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FBN’s Charlie Gasparino on the Barclays meeting and what Ricci told the employees of the bank.
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Did Barclays chief -- -- still his troops yesterday it what it he's the chief now.
And now it's it's changing every second as -- deal with the aftermath of the Libor scandal the rate manipulation scandal Charlie gas -- in a -- delays before we get to that I do have to ask you because we were just talking about it with out of some of the traders.
What do you think tomorrow that why that that lost the London -- loss over JPMorgan is going to be as they release it.
Their earnings -- remember we reported last week that they're gonna give arrangement.
Might be -- and they want to tell you what the upper -- going to be I think it's five to seven.
I'm sticking with that I've been saying that for a while we initially was two to five and everybody knew that that was low balling it -- -- -- does hedges that they put on this thing whatever.
Work the other way.
They sold lot of it we -- more to sell added we have Barclays appreciative JPMorgan up right now since we're talking about JPMorgan.
But who the the the bottom line is I think they feel pretty confident they're gonna get through this they're gonna report a pretty big.
Fourth -- second quarter profit.
Even with this lost -- prop up the losses taken out the profit is still there.
And I think it's gonna be between five point seven.
If you were able to do and that this is a three month but since April when the story actually broke right.
That stock has lost 38 billion in market -- -- it's a -- so it's not just act.
456 billion dollar price that's where.
And that's what the liability comes in a lot of legal liability has going to be shareholder natural sex folks April 6 I was -- -- -- and that was that -- -- that hedge fund conference but.
Pretty rough sledding -- -- Jamie Dimon is is pretty it would investors tomorrow.
I think part of this is going to be a sales job that were better we've learned from this.
And this isn't as bad as people say I mean I think that's what do you say weather is -- not.
We shall see if he dumped some reporters again who broke the story I'm Charlie let's get your story about -- -- kind of interesting thing Richey Richey who reaching what everyone say he's -- -- I think he is.
Probably -- senior most person Barkley -- out that Bob Diamond.
Fired amid the Libor scandal right Don -- we -- -- fired he quit.
He was you know you might -- easy easy euphemisms at the Wall Street Journal as there ousted because -- put on the pressure.
He's out these done they don't have -- CEO of the bank a rich rich she is the CEO Barclays Capital he's probably reports aboard the highest ranking person still there.
You town hall meeting yesterday to employees and it was to be cut entire Americas group so -- it was just about everybody at the company -- bar cap.
It's an interest in things he said the firm according to him he says.
-- -- that the firms like sort of business -- for the clients are not bolting right.
Business and it has essentially been split it of itself has not been affected by this specific thing clients are not bolting I think that's kind of a good thing that means.
That is Ellis he's -- I don't think he is.
But you know -- -- clients -- -- when you think about selling it off and I think that's where he gave some interest in insight he said listen no one knows about the future.
In terms of clients.
But you know and we are reviewing all our businesses he also said that.
Like you know that's the fly in the ointment if Barclays Capital can't retain their clients in a pretty good in the capital markets -- -- -- -- fixed income.
Then there's going to be different issued and then you see people talking about -- that's a lousy stock chart Jesus I mean that's a very good stock chart.
I think he's been he didn't say this specifically but he implied it that's when you start thinking about.
You know does this this is where we have a big bank and -- securities -- and and everything's being dragged down part of for a part of the effect of that stock chart as -- -- it -- is of course all the drama and the turmoil -- happening with European banks even -- -- at UK thank.
Look it's a solid bank and the bank is healthy every cut its of it's a bank and like a lot of banks are now they have a big security charities which is Barkley capital which I always these kind of the old Lehman -- -- with with with all the stuff.
And I think that's the question out -- something L -- You know if you're looking at that stock -- you need to buy the stock if you worked -- -- work on Wall Street.
And if you work and older you came.
Based firm's I mean.
The it is a real possibility that the UK regulators force all the big UK firms to bust out -- securities arms I mean that is.
Aside from this -- that that is a big that is some of the -- some of Volcker.
Some of Glass-Steagall the UK version separation of company thank you very.
