Tuesday preview: Barclays reveals annual results amid scandals

All eyes will be on Barclays Tuesday as the bank unveils its full-year results for 2012 in the wake of a string of scandals.

All eyes will be on Barclays Tuesday as the bank unveils its full-year results for 2012 in the wake of a string of scandals.

The company has been undergoing a massive shake-up under new Chief Executive Officer, Antony Jenkins, who is reportedly slashing about 3,500 jobs from its 23,300-strong workforce.

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Jenkins will unveil his so-called 'Project Transform' business strategy alongside the company's results.

Since taking over as boss from Bob Diamond in August, Jenkins has been working to rebuild the bank's image following its alleged LIBOR rigging and mis-selling of payment protection insurance for which it agreed to pay a £290m fine to UK and US regulators.

He was recently said to have issued a memo to employees outlining the bank's new ethical code of conduct - which would be used to assess their performance. Staff who did not support the core values were advised to find another job, according to reports.

Among those who have since decided to leave is Finance Director, Chris Lucas.

Analysts at Investec noted the 3.0% fall in shares following last week's announcement of his retirement but said it "merely offers a fresh window of opportunity for investors to top up ahead of February 12th".

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The broker reiterated its 'buy' recommendation and a target price of 320p.

Shares in Barclays recovered Monday, up 0.45% to 299.95p at 15:45.

On the same day reports said Barclays misled shareholders over a £3.0bn investment by the owner of Manchester City F.C. Sheikh Mansour.

The bank announced in 2008 Mansour had agreed to invest the money, which helped it avoid a taxpayer bailout - but the funds actually came from Abu Dhabi's government, according to a BBC Panorama investigation.

Despite the latest hit to the bank's reputation, analysts predict a 39% growth in earnings per share of 35.00p and a dividend of 6.49p in its annual results.

Revenues are pegged at £27.8bn while pre-tax profits are anticipated to reach £7.07bn.


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