Barclays says no need for UK govt bailout; shares surge

Barclays' shares surged 73% overnight despite announcing a fresh 8 billion pounds in writedowns. Investors were encouraged by Barclays' comments that it could absorb the writedowns without having to resort to asking for fresh cash from either shareholders or the British Government. Investors punished Barclays last week on fears a nationalisation would wipe out existing shareholders. * This article was first published in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.