Are the lights going out for Barclays' investment bank?
My latest post at Forbes looks at the implications for Barclays and for the whole financial industry of the latest in a long line of lawsuits.
A few weeks ago, following awful trading results, much of Barclays’ FICC business was consigned to the outer darkness – placed in Barclays’ internal “bad bank” for eventual sale or wind-up. Barclays’ investment bank was to be reduced to a customer service business around an equities trading core – the former Lehman Brothers equities business.
But now that equities trading core has itself been dealt a major blow. The New York Attorney General has filed a lawsuit against Barclays for misleading clients regarding the presence and activities of HFT traders in its so-called “dark pool”, Barclays LX.Read on here.