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Barclays Is Just Getting Started (Paying Fines For Engaging In Fraud)

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US$450 million for Liborgate. £3.56 billion for payment protection insurance, with £900 million more to come. US$480 million to Fannie Mae and Freddie Mac. £211 million for “other unspecified litigation and conduct charges.” And that’s just the beginning of the legal accounting at the House of Jenkins.

Sanford C. Bernstein said Barclays could book £200 million in provisions to settle an investigation by the New York attorney general’s office into the bank’s private stock market, known as a dark pool, and £700 million related to continuing industrywide investigations into potential manipulation of the $5.3-trillion-a-day currency market….

Mr. Barua said he expected that Barclays would also take a £300 million charge in the second half of the year to compensate customers who were improperly sold products to hedge interest rates.

Barclays Could Face $2 Billion More in Litigation Charges, Analyst Says [DealBook]


Barclays CEO Promises To Clear Out His Desk In Hypothetical Scenario In Which Bank Decides To Start Engaging In Rampant Fraud Again

Mr. Jenkins and the firm’s chairman, David Walker, told politicians on Tuesday that they were prioritizing ethics and reducing risky trading activity, adding that they would take responsibility if future problems were discovered at the bank. The Barclays’ chief, who agreed to forgo his bonus in response to the series of scandals that have hit Barclays in recent years, said he would resign if another scandal was uncovered while he was leading the bank. “The chief executive is responsible for what happens during their tenure and when incidents happen the price needs to be paid and I believe were I to find myself in that position I would do the right thing,” Mr. Jenkins said on Tuesday. When politicians asked Mr. Jenkins if he was eradicating the culture that he inherited from his predecessor Robert E. Diamond Jr., Barclays’ new chief said he was indeed “shredding that legacy” of sometimes being “too self-centered and too aggressive.” [Dealbook]

No, wait! Put it back!

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