Salz Review - Wall Street Journal

207
Salz Review
An Independent Review of Barclays’ Business Practices
Barclays’ US Timeline
Corporate Development / M&A
Legal action
Other
1965
1979 1981
1986
100
1,800
5,500
Established a US
affiliate, Barclays
Bank of
California, in San
Francisco
Entered the US
consumer finance
market through
acquisition of
American Credit
First foreign bank to file
with the SEC in
Washington, DC and to
raise long-term capital from
the New York market
First UK bank to
have its shares
listed on the New
York Stock
Exchange
2004 2006 2007
2007
6,100
6,000
Entered the US
credit card market
through the
acquisition of the
credit card issuer
Juniper Financial
Acquired HomEq
Servicing, a US
mortgage servicing
business, from
Wachovia Group
Acquired EquiFirst
Corporation, a
subprime mortgage
lending unit, from
Regions Financial
Corporation
Wrote down £1.3
billion worth of
debts as a
consequence of the
US subprime
mortgage crisis
2008
2009
2010
2010
13,500
11,000
Acquired Lehman
Brothers North
American
investment banking
and capital markets
businesses
Shut down
EquiFirst
Corporation
Fined $298m by US DoJ and NY DA's
Office and $176 million by the Office of
Foreign Assets Control (OFAC) for
handling $500 million in money transfers
from banks in US-sanctioned countries,
including Cuba, Iran, Sudan, between
1995 and 2006
Sold
HomEq
Servicing
to Ocwen
Loan
Servicing