tennesee, and with house finance collapsing like the proverbial collapsing house of cards, Northern Rock (and others) took a big hit.
Barclays appeared to be less exposed in this market, had a greater spread of operation.
Its worth noting now though with the massed government lending to some banks, we will all get a very generous return now on our public investment. The more profits soar the more we the public make...we're in on the gravy train, well...kinda.
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
sid
banks like to hold onto the title deeds, i have no idea why.
i had to demand mine.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
PaulB - It was the way Northern Rock financed their lending that was the problem, overly dependant on using interbank borrowing. Some of their lending was poor quality as well