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So You’re Saying Lying To Clients About High-Frequency Trading Wasn’t Part Of New Barclays CEO’s Turnaround Plan?

Antony Jenkins, promoted to run Barclays Plc after the Libor scandal, pledged to overhaul the bank’s culture, committing to values of integrity and respect. Allegations of fraud on his watch are undermining his plan. Barclays lied to customers and masked the role of high-frequency traders as it sought to boost revenue at one of Wall Street’s largest private trading venues, New York Attorney General Eric Schneiderman said in a civil complaint filed June 25. He cited a pattern of misleading and false representations that went on as recently as April. The first allegations of new misconduct since Jenkins was named chief executive officer of the London-based bank in August 2012 mark a setback in his efforts to break with the past and sent shares plunging the most since he took over. A hit to the reputation of the Barclays LX dark pool also would hinder Jenkins’s effort to turn around the firm’s investment bank by focusing on equities. [Bloomberg]

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6 Responses to “So You’re Saying Lying To Clients About High-Frequency Trading Wasn’t Part Of New Barclays CEO’s Turnaround Plan?”

  1. Captain Oblivious says:

    How is this shit even allowed to go on? Trading huge blocks of stock off of the exchanges? Who thought this was a good idea? The IB's are doomed. Every politician is going to come after them to try and win elections and say they are tough on Wall St. What a joke. Other than that I give zero fucks.

  2. Guest says:

    How else are iBanks supposed to make money if it's not making it off the client. They aren't charities.

  3. Short, But Long says:

    Said it before and I will say it again, over and over… Barclays sucks.

  4. 1990s Oil Trader says:

    Dammit, you've got to free the trader to trade!!

  5. Guest says:

    I'm Bob Diamond.