• Stephen Dainton will become the permanent head of global markets at Barclays, according to an internal memo.
• Dainton, a Credit Suisse alum who until earlier this year was global head of equities, was meant to be interim as the bank conducted "an internal and external search for a permanent appointee to this crucial role."
• His speedy rise has surprised some insiders.
• Visit Business Insider's homepage for more stories.

Barclays told its staff on Monday that Stephen Dainton, its interim global head of markets, would take on the role permanently.

The London-based bank announced the status change in an internal memo to employees, an insider at the bank who has seen the memo said Monday.

Dainton, a Credit Suisse alum who until earlier this year was global head of equities, was meant to be interim while the bank conducted "an internal and external search for a permanent appointee to this crucial role."

His speedy rise has surprised some insiders.

Barclays announced Dainton's interim promotion on March 27 following the departure of the investment-banking chief Tim Throsby amid a slew of other management changes.

Dainton joined Barclays in September 2017 to lead the equities business after spending 14 years at Credit Suisse, where he was cohead of global markets for Europe, the Middle East, and Africa. He joined Credit Suisse in 2003 and before that worked at Goldman Sachs as head of US and international equities.

Barclays last week formally announced that Fater Belbachir, a 12-year veteran of JPMorgan, would become global head of equities, reporting to Dainton. Belbachir, based in London, will lead the equities business across cash, derivatives, prime, and syndicate, Barclays said last week.

A Barclays representative declined to comment.

SEE ALSO: Barclays is culling senior staff on the heels of a management overhaul — just a month after the bank said 'no plans for job cuts'

SEE ALSO: Ousted exec Tim Throsby sent an email to Barclays' CEO calling his plans 'irreconcilable' and destructive

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• Innovation executives from Barclays and Morgan Stanley spoke on Monday at Business Insider's IGNITION: Transforming Finance event at the New York Stock Exchange. 
• Megan Brewer, head of technology innovation office at Morgan Stanley, said her group allows businesses to get input on problems from employees across the bank, as opposed to just those that work directly with it.
• Mariquit Corcoran, head of partnerships and programs for group innovation at Barclays, added it's important to get employees involved early in the innovation process, and that small changes can sometimes go a long way in terms of improving efficiency. 
• For more stories like this, visit Business Insider's homepage.

Like a large cruise ship, big banks aren't know for their ability to move quickly or change direction at a moment's notice. Banks' size and regulatory requirements means fostering change is often times a marathon, not a sprint.

However, eager to keep pace with agile competitors cutting into their market share, banks have made efforts to ease the hurdles that come with introducing new technology into their organization.  

Executives at Barclays and Morgan Stanley tasked with leading the innovation efforts at the banks spoke Monday at Business Insider's IGNITION: Transforming Finance event at the New York Stock Exchange about programs they have in place. 

Megan Brewer, head of technology innovation office at Morgan Stanley, said her group provides an alternative to the traditional route taken to innovate within a bank where the business works with its tech partner to come up with a proof of concept. 

Morgan Stanley's technology innovation office has access to 140 leaders with domain expertise across the entire bank. As a result, the group is able to decide if a solution to the problem already exists in another part of the bank, or if it is an entirely new challenge. 

In the case of the latter, over 3,000 technologists have signed on to work on solutions. The majority, Brewer added, are eager to tackle challenges outside of their area of expertise. For example, Brewer said there are a number of machine learning experts that work in the wealth management space who enjoy looking at problems on the institutional side of the bank.

"What we are offering the business is a chance to tap into people who might have different ideas on how to solve their problem," Brewer said.

Read more: Wall Street's massive tech spend has reached an 'inflection point' as billions in investments are starting to pay off

Money, people and lab resources are all made available for the technologists to tackle the problem. Morgan Stanley employees have the ability to launch a public cloud lab from their desktop that gives them access to a variety of tools for working on ideas. 

"We accelerate the time to value on a lot of these ideas because we are able to reduce the barriers they face in trying to get them done," Brewer said. 

She added that employees are motivated to get involved in the program because they'll be able to work on problems outside their day-to-day jobs, allowing them to hone new skills, and get access to senior leaders they might not typically deal with. 

Managers are also motivated as consideration of involvement in the program is baked into Morgan Stanley's talent review and promotion process. 

"You, as a manager, are also getting evaluated on whether you are creating time and safe spaces for your employees to participate in our program or any innovation program within the firm," Brewer said. 

See more:The head of tech for Citigroup's global consumer bank points to 2 key themes for managing its $8 billion tech budget

For Mariquit Corcoran, Barclays' head of partnerships and programs for group innovation, it's all about planting the seed early.

Whether it's public forums in which business leaders voice issues they are face that employees are encouraged to tackle, or internal tools the bank uses to enable employees to pitch ideas, the goal is get them engaged early on. 

"In order to to get colleagues excited about innovation, they have to be able to be a part of it and get involved from the get go," Corcoran said. 

The idea also doesn't necessarily have to be groundbreaking, she added. Sometimes tweaking things is all it takes to make a big difference.

"You always talk about innovation having to be transformational technology," Corcoran said. "We like to say often times it is just slightly changing something someone does that makes getting that job done faster, better, more efficient."

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• Paul Compton is stepping down as Barclays' Chief Operating Officer and CEO of Barclays Execution Services, a source told Business Insider. 
• Replacing him is Mark Ashton-Rigby, who is currently chief information officer of the corporate and investment bank
• An internal memo on Monday outlined the shakeup, which also named Stephen Dainton as permanent head of global markets, from his previous spot in that role on an interim basis.  

Paul Compton is stepping down as Barclays' Chief Operating Officer and CEO of Barclays Execution Services, a source told Business Insider. 

The move is part of a shake-up announced in a memo to staff on Monday, seen by the insider at the bank. 

Mark Ashton-Rigby, who joined Barclays as chief information officer in 2016 from a similar role at JPMorgan, will become Barclays' new COO and head of execution services.

The UK bank has had a dizzying year of departures amid a seismic management overhaul that has shocked employees. In May, a clutch of senior employees were let go in its latest round of departures. Staff morale at Barclays has taken a beating after the surprise departure in March of investment banking chief Tim Throsby, insiders have told Business Insider.

The internal memo on Monday also said Stephen Dainton's interim status as head of global markets is now permanent. His rise has been rapid, only joining in 2017 from Credit Suisse. Dainton was head of global equities at Barclays until March, when Throsby's exit was announced. 

Compton will now focus on Barclays Bank Plc, the legal entity that includes larger corporate, wholesale and international banking clients. He was named to that post in March.

"Mr Compton will oversee executive management responsibilities associated with the operation of the legal entity," CEO Jes Staley said in the March statement. "This will include accountability for: the US Intermediate Holding
Company; Barclays Bank Ireland; and the principal governance and regulatory obligations" for Barclays Bank Plc.

A Barclays spokesman declined to comment.

SEE ALSO: Barclays just made its interim head of global markets permanent as its management reshuffle continues

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• The sudden departure of the head of the investment banking unit at Barclays in March 2019 set of a chain of departures, promotions, and changes. 
• Business Insider reports regularly on the latest developments at Barclays. You can read our stories by subscribing to BI Prime.

Barclays in early 2019 dropped a bombshell when it announced that investment-banking head Tim Throsby would step down.

Here's what we know about what's going on inside the bank, from the fallout after Throsby's surprise departure to mounting pressure on CEO Jes Staley to deliver what some say are lofty earnings goals.

Staff shakeups

• Ousted exec Tim Throsby sent an email to Barclays' CEO calling his plans 'irreconcilable' and destructive
• Barclays held an ad hoc town-hall meeting to calm staff shocked by the sudden departure of their boss — but a key exec was conspicuously absent
• Barclays senior executive Art Mbanefo is leaving the bank following a major shakeup
• Leaked Barclays memo says another senior exec is leaving in wake of investment bank chief's sudden departure
• Barclays just lost 2 more executives as Ravi Singh departs after only 4 months
• Barclays is culling senior staff on the heels of a management overhaul — just a month after the bank said 'no plans for job cuts'
• Barclays has a new COO as part of a management shakeup that reshuffled 3 senior execs
• Barclays just made its interim head of global markets permanent as its management reshuffle continues
• Barclays just named its new crop of managing directors — here is the list

Pressure on costs and returns

• One burning question kept coming up on the Barclays earnings call — and it's a sign pressure is mounting on a high-stakes bet made by CEO Jes Staley
• The star investor in 'The Big Short' has a new short against Barclays — and is ramping up bearish bets on banks
• The Barclays activist investor who wanted a seat on the board just got trounced in a shareholder vote

Get the latest Barclays stock price here.

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• Former Barclays CEO John Varley was just cleared of fraud charges relating to a 2008 deal with Qatar.
• Varley, along with other executives, were accused of conspiracy to commit fraud when raising capital during the height of the financial crisis. 
• Visit Business Insider's homepage for more stories.

Barclays' former CEO John Varley was acquitted on Friday after judges ruled that there wasn't sufficient evidence to proceed with the trial.

The case against Varley centered on alleged fraud during capital raisings from Qatar undertaken at the height of the global financial crisis by British lender Barclays in 2008.

Varley, the CEO of Barclays between 2004 and 2011, had faced two charges of conspiracy to commit fraud.

The decision caps a historic and tumultuous trial in one of the only cases arising out of the events of the financial crisis that involved a bank's highest-ranking executive. Varley told the court back in February: "I do not accept that I am responsible for any criminal offence."

Read more: See all our coverage of the Barclays Qatar trial here.

The UK's Serious Fraud Office had claimed that the side-deals paid Qatari companies £322 million — a 3.25% commission — in fees during the capital raisings, which were fraudulently not disclosed to other investors.

Two Qatari companies, Qatar Investment Authority and Qatar Holdings, invested £6 billion ($7.6 billion) in Barclays during the capital-raising activities during the financial crisis. Qatar has not been accused of any wrongdoing.

The case alleging fraud against three other Barclays executives will be retried. The defendants are Roger Jenkins, the former executive chairman of investment management in the Middle East and North Africa at Barclays Capital; Thomas Kalaris, who headed the bank's wealth division at the time of the fundraising; and Richard Boath, former head of Barclays' European financial institution's group.

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• Barclays' new head of global markets, Stephen Dainton, outlined the organizational structure of the division in a memo to staff. 
• Dainton named a 12-member executive committee that includes heads of assets classes, while new equities head Fater Belbachir will also oversee cross-asset structuring.
• The memo, seen by Business Insider, signals dust is settling after the shock departure of investment bank chief Tim Throsby kicked off a tumultuous few months. 
• Click here to read more Business Insider Prime stories.

Barclays' new head of global markets, Stephen Dainton, is building out his team after a shakeup at the bank jolted employees earlier this year.

In a memo to staff, global equities head Dainton outlined the new organization, signaling the bank is drawing a line under a dizzying shakeup triggered by the surprise departure of investment banking boss Tim Throsby earlier this year. 

In the memo, seen by Business Insider, Dainton said that the markets division will be divided into four asset classes: credit, equities, macro, and securitized products. He also named a 12-member executive committee, or "ExCo," comprised of various leaders including new head of equities Fater Belbachir.

The new committee "will work alongside me to lead our business, drive business strategy, and set the priorities and goals for markets," Dainton wrote in the June 14 announcement. "Each member will have global oversight and accountability for ensuring we execute on our plans."

The committee members are: 

• Nas Al-Khudairi, head of electronic 
• Fater Belbachir, head of equities
• Rich Cunningham, head of SRM
• Mark Dearlove, head of markets Asia
• Scott Eichel, head of securitized products
• Andrew Kellner, head of Financial Resource Management (FRM) 
• Adeel Khan, head of credit
• David Lohuis, head of financing 
• Michael Lublisky, head of macro 
• Jeff Meli, head of research 

Belbachir, a JPMorgan alum who joined Barclays in June, will also head cross-asset structuring "following a review of our cross-asset solutions business," the memo said. 

Dainton has had a meteoric rise at the bank — the Credit Suisse alum joined Barclays as head of equities in 2017 and was promoted to global markets chief earlier this month. Belbachir joined in the middle of the flux, as several senior execs were following their their boss Throsby out the door.

The turmoil has led to at least one division being dismantled and reabsorbed: The Financial Resource Management unit, or FiRM, which Throsby had tasked with allocating capital and delivering Barclays' lofty annual return goal, has been rebranded FRM and is now under the markets umbrella. 

FiRM, now FRM, which was headed by Throsby's deputy Art Mbanefo, will now be headed by Andrew Kellner, the memo said. 

Two members of the committee are six-month rotating positions, designed to "invite diversity of thinking and skills into our key decision making forum." (Those two temporary committee roles are also the only ones held by women.) 

One of them is Asita Anche, whose career caught attention in London finance circles during her stints as a quant trader at hedge funds Citadel Securities and Millennium Capital, and as an MD at Goldman Sachs. Her title at Barclays is head of systematic market making and head of data science.

The other temporary committee member is Mimi Rushton, head of corporate FX, North America. 

Nas Al-Khudairi, head of the electronic franchise, will expand his role to include the oversight of the digital strategy. That includes oversight of Beacon, a financial software development platform that was headed by Guy Saidenberg, former global head of distribution and structuring. Saidenberg officially left Barclays on May 1.

The research business reports to Paul Compton, the memo said. Compton earlier this month stepped down as Barclays' Chief Operating Officer and CEO of Barclays execution services, a source told Business Insider.

A Barclays representative declined to comment. 

Got a tip about Barclays? Email tkelley@businessinsider.com.

SEE ALSO: A management overhaul at Barclays is rocking employees. Here's what we know about what's going on inside the British investment bank.

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• Aiden Hallett, a managing partner at Barclays, has departed the firm, Business Insider has learned.
• In December Barclays promoted Hallett to the rank of managing director, along with 84 others. 
• The British investment firm has undergone an internal shakeup in recent months, with the departure of its investment-banking head, Tim Throsby, and other executives.
• Visit Business Insider's homepage for more stories.

A New York-based managing director at Barclays has departed the firm, according to a person with knowledge of his departure.

Aiden Hallett, a managing director at Barclays Capital, was recently promoted to that ranking, along with 84 others, Business Insider reported earlier this year.

Hallett joined the firm from Goldman Sachs in October 2010, according to his LinkedIn profile. Prior to that, he worked at the firm Macquarie Group in Sydney, Australia. 

It was not immediately clear why Hallett departed. A spokesperson for Barclays declined to comment. An email to Hallett seeking comment bounced back.

Read more: A management overhaul at Barclays is rocking employees. Here's what we know about what's going on inside the British investment bank.

Barclays, headquartered in London, has seen an internal shakeup in recent months that's included a string of departures including the head of the investment-banking division, Tim Throsby.

Ravi Singh, a Goldman Sachs alum who had joined the Barclays' Chief Investment Office in New York earlier this year, left the firm in April after less than four months, Business Insider reported.

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• Deutsche Bank announced an $8.3 billion restructuring plan over the weekend. 
• The restructuring will ultimately boost US banks, analysts from Credit Suisse wrote in a note Monday.
• US banks have already been stealing market share from European banks over the past several years. 
• Read more on Markets Insider.

Banks in the US stand to gain after the announcement that Germany-based Deutsche Bank will undergo a major restructuring that will cost $8.3 billion and result in 18,000 job cuts by 2022.

"Net net, market share will continue to consolidate to those banks with the scale and capacity to invest," a team of analysts at Credit Suisse led by Susan Roth Katzke in a note Monday.

In other words, the dissolution of Deutsche Bank's market share will be reallocated to their already-thriving and well-positioned American counterparts. That includes the likes of Bank of America, JPMorgan, Goldman Sachs, Citigroup, and Morgan Stanley — and the firm has outperform ratings on each.

Katzke and her colleagues go as far as to estimate the banks could reap 5% to 10% in earnings-per-share growth in 2020. They also forecast that total return across the five banks could exceed 20% in the aftermath of Deutsche Bank's reshuffling.

This would mark the continuation of a trend that's seen investment-banking market share already shift towards US banks over the past several years, according to Credit Suisse.

The gap between US and European banks has been widening since about 2013, the firm said. US banks now account for 63% of trading revenue and 61% of investment banking fees, whereas European banks account for 37% and 39% respectively, Credit Suisse found.

Deutsche Bank's plan is integral for the firm going forward, as the bank has been increasingly unable to compete with its global peers. Analysts at JPMorgan saw the near-term reorganization as a crucial step towards a brighter future, and argued the firm is making the right decision.

The plan is bold and "for the first time not half-baked," Kian Abouhossein and Amit Ranjan of JPMorgan wrote in a note Monday.

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• Barclays is cracking down on employees' personal device usage on the investment bank's trading floors, according to an internal memo reviewed by Business Insider.
• While the London-based bank already had such a ban in place, which is not uncommon at other firms, insiders said the rule was not enforced.
• It is unclear what prompted the memo urging employees to abstain from using personal devices on trading floors, saying they "will now be treated as 'Restricted Areas'" and that employees' failure to comply with the restrictions may "result in a breach."
• Visit BI Prime for more stories.

Barclays is cracking down on using cell phones on its trading floors.

An internal memo seen by Business Insider and sent to global staff this week read: "Trading floors will now be treated as 'Restricted Areas.' The use of personal devices for any communication is prohibited on all trading floors."

The memo was surprising, two Barclays insiders said, because it had outlined rules that had been more or less in place for years. While rumors of what triggered the reminder swirled around Barclays trading floors, a spokeswoman at the bank declined to comment.

Read more:A management overhaul at Barclays is rocking employees. Here's what we know about what's going on inside the British investment bank.

One former Barclays trader and one current employee said the ban was never enforced. Perhaps that will change with the new reminder. 

Cell phone bans on trading floors are nothing new, and Europe is subject to strict regulations since 2018 about bank employees "receiving relevant telephone conversations and electronic communications on privately owned equipment."   

Business Insider talked to half a dozen traders at other major banks who have all described restrictions more or less in line with Barclays' policies. At least one big US bank requires traders to use separate phones altogether — one for work and one for personal use — insiders say. 

Here is the text of the Barclays memo: 

• Trading floors will now be treated as 'Restricted Areas.' The use of personal devices for any communication is prohibited on all trading floors.
• If you need to use your personal device for a non-business related matter, this should be done off the trading floor. Unrestricted areas will be formally designated for personal devices in the near future. Areas currently available for use of personal devices include offices, conference rooms, lifts and lobbies.
• You are allowed to have your personal device on your desk, for example to charge them, but it may not be used unless you are in an unrestricted area as described above.
• Supervisors are responsible for monitoring and ensuring compliance with the above prohibition.
• It is important that all employees are fully aware of their responsibilities with regard to the above restrictions. Failure to comply with them may result in a breach.

The memo comes at a moment of change within the London-based investment bank, as staff shakeups and increasing pressure on delivering on earnings goals take hold. 

Barclays is going through a particularly turbulent time in its markets division after the shock departure of investment bank chief Tim Throsby in March. Since then, the bank has lost a clutch of senior execs, most recently Fabio Madar, the head of the currency division who joined the bank less than a year ago.

Business Insider reported also earlier this month that a recently promoted New York-based managing director had also exited.

Barclays is scheduled to report its half-year 2019 earnings results on Thursday, August 1.

Got a tip about Barclays? Contact these reporters at rungarino@businessinsider.com and tkelley@businessinsider.com. 

Read more of Business Insider's Barclays coverage: 

A Barclays exec who just made MD is the latest to leave amid a shakeup at the London bank

Leaked memo details the new power structure in Barclays sales and trading division — capping a dizzying few months of an executive shakeup

One burning question kept coming up on the Barclays earnings call — and it's a sign pressure is mounting on a high-stakes bet made by CEO Jes Staley

The star investor in 'The Big Short' has a new short against Barclays — and is ramping up bearish bets on banks

The Barclays activist investor who wanted a seat on the board just got trounced in a shareholder vote

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• A Barclays survey of more than 400 investors showed widespread fear of how President Trump's global trade war could affect markets.
• The survey follows Trump reigniting threats of increased tariffs against Chinese goods and a possible new conflict with France over a tax against US tech companies.
• Those surveyed were in less agreement over the current economic cycle, with investors split nearly 50-50 on whether the cycle is ending or simply in a rough patch.
• Visit the Markets Insider homepage for more stories.

A Barclays survey of more than 400 investors revealed a widespread fear of a global trade war, with nearly 60% of those surveyed calling it the biggest risk to markets over the next year.

Other risks mentioned included weaker US growth and stagnant economic development in China. The two nations are the primary members of a trade war that recently dragged on into its second year.

Trump reignited his threats against China on Tuesday after hopes of a ceasefire, announcing his willingness to place tariffs on another $325 billion worth of Chinese imports. The trade war has already imposed tariffs on more than $350 billion worth of goods between the world's two largest economies.

"We have a long way to go as far as tariffs where China is concerned," the president said in a Cabinet meeting.

Trump shows no signs of keeping his trade conflicts between just the US and China. The president targeted France on Wednesday after it proposed a 3% tax on US tech companies. Trump previously considered imposing auto tariffs on European Union members, saying they manipulate their currencies unfairly in order to compete with the US.

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News of a possible trade conflict with France led major indexes to fall further from last week's record highs, and the weakness continued into Thursday.

Barclays' survey revealed investors were far less unified in regard to market outlook. While just over half of respondents believe the current economic cycle is approaching its end, 38% see the situation as a temporary rough spot before indexes continue to rise.

The investors surveyed do agree that a recession isn't very far away. While 55% expect a global recession by 2020, 45% don't expect it until 2021 or later. A indicator used by the New York Fed to predict the probability of a recession in the next 12 months recently hit 32%, its highest level since 2009.

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• Jeffrey Epstein, the disgraced financier charged with sex trafficking of teenage girls this month, had personal relationships with some of Wall Street's most powerful executives, according to The New York Times.
• Epstein referred dozens of clients to James "Jes" Staley, a former JPMorgan executive who is now CEO of Barclays, provided personal tax services to Apollo Global Management founder Leon Black, and invested millions with Glenn Dubin, co-founder of Highbridge Capital Management.
• Epstein received a visit from Staley while he was serving time for soliciting prostitution from a minor, sat on the board of Black's family foundation, and attended the Dubins' Thanksgiving party in 2009.
• View Markets Insider's homepage for more stories.

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Jeffrey Epstein, the disgraced financier charged with sex trafficking of teenage girls this month, had close personal relationships with some of Wall Street's most powerful executives, according to The New York Times.

Epstein "managed to affix himself to a handful of prominent Wall Street veterans," the Times reported. He "funneled dozens of wealthy clients" to James "Jes" Staley, a former JPMorgan executive who is now CEO of Barclays, the newspaper said.

Epstein provided tax and estate-planning services to Leon Black, head of private-equity titan Apollo Global Management, despite lacking expertise in those fields. He also invested millions with Glenn Dubin, co-founder of Highbridge Capital Management, one of America's largest hedge funds.

Epstein was a client of JPMorgan's private bank, which was run by Staley in the late 1990s. He referred wealthy people to Staley, who converted dozens of them into clients. Epstein also connected Staley with Dubin, laying the groundwork for JPMorgan's purchase of a majority stake in Highbridge in 2004, and Dubin and his co-founder becoming JPMorgan employees, the Times reported.

Staley and JPMorgan continued to work with Epstein for years after he pleaded guilty to soliciting prostitution from a minor — a period during which he oversaw an elaborate sex trafficking operation, according to prosecutors. For example, Staley visited Epstein at his Palm Beach office while he was serving his 13-month sentence, the Times reported. JPMorgan only cut ties with Epstein around 2013, when Staley left the bank and Epstein stopped being a client. 

A Barclays spokesman referred Business Insider to the statement to the Times, where the bank said: "Mr. Staley has never engaged or paid fees to Mr. Epstein to advise him, or to provide professional services, either in his various roles at JPMorgan, or personally." A JPMorgan spokesman declined to comment to Business Insider.

Read more:A billionaire hedge fund manager and his wife maintained social and charitable ties with Jeffrey Epstein, even after he went to jail for prostitution

Apollo founder Black met with Epstein at his Manhattan townhouse, even after Epstein's guilty plea. Black appointed Epstein to the board of his family foundation in 2000, where he served until 2012, according to public records. Epstein also invested in an environmental company along with Black and his four children, and an investment vehicle owned by Black contributed $10 million to one of Epstein's charities, the Times said. The Times did not quote Black's response to the allegations, and Black has not responded to previous attempts by Business Insider to reach him for comment.

As for Dubin, Epstein invested $10 million in Highbridge and withdrew $30 million a few years later. Dubin also advised Epstein to invest in a hedge fund run by Daniel Zwirn, which turned his $80 million into as much as $140 million at one point. Epstein also joined the Dubins at their Palm Beach home for Thanksgiving in 2009.

The "Dubins are horrified by the new allegations" against Epstein, a family spokeswoman told the Times, adding that Dubin's business relationship with Epstein was "extremely limited" and the Dubins believed Epstein had rehabilitated himself and gave him a second chance.

While Epstein clearly had an extensive professional network, he falsely claimed ties to Tesla founder Elon Musk, former Treasury secretary Lawrence Summers, and Microsoft co-founder Bill Gates, the Times said. He also tried to win the business of Nicholas and Thomas Pritzker, two heirs to the Hyatt fortune, but was unsuccessful.

Epstein has pleaded not guilty to charges of sex trafficking.

SEE ALSO: A Manhattan mansion, a ranch in New Mexico, a private jet, and a black stuffed poodle on a Steinway. Here's a look at the assets of Jeffrey Epstein.

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• London-based Barclays has lured hedge-fund clients with $20 billion worth of balances from Deutsche Bank, according to reports from Reuters and CNBC. 
• Goldman Sachs and JPMorgan were also trying to convince Deutsche Bank's clients to jump ship, CNBC reported, citing sources with knowledge of the matter. 
• The embattled German lender announced earlier this month that it was exiting the equities-trading business and cutting 18,000 jobs as part of a major restructuring. 
• Watch Deutsche Bank trade live.
• Visit the Markets Insider homepage for more stories.
  

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Wall Street banks are pouncing on Deutsche Bank's troubles.

Barclays has convinced hedge-fund clients with $20 billion worth of balances at Deutsche Bank to jump ship, according to CNBC, which cited people familiar with the matter.

About half of the $20 billion came from one client, and competitors such as Goldman Sachs and JPMorgan were also interested in bringing the hedge funds on board, CNBC reported.

The loss of business comes just weeks after Deutsche Bank announced it planned to cut 18,000 jobs amid a major shakeup of its investment-banking and equities-trading businesses. 

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Earlier this month, Deutsche Bank also said it struck a deal to transfer its prime-brokerage business, which handles trades for hedge-fund clients, to BNP Paribas, a French bank.

"It is not unexpected and perfectly natural that some clients may wish to move balances to other providers as a temporary measure while our discussions with BNP Paribas are ongoing," Deutsche Bank said in a statement to Markets Insider. 

As the two firms have been working out the details of the transaction, Deutsche Bank's clients have been pulling out as much as $1 billion a day from its prime-brokerage business, Bloomberg reported last week.

Deutsche Bank is down 2.15% year to date as of Thursday. 

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• Barclays beat second-quarter earnings expectations on Thursday, with a spokesman confirming to Business Insider that 3,000 roles had been eliminated this year. 
• This comes after a wave of management changes, with high profile step downs. 
• View Markets Insider for more stories. 

Barclays has culled about 3,000 jobs had been culled this year, in a variety of different parts of the business, a spokesman confirmed to Business Insider on Thursday. 

Earlier on Thursday, traders cheered the British bank's Q2 results, sending the stock up about 1%. The bank also reported that it met its return on tangible equity goals, a key target touted by CEO Jes Staley.

"At the end of Q1 there were a number of questions about how Jes Staley's plan for the bank was playing out," said Michael Hewson at CMC markets. "After a better performance in Q2, these voices may start to get a little bit quieter, with the bank broadly meeting expectations in this quarter."

A spokesman for Barclays said: "There has been a reduction in roles, and that includes 3,000 people who have left their roles in the first half of this year. Most of these were redundancies but also people leaving their roles and not being replaced."

He said it was part of an "efficiency drive," however, it does mean that compared to the 83,500 people who worked at Barclays at the start of the year, 3.6% of the total workforce had left. 

"The bank did add a number of caveats with respect to its guidance, particularly around Brexit, trade and the problems in the euro area, which it said could materially affect its outlook," Hewson said.

The spokesman added that Barclays had hired new staff in 2019, so the net figure would be less than the 3,000 lost, but declined to elaborate.

Lately, Barclays has seen a high number of managers and executives leave, including Richard Taylor, former Chairman of Global Corporate and Investment Banking, who left the firm, according to a memo dated July 26, and seen by Business Insider. 

Earlier in 2019, investment-banking head Tim Throsby stepped down, leading to a slew of other departures of senior executives. 

See more: A management overhaul at Barclays is rocking employees. Here's what we know about what's going on inside the British investment bank.

SEE ALSO: Here are Europe's 10 riskiest banks — and 4 of them 'need to rethink their strategy'

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• The London Stock Exchange has agreed a $27 billion deal to buy data provider Refinitiv, just a year after the company was spun out of Thomson Reuters by Blackstone. 
• The deal is being led by some of the biggest names in M&A in London, with the likes of Goldman Sachs, Morgan Stanley, and Evercore all landing roles on the deal. 
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The London Stock Exchange has agreed a $27 billion deal to buy data provider Refinitiv, just a year after the company was spun out of Thomson Reuters by Blackstone. 

London Stock Exchange CEO David Schwimmer is a former Goldman Sachs banker with close ties to Blackstone. He moved in on the deal after negotiations slowed in rival exchange Deutsche Boerse's plans to buy Refinitiv's foreign-exchange trading business for $3 billion, according to Reuters. 

Blackstone could be set to double its money just 10 months after the private equity firm secured its initial deal last year. Refinitiv shareholders will ultimately hold around a 37% stake in LSE.

The deal was led by some of the biggest names in M&A in the London banking market. Here's what you need to know:

London Stock Exchange 

The London Stock Exchange was advised by Goldman Sachs, Morgan Stanley, Robey Warshaw, Barclays, and RBC Capital Markets, with consultancy Oliver Wyman and communications firm Teneo working on the deal. 

Goldman Sachs 

Goldman Sachs was a lead adviser on the deal, with a team made up of Francois Xavier de Mallmann, Mark Sorrell, James Lucas, and Charlie Lytle. 

De Mallmann is chairman of the investment banking division, and has long worked for the LSE, advising the exchange group on the sale of Russell Investments in 2015. He recently worked on the failed FCA-Nissan talks earlier this year, Reuters reported.

Sorrell is a mainstay of the UK M&A market as head of the bank's European M&A team. He is the son of Martin Sorrell, the founder of advertising agency WPP.

Lytle is cohead of the bank's corporate broking team and joined Goldman from Citi in 2016. His previous deals include Worldpay's tie up with Vantiv in 2018 and Standard Life's combination with Aberdeen Asset Management in 2017. 

Lucas was promoted to MD in 2017. 

Morgan Stanley

Morgan Stanley also served as a lead adviser on the deal with its team including Matthew Jarman, Mark Rawlinson, Vipin Chhajer, and Ben Grindley. 

Jarman  knows the LSE well, having been part of the NYSE's parent company ICE's bid to takeover the exchange in 2016. 

Rawlinson is a key figure at Morgan Stanley. Having previously been one of the UK's most respected M&A lawyers, he now heads up the bank's UK investment banking division as chairman. He advised Unilever on its defence when Kraft Heinz made an offer to buy the firm. 

Chhajer joined Morgan Stanley as an executive director from Deutsche Bank in 2018 where he was head of European fintech investment banking. And Grindley was part of the Morgan Stanley team which advised on the Comcast-Fox-Sky deal last year. 

Robey Warshaw

Robey Warshaw is an advisory firm based in London set up by veteran dealmakers Simon Robey and Simon Warshw, known in London advisory circles as "the two Simons." The Robey Warshaw team was comprised of Robey and Phillip Apostolides, both former Morgan Stanley bankers.

Robey used to be global head of M&A at Morgan Stanley while Apostolides was a senior investment banker. Last year the company punched well above its weight to be the 18th largest dealmaker globally, according to Firmex.

Barclays

British bank Barclays worked as an adviser, broker and sponsor on the LSE side of the deal, having been the main corporate broker to the exchange for some time. Its team was composed of Kunal Gandhi, Francesco Ceccato, Neal West, and Ben Plant.

Gandhi was a key advisor to the LSE on its failed merger with Deutsche Boerse in 2017 and is head of corporate broking at the bank. He also advised on the LSE's acquisition of a group of bond indices and an analytics platform from Citigroup for $685 million last year, according to Financial News.

Ceccato is co-head of Barclays' financial institutions group in Europe, the Middle East and Africa. 

West is an managing director at Barclays in its corporate broking division while Plant is head of corporate finance transaction governance at the bank. 

RBC Capital Markets 

RBC Capital Markets worked as corporate broker on the LSE team with bankers Oliver Asplin Hearsey and Marcus Jackson leading their side. Asplin Hearsey is a veteran financial institutions banker while Jackson is in corporate broking.

Oliver Wyman

John Romeo and Hiten Patel served as consultants for LSE from Oliver Wyman. 

Teneo

Lucas van Praag, Philip Gawith, and Doug Campbell served as communications advisors to LSE. 

Refinitiv 

Evercore

Evercore served as a financial advisor to Refinitiv. The team there included Jane Gladstone, Julian Oakley, and David Cox.

Gladstone is a senior managing director at Evercore based in New York and runs the firm's financial services corporate advisory team. She advised ICAP on the merger of its £1.1 billion ($1.3 billion) global voice broking and information business with Tullett Prebon.

Oakley is a former JPMorgan banker whose own firm, Braveheart, was bought by Evercore in 2006. He advises on a variety of M&A as well as equity and capital markets deals from London.

Cox is a New York-based managing director who formerly worked in M&A at Morgan Stanley. 

Canson Capital Partners

Canson Capital Partners is a boutique led by former HSBC bankers that came to prominence when the then-three-month-old firm advised Blackstone on its deal with Thomson Reuters. Matteo Canonaco and James Simpson worked as financial advisors to Refinitiv on behalf of Canson. 

Canonaco was formerly the head of financial sponsors at HSBC while Simpson was the former co-head of advisory for EMEA at the bank. 

Jefferies

Jefferies' financial institutions investment banking group managing director Alexander Yavorsky served as a financial advisor for Refinitiv. 

Eterna Partners

Eterna Partners' partner and cofounder Serra Balls and former G4S communications director Nigel Fairbrass served as communications advisor to Refinitiv.

SEE ALSO: Some of the biggest names in dealmaking in New York and London are duking it out as part of the Comcast-Fox-Sky bidding war

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• Global investment banks have been suffering this year, with European banks being hit the hardest. 
• As a result, nearly 30,000 jobs have been cut or are set to be cut across the sector. 
• Deutsche Bank's radical overhaul of its business accounts for a large proportion of global cuts, but Barclays and Citigroup have also announced major cuts across their operations.
• View Markets Insider for more stories.

Nearly 30,000 investment-banking jobs are on the chopping board this year as the global banking industry looks set for a gloomy second half of 2019. 

The Financial Times reported that most of the cuts have been in European banks, with Deutsche Bank making up a large portion of the layoffs after last month's overhaul. 

But American banks such as Citigroup are also struggling as falling interest rates, along with increased use of automation and AI, have hit investment banking jobs. 

Deutsche Bank announced 18,000 job cuts as part of a major overhaul of its business earlier this year. The German bank also posted its biggest loss since 2008  in its latest earnings report, signaling the toll of the changes.

See More:Here's why Deutsche Bank's thousands of newly unemployed workers have a tough road ahead

Meanwhile, Barclays has also had issues. It has cut 3000 jobs this year, an made some major changes at the top of the business. 

A spokesperson said at the time most of these jobs were cut as part of an efficiency drive and that while some people were sacked, others had simply left their jobs and not been replaced.

In April, Société Générale announced that 1600 jobs would be cut, with most of the cuts in France and New York. 

Meanwhile, Citigroup announced they would be cutting hundreds of jobs this year with a 10% reduction in their equities unit. 

Citigroup's challenges look to be the trend across global banking. Bloomberg reported that in the latest round of earnings earlier this month, the five biggest American banks' trading revenue was down 8% last quarter, following a 14% slide in the first quarter.

Among the banks that have announced formal job cuts, the layoffs come to about 6% of their total workforce, according to the Financial Times. 

"This won't be the last trading-related job cuts story," Jeff Harte, an analyst at Sandler O'Neill, told Bloomberg in reference to Citigroup. "The rest of Wall Street is thinking the same way."

SEE ALSO: Here are Europe's 10 riskiest banks — and 4 of them 'need to rethink their strategy'

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• Barclays has lost five investment bankers from its Americas financial-institutions group over the past month or so.
• The bankers left because of a variety of individual factors, though some included the British bank's efforts to cut compensation costs in order to meet a year-end profitability goal. 
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Looks like Tim Throsby may have been right. 

In March, the former Barclays exec sent an email to his ex-boss and Barclays CEO, Jes Staley, over what Throsby called wrongheaded plans to reach profitability goals by cutting pay across the investment bank. In an email he sent just days after being fired with the subject line "irreconcilable," Throsby said such plans to reach 9% return on equity goals this year would be destructive to morale and employee loyalty. 

Behold the latest evidence: Five managing directors in Barclays' Americas financial-institutions group have given their notice within the past month or so, according to six people with knowledge of their plans.

The exits, including three execs who joined Barclays when it bought some parts of Lehman Brothers more than a decade ago, represent one of the biggest blows to the group that advises banks, asset managers, and consumer-finance companies since that time, according to one person's estimate. 

The bankers who are leaving include Lee Einbinder, the vice chairman and former head of the group, and Ted Conway, the head of the banks and specialty-finance franchise, the people said. The managing directors James Blanco, Justin Evans, and Janis Vitols have also made their plans known, the people said. 

Barclays and Staley have been up front about their plans to cut compensation to help reach its profitability goal and stave off an activist investor who's called for shrinking the investment bank. Through the first half of the year, Barclays held firm to its plans, slashing the money set aside for bonuses in the first half by 23% from the prior year. The first half tally of £456 million was the lowest since 2016. 

A shrinking bonus pool was among the factors leading some of the bankers to leave, according to people with knowledge of their thinking. All of the bankers either declined to comment or didn't return messages seeking comment. A Barclays spokesman declined to comment. 

Read more: Barclays held an ad hoc town-hall meeting to calm staff shocked by the sudden departure of their boss — but a key exec was conspicuously absent

The exits represent a splintering of a core FIG group that had been together since the Lehman days.

Conway joined Lehman Brothers in 1986, according to his LinkedIn profile, and joined Barclays when it purchased Lehman's US presence after the firm's 2008 bankruptcy. He was one of the bankers involved in the reorganization of the mortgage lender Ditech earlier this year in a deal for which Barclays provided debtor-in-possession financing, one of the people said.

He will join Moelis as a managing director focusing on specialty finance, mortgage origination and servicing, permanent capital vehicles, and other special situations.

Einbinder joined Lehman in 1996 after stints at Credit Suisse First Boston and Salomon Brothers, according to industry records. A decade ago, he helped advise CME Group in its $8 billion purchase of Nymex Holdings, and he led the Barclays FIG group until just a couple years ago. Most recently a vice chairman, he is leaving the business of investment banking, one of the people said. 

Read more: A management overhaul at Barclays is rocking employees. Here's what we know about what's going on inside the British investment bank.

Blanco, who began at Barclays in 2006 and later joined the combined Lehman-Barclays FIG group, will start at OneMain Financial as head of the corporate-development function and an adviser to the management team on other strategic priorities, another person said. He was the lead banker for Apollo in its 2018 purchase of a minority stake in OneMain, where he got to know the management team, another person said.

Vitols, who joined Lehman in 2007, is joining Bank of America to run their asset-management franchise within the financial-institutions group, other people said. Reuters last month reported Vitols' move to Bank of America. 

Evans, who worked at RBC Capital Markets before joining Barclays in 2015, was the British lender's liaison in a joint venture with the tech bankers known as the emerging-fintech group. He's heading to Goldman Sachs as a West Coast-based managing director to cover banks as part of the firm's well-publicized strategy to do more business with middle-market clients, one of the people said. 

The Barclays FIG group, run by Tom Vandever in the Americas and Tim Main globally, has no plans to replace the departing bankers, though a person with knowledge of the group's plans said promotions and recent hires may mean the group ends the year with the same number of managing directors as it began. The firm recently hired Daniel Zimbaldi from Evercore as a managing director.

And Taylor Wright, a 25-year veteran of Morgan Stanley, where he worked on equity raises for financial-institution clients, joined the bank to cohead equity-capital markets. He will corun the business with Kristin DeClark, who joined recently from Deutsche Bank. 

SEE ALSO: Ousted exec Tim Throsby sent an email to Barclays' CEO calling his plans 'irreconcilable' and destructive

DON'T MISS: Barclays is culling senior staff on the heels of a management overhaul — just a month after the bank said 'no plans for job cuts'

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• Barclays has raised the bar for hiring outsiders, and it isn't filling vacancies after people leave, according to five sources familiar with the situation. Some of those sources described it as an ongoing informal hiring freeze that's hitting areas including investment banking and FICC trading. 
• The UK-based bank shed 3,000 jobs company-wide in the second quarter and has upped its 2019 cost-cut outlook. Barclays is pushing to hit a return target set by CEO Jes Staley, and its bonus pool shrank in the first half. 
• When asked directly during an August analyst call if there was a hiring freeze, the bank's finance director, Tushar Morzaria, said it has been "very, very selective" but that a freeze was "probably not really the right way of doing it." 
• Visit BI Prime for more stories.

Barclays has raised the bar for hiring outsiders and is leaving vacant roles unfilled — resulting in what some insiders say amounts to an informal hiring freeze for investment banking, FICC trading, and certain back-office roles  — according to five sources familiar with the situation.

Those descriptions show the on-the-ground impact of an approach that Barclays executives in recent months have stopped short of characterizing publicly as a blanket freeze.

A shake-up in March included the shock ouster of the investment-bank chief Tim Throsby, who had ramped up managing director hiring since joining in 2016. His deputy, Art Mbanefo, exited soon after. Ravi Singh left in April just four months after joining Barclays, along with David Simpson, a managing director in London also under Mbanefo. Guy Saidenberg, the head of distribution and structuring for markets, exited in May.

One source familiar with the situation told Business Insider the firm has upped the standard for making external hires.

Two other people familiar with the situation said Barclays was not replacing some employees. The bank's fixed-income, currencies, and commodities (FICC) trading business is not filling the roles of people who leave, one of the people said. Another source familiar with the matter described a holding pattern for hiring for some back-office roles in the US.

Three of the five sources said the process has been viewed internally as an informal hiring freeze that has been in place for several months.

Barclays is keeping a tight leash on pay, particularly for investment and corporate banking, and has set aside less so far this year for bonuses. That comes as it cuts costs to hit return targets set by CEO Jes Staley. A list of banks have been curbing hiring or cutting jobs as they ride out trade tensions, economic uncertainty, and a souring outlook for interest rates. 

The UK-based bank shed 3,000 jobs company-wide in the second quarter and upped its 2019 cost-cut outlook. Meanwhile, it is navigating uncertainty around Brexit. Still, it has announced some high-profile strategic hires, including people that came on board after Throsby's exit.

A Barclays spokeswoman declined to comment.

Read more: Headcount at the world's largest investment banks shrank by 1,500 in the first half of 2019, and equities trading took the brunt of it

'Very, very selective'

To be sure, the firm continues to advertise for positions online. And it could not be determined precisely how many people have been affected by Barclays' hiring strategy, or how many divisions might be taking that approach.

Kristin DeClark and Taylor Wright, the coheads of Barclays' US equity-capital markets, joined the firm from Deutsche Bank and Morgan Stanley, respectively, according to industry records. DeClark was announced the day after Throsby's exit became public, while Wright was announced in May and came on in August. 

And Bob Peck, a veteran internet analyst, joined Barclays as the chairman of global internet banking from Credit Suisse. That move was announced before Throsby left, and Peck started in June. 

When it comes to the back-office roles, Barclays has been shifting some of its US operations and tech employees from New York to a large campus it purchased in 2017 and opened last summer in Whippany, New Jersey. According to a public filing in early July, the chief operation office and functions teams are set to move starting in mid-November. 

Read more: Credit Suisse has started an informal hiring freeze — and it's a sign of just how tough the Wall Street job market is these days

Analysts have pushed for clarity on hiring. When asked directly during an August call if there was a hiring freeze, Tushar Morzaria, the bank's finance director, said it has been "very, very selective" but that a freeze was "probably not really the right way of doing it." Barclays has been "only really hiring for roles that we really need, given the income environment," he said.  

The bank has also been shrinking head count through "natural forces" by not hiring to replace, "which has been quite a successful thing for us," and it will "see where that goes" in the second half, Morzaria also said on that call.

Barclays had been deploying capital into sales, trading, and underwriting, but by a September 2018 call, Morzaria said: "We are by and large done with that. We're happy with the level of capital allocated."

Read more: A management overhaul at Barclays is rocking employees. Here's what we know about what's going on inside the British investment bank.

Managing-director departures

There have been a number of high-profile departures from Barclays recently, including five investment bankers from the Americas financial-institutions group (FIG), Business Insider reported in August. 

The group had no plans to replace those departing FIG bankers, though a person with knowledge of the group's plans said at the time that promotions and recent hires may mean it ends 2019 with the same number of managing directors. Sources had said a shrinking bonus pool prompted some of those moves. Through the first half, Barclays cut money set aside for bonuses by 23% from the year prior.

Barclays announced it hired Dan Zimbaldi from Evercore in June as a managing director in FIG mergers and acquisitions, and he starts in September. 

Separately, the New York-based investment-banking managing director Aiden Hallett left in July after getting promoted just months earlier. The bank named 85 new managing directors in late 2018 — promotions became effective at the beginning of this year. 

Barclays has started culling its global-markets team, which spans credit, distribution, equities, and macro, Business Insider and other media outlets reported in May. The bank said it had 85,000 employees globally at the end of 2018.

Read more:Barclays has lost a quintet of FIG bankers over the past month — and it shows how Jes Staley's bonus cuts may be affecting morale

Striving for a return target

Barclays wants to hit above a 9% return on tangible common equity this year and 10% in 2020, but analysts had noted their own predictions didn't line up. The activist investor Edward Bramson has meanwhile been pressuring the bank to pare back investment banking, though in May failed to nab a board seat.

Hiring across Wall Street is typically more common in the first half, though that has changed somewhat in recent years thanks to rising competition and the tightest US labor market in half a century.

Industry head count across investment banking, equities trading, and FICC continued to fall in the first half of 2019 while revenue slumped, Coalition data tracking the world's biggest banks showed on Thursday. 

The Barclays hiring shift comes as the broader industry grapples with trade tensions and global economic uncertainty, and technology that has reduced demand for higher-touch trading. And banks have added pressure on what they can make from lending after the Federal Reserve started cutting already historically low US interest rates in August.

Deutsche Bank is slashing 18,000 jobs and exiting businesses such as equities trading. Barclays remains "committed" to US and European equities, Staley said on a second-quarter earnings call, and picked up some $20 billion in prime-brokerage assets reported to come from Deutsche Bank. 

Credit Suisse has an informal hiring freeze in place across parts of its sales, trading, and research unit, Business Insider reported in August. Citigroup is laying off hundreds across equity and fixed-income trading, according to reports in July.

Barclays' shares have fallen 56% in five years while a large banking-sector exchange-traded fund has risen 22%.

Read more: A top Citigroup executive is departing as the bank winds down a secretive $1 billion business amid competition from private equity

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• Banks with more than $47 trillion in assets, including Deutsche Bank, Citigroup, and Barclays, have adopted new UN-backed climate policies that would shift their loan books away from fossil fuels.
• The group of 130 banks, which represent a third of the global industry, signed onto the new principles which require lenders to align their strategies with the 2015 Paris Agreement and set targets to increase "positive impacts" on the environment, among other things. 
• Visit Business Insider's homepage for more stories.

UNITED NATIONS (Reuters) - Banks with more than $47 trillion in assets, or a third of the global industry, adopted new U.N.-backed "responsible banking" principles to fight climate change on Sunday that would shift their loan books away from fossil fuels.

Deutsche Bank, Citigroup, and Barclays, were among 130 banks to join the new framework on the eve of a United Nations summit in New York aimed at pushing companies and governments to act quickly to avert catastrophic global warming.

"These principles mean banks have to consider the impact of their loans on society – not just on their portfolio," Simone Dettling, banking team lead for the Geneva-based United Nations Environment Finance Initiative, told Reuters.

Under pressure from investors, regulators and climate activists, some big banks have acknowledged the role lenders will need to play in a rapid transition to a low-carbon economy.

Financing for oil, gas and coal projects has come under particular scrutiny as climate scientists step up calls to change the global economy's deep reliance on fossil-fuels to avert disastrous warming.

The principles, drawn up jointly by U.N. officials and banks, require lenders to:

- Align their strategies with the 2015 Paris Agreement to curb global warming and U.N.-backed targets to fight poverty called the Sustainable Development Goals

- Set targets to increase "positive impacts" and reduce "negative impacts" on people and the environment

- Work with clients and customers to encourage sustainable practices

- Be transparent and accountable about their progress.

The principles' main backers say the norms will encourage banks to pivot their loan portfolios away from carbon-intensive assets and redirect capital to greener industries.

Critics argue that banks should go much further by explicitly committing to phasing out financing for fossil fuel projects and agribusiness that drive deforestation in the Amazon, Southeast Asia and other regions.

However, the new standards could also force participating banks to choose between foregoing business from clients in high-carbon sectors and the risk of being accused of backsliding on the principles if they continue to finance such firms.

Although the initiative is voluntary, Dettling, who played a central role during 18 months of negotiations with a core group of 30 founding banks, said lenders would be reluctant to accept the reputational risk of losing their signatory status.

"They need to demonstrate that they are making progress — and progress within a given timeline," Dettling said.

"Ultimately, banks that are not in line with their commitments and do not make progress can be stripped of their signatory status," she said.

Banks in Europe, in particular, also face growing regulatory pressure to disclose their exposure to the potential impact of climate-related disasters and a low-carbon energy transition on their asset base.

Bank of England Governor Mark Carney, who has joined counterparts in France and the Netherlands to push for better supervision of climate risk, was due to address the U.N. climate summit on Monday, according to a draft agenda.

Other banks to join the "Principles for Responsible Banking" initiative included Danske Bank, ABN Amro, BNP Paribas, Commerzbank, Lloyds Banking Group and Societe Generale, according to a statement.

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• Barclays is seeking to turn arounds its fortunes this year, as the bank announced it appointed two new board members. 
• Mohamed El-Erian who is the current chief economic advisor at Allianz and president-elect of Queens college Cambridge, is set to join the British bank in 2020.
• While Dawn Fitzpatrick, who is currently chief investment officer of Soros Fund Management, starts at the bank this week. 
• Read more of BI's Barclays coverage here.
• Visit the Markets Insider's homepage for more stories.

Barclays, the British bank, hired two new board members — marquee hires in what has been a volatile year for the bank. 

In a statement, Barclays said that it had made two new appointments: Dawn Fitzpatrick and Mohamed El-Erian, who will join the bank as non-executive directors this week and at the start of 2020, respectively. 

Fitzpatrick, the chief investment officer for Soros Fund Management, joins the bank as well. Barclays in the statement said she oversees $25 billion in assets under management, and prior to that spent 25 years at UBS. 

El-Erian, who starts January 1 2020, is currently the chief economic advisor at Allianz, the parent of California asset management firm Pimco. El-Erian, who Barclays said is also president-elect of Queen's College Cambridge, is also a regular contributor for Bloomberg and the Financial Times. 

Barclays added that he previously chaired President Obama's Global Development Council and was Deputy Director at the International Monetary Fund. 

The new appointments come amid a tumultuous year for Barclays as it tries to ramp up profitability. The British bank in March shocked onlookers when it lost investment bank chief Tim Throsby. It has cut 3,000 jobs, fought off an activist investor, lost a slew of key senior execs, enacted a de-facto hiring freeze, and this year ranked among the 10 riskiest banks in Europe.

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• Amazon's third-quarter report disappointed investors and prompted a massive sell-off, but it's not yet time to buy the dip, Barclays analyst Ross Sandler said in a Thursday note.
• The company historically sees revenue lag in the fourth quarter, and Amazon's push into one-day shipping will further intensify the slowdown in the short-term, according to Sandler.
• Buying the dip in Amazon stock is a good idea "in the 7th-8th inning of its investment cycles," but shares are still in the "3rd-4th inning," he wrote.
• Watch Amazon trade live here.

Amazon's third-quarter report led shares to sink to their lowest levels in months, but Barclays says investors should wait before buying the cheapened stock.

The ecommerce giant saw its stock tumble as much as 9% in late Thursday trading after it beat revenue estimates but posted worse-than-expected profits. The company also lowered its guidance for the fourth quarter as it ramps up its one-day shipping program and invests in core businesses.

The internal spending "will no doubt" place the company in a "tremendous competitive position," but it's still too early for investors to buy the dip, Barclays analyst Ross Sandler wrote in a Thursday note.

"Historically it's a good idea to buy AMZN shares in the 7th-8th inning of its investment cycles, closer to where we are coming out, but unfortunately it feels like we are only in the 3rd-4th inning," Sandler said.

Barclays lowered its price target for Amazon stock to $2,000 per share from $2,180 Thursday, maintaining an "overweight" rating and implying a 12.3% upside. The bank anticipates revenue growth to slow through 2021 as Amazon Web Services decelerates from its once-rapid pace of growth.

The company also tends to slow in the fourth quarter, and the trend will only be intensified by its expensive shipping investment, Sandler said.

"The push to 1-Day is driving up costs and creating stress everywhere in the system (exacerbated in 4Q) from outbound shipping, forward inventory management, fulfilment and headcount, marketing, etc., all of which should persist into mid-2020," he wrote.

However, the analyst said that once one-day shipping is rolled out, the program will have "a flywheel effect" of increasing page views, boosting orders, and driving up advertising revenue. The upgraded Prime membership gives Amazon "a significant competitive advantage," and despite its slowing growth, the company's cloud computing business "could be a $100B business over time," Sandler said.

Amazon traded at $1,743.24 per share at 11:15 a.m. ET Friday, up roughly 16% year-to-date.

The company has 52 "buy" ratings, two "hold" ratings, and no "sell" ratings, with a consensus price target of $2,188.41, according to Bloomberg data.

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