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Pin to quick picksBarclays Share News (BARC)

Share Price Information for Barclays (BARC)

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Share Price: 214.60
Bid: 214.55
Ask: 214.65
Change: -2.15 (-0.99%)
Spread: 0.10 (0.047%)
Open: 215.35
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Low: 213.80
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UPDATE 1-UK court identifies Barclays staff named in Libor probe

Fri, 25th Jan 2013 18:46

* Court releases shortlist of names linked to Libor probe

* Lucas, Ricci named on shortlist

* CEO has warned staff to adopt new standards or leave

* Guardian Care Homes suing over alleged mis-selling

By Matt Scuffham

LONDON, Jan 25 (Reuters) - A number of current and pastexecutives at Barclays are on a list of individualsnamed in documents relating to the regulatory investigation intothe Libor rate-rigging scandal, court documents released onFriday showed.

Guardian Care Homes, a residential carehome operator basedin Wolverhampton, England, is suing Barclays for up to 37million pounds ($58 million) in a claim that it was mis-soldinterest rate hedging products which were based on Libor.

The Guardian Care Homes case is the first to link acomplaint over the alleged mis-selling of interest rate swaps tothe investigation into attempts to manipulate Libor and otherbenchmarket interest rates.

The case is already shining a light on those involved in thebank's interest rate-setting process and asking fresh questionsabout the involvement of senior executives in the affair.

On Friday the High Court in London released a list of 25individuals named in regulatory documents concerning the Liborinvestigation which have been lodged with the court and whichrefer to attempts by Barclays to manipulate Libor.

Alongside past executives including former chief executiveBob Diamond, the list features some of the bank's most seniorand high profile figures including Rich Ricci, who heads up theinvestment bank and Finance Director Chris Lucas.

Ricci told UK lawmakers investigating the scandal inNovember that he was originally a witness in the Liborinvestigation by regulators, but was cleared. He was then ableto lead the bank's internal investigation into the affair.

The American, who was one of Diamond's inner circle andhelped build up the investment bank, has been asked by new ChiefExecutive Antony Jenkins to conduct a reputation-based review ofall of Barclays' investment banking activities.

Tim Lord, a lawyer representing Guardian Care Homes, citeddocuments during a preliminary court hearing on Thursdayreferring to communications from the "31st floor" - the part ofBarclays headquarters in Canary Wharf, London, occupied bysenior executives.

The documents referred to "internal political" pressure toset borrowing rates low in a bid to paint a rosier picture ofthe bank's financial health.

"Guidance, if you can call it that, from the 31st floor isthat we don't stick our head above the parapet in anycircumstance," read a November 2007 email by Miles Storey, amanager in Barclays' treasury department.

Judge Julian Flaux told the court the documents "showed somedebate at a fairly high level within the bank".

The list of 25 names mentioned in the documents includedformer chief operating officer Jerry del Missier, formercompliance head Stephen Morse, money markets desk head MarkDearlove and former group treasurer Jon Stone.

The publication of the names followed the release of a widerlist of 104 names on Thursday after the judge rejected a requestthat they remain anonymous during the preliminary hearing forthe case.

The wider list included employees whose email accounts weredisclosed to the regulatory authorities, but it is not suggestedin the regulatory findings that they were implicated in thefixing or manipulation of Libor.

Twenty-four of the 25 had requested anonymity prior topublication of the list - the exception being former Barclaystrader Jay Merchant, who went on to become head of swaps tradingat UBS before leaving his position last August.

Meanwhile Jenkins is due to announce the results of astrategic review of Barclays on Feb. 12. He has already toldstaff to leave if they do not want to sign up to a new set ofstandards aimed at rebuilding the bank's reputation after astring of scandals.

More News
28 Nov 2023 08:52

PRESS: Barclays eyes dropping quarter of investment bank clients - FT

(Alliance News) - Barclays PLC is exploring the possibility of dropping thousands of its investment bank clients - a quarter of its total - amid a strategic overhaul to bolster its bottom line and cut GBP1 billion of costs, the Financial Times reported on Tuesday.

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28 Nov 2023 07:56

Barclays considers dropping thousands of investment banking clients - report

(Sharecast News) - Barclays is reportedly exploring a plan to drop thousands of clients at its investment bank as part of a strategic overhaul that is meant to boost profits and cut £1bn of costs.

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28 Nov 2023 07:42

LONDON BRIEFING: Rolls-Royce plans disposals, sets out 2027 targets

(Alliance News) - Stocks in London are called lower on Tuesday, with a stronger pound likely to weigh on the FTSE 100.

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27 Nov 2023 17:16

UPDATE: Metro Bank negotiating sale of mortgage book to Barclays - Sky

(Alliance News) - Metro Bank Holdings PLC is in talks to sell a GBP3 billion mortgage portfolio to Barclays PLC as part of its restructuring process in a bid to prevent collapse.

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27 Nov 2023 13:44

Barclays in talks to acquire mortgage portfolio from Metro Bank

(Sharecast News) - Banking giant Barclays has entered exclusive talks to acquire a large portfolio of residential mortgages from high street lender Metro Bank as it seeks approval for a wider refinancing aimed at saving it from collapse.

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27 Nov 2023 13:26

PRESS: Metro Bank negotiating sale of mortgage book to Barclays - Sky

(Alliance News) - Metro Bank Holdings PLC is in talks to sell a GBP3 billion mortgage portfolio to Barclays PLC as part of its restructuring process in a bid to prevent collapse.

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27 Nov 2023 12:54

IN BRIEF: Argo Blockchain hires former CBOE Digital chief to be CEO

Argo Blockchain PLC - London-based cryptocurrency miner - Hires Thomas Chippas as chief executive officer and board member, starting immediately. New York-based Chippas most recently was CEO of CBOE Digital, a crypto trading and clearing firm that is part of Cboe Global Markets Group. He also was CEO of Citadel Technology LLC and worked at financial firms Citigroup Inc, Barclays PLC and Deutsche Bank AG. "The pace of innovation in the bitcoin mining industry continues to increase as miners seek ever greater efficiency and capacity in preparation for the bitcoin halving and beyond," Chippas says.

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27 Nov 2023 09:20

LONDON BROKER RATINGS: Peel, Numis up Rightmove; Goldman cuts Entain

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Friday:

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26 Nov 2023 09:49

PRESS: Lloyds Banking mulls jobs cuts to trim costs - Reuters

(Alliance News) - Lloyds Banking Group PLC is putting 2,500 jobs at risk as part of cost-cutting plans, Reuters reported on Friday.

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24 Nov 2023 16:56

LONDON MARKET CLOSE: Pound jumps above USD1.26 mark on Black Friday

(Alliance News) - Global markets saw a lacklustre session this Black Friday, with European markets edging just slightly higher.

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24 Nov 2023 15:03

London close: Stocks mixed on quiet Friday

(Sharecast News) - Market performance showed a mixed trend in London today, with movements relatively subdued after the Thanksgiving holiday across the pond.

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24 Nov 2023 11:42

LONDON MARKET MIDDAY: Stocks edge lower in quiet Thanksgiving trade

(Alliance News) - Stock prices in London were down midday on Friday, in a quiet day of trade as the Thanksgiving holiday saw global markets "hit the snooze button."

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24 Nov 2023 09:20

PRESS: Barclays works on plan to cut 2,000 back office jobs - Reuters

(Alliance News) - Barclays PLC is working on restructuring plans that could involve cutting as many as 2,000 jobs to save GBP1 billion, Reuters reported on Thursday.

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24 Nov 2023 08:41

Barclays looking to save up to £1bn; 2,000 jobs at risk - report

(Sharecast News) - Barclays is reportedly working on plans to save as much as £1bn, which could result in as many as 2,000 job losses, mainly in the bank's back office.

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23 Nov 2023 11:28

Greencore signs new GBP350 million sustainability-linked facility

(Alliance News) - Greencore Group PLC on Thursday said it signed a new five-year GBP350 million sustainability-linked revolving credit facility.

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