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Share Price: 202.35

Bid: 202.15

Ask: 202.25

Change: 0.00 (0.00%)

Spread: 0.10 (0.049%)

Open: 0.00

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Prev. Close: 202.35

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FSA warned Barclays about Diamond appointment

Wed, 19th Sep 2012 14:37

UK financial watchdog the Financial Services Authority said it warned Barclays in 2010 that Bob Diamond might be unsuitable to become the bank's chief executive.Diamond resigned in July after the bank was fined £290bn by international regulators for trying to rig benchmark interest rates known as LIBOR.In letters published by the Commons' Treasury Committee, the FSA said it had warned Barclays that the LIBOR investigation, which was ongoing at the time of Diamond's appointment, could affect his position.At a meeting on 15 September 2010 the head of the regulator, Hector Sants, warned Barclays' then chairman, Marcus Agius, there could be problems ahead.However, by this time Diamond had been named chief executive of the bank.In a letter sent in August to Andrew Tyrie, the committee's chairman, Sants wrote: "The FSA was fully aware that the ongoing investigation might come to conclusions which would be relevant to Mr Diamond's suitability."However, at the time, since the investigation was not concluded, it would not have been appropriate to prejudge its outcome."Sants stressed that he "specifically made clear that we reserved the right to re-assess his [Diamond's] suitability in the light of the conclusions reached by this investigation and requested he make this clear to Mr Diamond" in the meeting."I made clear that our concerns about Barclays' culture were not some generic observation but specific to Barclays, and asked that these concerns be communicated by Mr Agius to Mr Diamond. Mr Agius confirmed that he would do this," Sants wrote.The letter is at odds with comments made by Agius, who said the FSA had not cast doubt on Diamond's appointment during the meeting.In his reply to Sants, Tyrie noted that the former Barclays Chairman had told the Committee: "These matters [the actions of traders in manipulating LIBOR submissions and the actions of Barclays in making lower LIBOR submissions during the crisis] were not raised by the FSA at the time [September 2010] on casting doubt on his suitability as CEO".Tyrie added that Agius had also given the Committee the impression that any concerns raised by the FSA about the bank's culture were generic rather than specific, again at variance with Sants's evidence.

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13 Feb 2024 14:34

UK earnings, trading statements calendar - next 7 days

Wednesday 14 February
Coca-Cola HBC AG	Full Year Results
Dunelm PLC	Half Year Results
Pan African Resources PLC	Half Year Results
Severn Trent PLC	Trading Statement
United Utilities Group PLC	Trading Statement
Thursday 15 February
Benchmark Holdings PLC	Q1 Results
Centrica PLC	Full Year Results
MJ Gleeson PLC	Half Year Results
Relx PLC	Full Year Results
South32 Ltd	Half Year Results
Friday 16 February
NatWest Group PLC	Full Year Results
Segro PLC	Full Year Results
TBC Bank Group PLC	Full Year Results
Monday 19 February
Bank of Cyprus Holdings PLC	Full Year Results
MoneySupermarket.com PLC	Full Year Results
Transense Technologies PLC	Half Year Results
Wilmington PLC	Half Year Results
Tuesday 20 February
Barclays PLC	Full Year Results
BHP Group Ltd	Half Year Results
Coca-Cola Europacific Partners PLC	Full Year Results
Gran Tierra Energy Inc	Full Year Results
InterContinental Hotels Group PLC	Full Year Results
Petra Diamonds Ltd	Half Year Results
Springfield Properties PLC	Half Year Results

Comments and questions to newsroom@alliancenews.com

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Copyright 2024 Alliance News Ltd. All Rights Reserved.

9 Feb 2024 17:02

LONDON MARKET CLOSE: FTSE 100 falls at end of tepid week

(Alliance News) - Stock prices in London closed lower on Friday, with the FTSE 100's losing streak extending to three days, as sentiment in Europe remains tetchy despite a largely stellar start to the day in New York.

9 Feb 2024 15:15

London close: Stocks turn sour in afternoon trading

(Sharecast News) - London's markets turned lower on Friday afternoon, concluding a volatile week on a negative note.

9 Feb 2024 12:46

Barclays pledges to stop directly financing new oil and gas projects

(Alliance News) - Barclays PLC has promised to stop directly financing energy clients' new oil and gas projects as part of updates to its climate change strategy.

9 Feb 2024 11:44

LONDON MARKET MIDDAY: European markets quiet heading into afternoon

(Alliance News) - European stock markets were quiet heading into Friday afternoon, as investors eye the annual US consumer price index benchmarks revisions.

9 Feb 2024 08:49

LONDON MARKET OPEN: Tesco bank sold to Barclays for GBP600 million

(Alliance News) - Stock prices in London lacked direction on Friday, after Barclays announced plans to buy the retail banking business of Tesco Bank.

9 Feb 2024 08:11

Barclays adds scale, income and profits with Tesco Bank deal, says Shore Capital

(Sharecast News) - Shore Capital has reiterated a 'buy' recommendation on Barclays after its deal to takeover Tesco Personal Finance for £600m, saying that the stock should double from current levels.

9 Feb 2024 07:59

TOP NEWS: Barclays buys Tesco Bank as supermarkets refocus on food

(Alliance News) - Barclays PLC and Tesco PLC on Friday announced an agreement for Barclays to buy the retail banking business of Tesco Bank, as the big UK supermarkets scale back their forays into financial services.

9 Feb 2024 07:51

LONDON BRIEFING: Barclays buys Tesco's retail banking business

(Alliance News) - Stocks in London are called to open higher on Friday, closing off a busy corporate week.

9 Feb 2024 07:03

Tesco sells banking unit to Barclays for £600m

(Sharecast News) - UK supermarket giant Tesco has sold its most of its retail banking business to Barclays for £600m, the two companies said on Friday.

4 Feb 2024 11:12

Sunday newspaper round-up: Asda, Barclays, McLaren

(Sharecast News) - Zuber Issa, one of the two billionaire brothers at the helm of Asda, has been sounding out potential buyers for his 22.5% stake in the grocer. Instead, Zuber wishes to focus on EG Group, their petrol station empire. Meanwhile, Asda's next phase may include a bid for Boots. According to City sources, it was also possible that Zuber might use the funds raised through a sale to fund the purchase of his brother's stake in EG Group. - The Sunday Telegraph

26 Jan 2024 17:39

Texas bans Barclays from local govt debt business over ESG concerns

NEW YORK, Jan 26 (Reuters) - Texas Attorney General Ken Paxton on Friday said Barclays bank would not be permitted to underwrite municipal bonds after failing to respond to questions from state authorities about its pledges to cut greenhouse gas emissions.

26 Jan 2024 17:08

Texas bans Barclays from local debt business over ESG concerns

NEW YORK, Jan 26 (Reuters) - Texas Attorney General Ken Paxton said on Friday that Barclays bank would not be permitted to underwrite municipal bonds after failing to respond to questions from state authorities about its carbon emissions reduction commitments.

25 Jan 2024 10:36

BoE says 'ring fencing' capital rules for retail banks need no big overhaul

LONDON, Jan 25 (Reuters) - The Bank of England said on Thursday that its rules requiring banks to "ring fence" their retail arms with bespoke buffers of capital have worked satisfactorily with no major overhaul needed.

25 Jan 2024 10:05

Bank of England says 'ring fencing' capital rules for retail banks need no major overhaul

LONDON, Jan 25 (Reuters) - The Bank of England said on Thursday that its rules requiring banks to "ring fence" their retail arms with bespoke buffers of capital have worked "satisfactorily" with no major overhaul needed.

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