Middle Eastern investors will pump up to 7.3 billion pounds ($11.8 billion) into Barclays PLC, allowing the bank to strengthen its balance sheet without resorting to a bailout by the British government
Robert Diamond looks wiped. It's just after noon in London, and the president of Barclays - the newest power broker on Wall Street - is trying to snatch a few moments of calm. He ignores the gigantic TV suspended above his desk with its scrolling news of financial doom. European markets have continued to fall, despite an $87 billion British government financial bailout and a concerted round of interest rate cuts by central banks.
Banking giant Barclays says it has taken a £1.3 billion (€1.8 billion; U.S.$2.7 billion) hit amid the turmoil in credit markets, with an £800 million write-down last month alone.
British bank Barclays Plc said it remains confident its takeover bid for Dutch rival ABN AMRO will succeed but acknowledges that much will depend on its share price in the next two months.
Progress made by Britain's Barclays in its offer for ABN AMRO demonstrates its ability to offer the Dutch bank's shareholders "certainty and deliverability," Chief Executive John Varley said on Wednesday.
Middle Eastern investors will pump up to 7.3 billion pounds ($11.8 billion) into Barclays PLC, allowing the bank to strengthen its balance sheet without resorting to a bailout by the British government
Robert Diamond looks wiped. It's just after noon in London, and the president of Barclays - the newest power broker on Wall Street - is trying to snatch a few moments of calm. He ignores the gigantic TV suspended above his desk with its scrolling news of financial doom. European markets have continued to fall, despite an $87 billion British government financial bailout and a concerted round of interest rate cuts by central banks.
Banking giant Barclays says it has taken a £1.3 billion (€1.8 billion; U.S.$2.7 billion) hit amid the turmoil in credit markets, with an £800 million write-down last month alone.
British bank Barclays Plc said it remains confident its takeover bid for Dutch rival ABN AMRO will succeed but acknowledges that much will depend on its share price in the next two months.
Progress made by Britain's Barclays in its offer for ABN AMRO demonstrates its ability to offer the Dutch bank's shareholders "certainty and deliverability," Chief Executive John Varley said on Wednesday.
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