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27/06/2012
Eight-Figure Fine Slapped On Barclays Bank
Barclays Bank has been fined a record eight-figure sum for trying to manipulate banks' lending rates.
The Financial Services Authority (FSA) slapped the £59.5m penalty on the institution for "serious and widespread misconduct".
The misconduct relates to the daily setting of the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor).
Between 2007 and 2008, bank staff submitted artificially low interbank lending rates to try and boost business by avoiding suspicion that the bank was under financial stress.
The FSA said: "Making submissions to try to benefit trading positions is wholly unacceptable. Barclays' behaviour threatened the integrity of the rates with the risk of serious harm to other market participants."
Barclays chief executive Bob Diamond admitted the bank’s actions "fell well short of the standards to which Barclays aspires".
He said: "I am sorry that some people acted in a manner not consistent with our culture and values."
In an attempt to patch up the damage done to the bank’s public image, Mr Diamond announced that he and three other leaders of the bank would forego their bonus this year.
He said the move would "reflect our collective responsibility as leaders".
Last year, Mr Diamond got a bonus of £2.7m.
Including the £59.5m FSA fine, Barclays has agreed to pay a total of £290m in penalties to UK and US authorities.
The penalty fine came as part of an industry-wide investigation into the setting of interbank offered rates between 2005 and 2009.
(NE)
The Financial Services Authority (FSA) slapped the £59.5m penalty on the institution for "serious and widespread misconduct".
The misconduct relates to the daily setting of the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor).
Between 2007 and 2008, bank staff submitted artificially low interbank lending rates to try and boost business by avoiding suspicion that the bank was under financial stress.
The FSA said: "Making submissions to try to benefit trading positions is wholly unacceptable. Barclays' behaviour threatened the integrity of the rates with the risk of serious harm to other market participants."
Barclays chief executive Bob Diamond admitted the bank’s actions "fell well short of the standards to which Barclays aspires".
He said: "I am sorry that some people acted in a manner not consistent with our culture and values."
In an attempt to patch up the damage done to the bank’s public image, Mr Diamond announced that he and three other leaders of the bank would forego their bonus this year.
He said the move would "reflect our collective responsibility as leaders".
Last year, Mr Diamond got a bonus of £2.7m.
Including the £59.5m FSA fine, Barclays has agreed to pay a total of £290m in penalties to UK and US authorities.
The penalty fine came as part of an industry-wide investigation into the setting of interbank offered rates between 2005 and 2009.
(NE)
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04 July 2012
Ex-Barclays Boss To Face MP's' Questioning
One day after resigning as chief executive of Barclays, Bob Diamond is to be grilled by MPs in the wake of the inter-bank interest rate-fixing scandal. His appearance was arranged before the latest furore, but he is likely to be quizzed about who knew what and when.
Ex-Barclays Boss To Face MP's' Questioning
One day after resigning as chief executive of Barclays, Bob Diamond is to be grilled by MPs in the wake of the inter-bank interest rate-fixing scandal. His appearance was arranged before the latest furore, but he is likely to be quizzed about who knew what and when.
08 May 2014
Barclays To Axe 10,000 UK Jobs
Barclays is to cut approximately 20,000 job cuts by 2016. The firm said it is part of a new strategy. The number of job' reductions is bigger than the 10 to 12,000 the bank announced earlier this year. Around 14,000 cuts will be made during 2014.
Barclays To Axe 10,000 UK Jobs
Barclays is to cut approximately 20,000 job cuts by 2016. The firm said it is part of a new strategy. The number of job' reductions is bigger than the 10 to 12,000 the bank announced earlier this year. Around 14,000 cuts will be made during 2014.
16 July 2008
Co-op Agrees Somerfield Purchase
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Co-op Agrees Somerfield Purchase
Supermarket chain The Co-operative Group has agreed to purchase rival chain Somerfield in a deal worth £1.57 billion. The deal will cement the Co-op Group's position as the fifth biggest food retailer in the UK.
03 July 2012
Barclays Boss Bob Diamond Resigns
Barclays chief executive Bob Diamond has stepped down with immediate effect. The move follows the bank receiving a £290m ($450m) record fine by US and UK regulators for attempting to rig Libor and Euribor, the interest rates at which banks lend to each other, which underpin trillions of pounds worth of financial transactions.
Barclays Boss Bob Diamond Resigns
Barclays chief executive Bob Diamond has stepped down with immediate effect. The move follows the bank receiving a £290m ($450m) record fine by US and UK regulators for attempting to rig Libor and Euribor, the interest rates at which banks lend to each other, which underpin trillions of pounds worth of financial transactions.
10 February 2012
Barclays Bank Profits Fall
Barclays full year results reveal a 3% drop in profits year on year to £5.9bn. The bank's bonus pot will be £2.15bn, down by 25%, with cash bonuses capped at £65,000. Chief executive Bob Diamond is expected to receive a payout worth several million pounds.
Barclays Bank Profits Fall
Barclays full year results reveal a 3% drop in profits year on year to £5.9bn. The bank's bonus pot will be £2.15bn, down by 25%, with cash bonuses capped at £65,000. Chief executive Bob Diamond is expected to receive a payout worth several million pounds.
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