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Pin to quick picksBarclays Share News (BARC)

Share Price Information for Barclays (BARC)

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Share Price: 215.80
Bid: 215.80
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Change: 0.90 (0.42%)
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Open: 214.55
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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.

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(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.

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Sunday newspaper round-up: Asda, Barclays, McLaren

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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.

Read more
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.

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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.

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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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23 Jan 2024 12:37

UK Chancellor Hunt meets top UK bank heads over plans to boost City

(Alliance News) - Jeremy Hunt has met the UK's biggest banks as part of efforts among the government to boost interest in the City.

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22 Jan 2024 17:14

European shares rise as Wall Street rallies; ECB decision in focus

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*

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*

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(Alliance News) - Stock prices in London opened higher on Monday, propelled by gains on Wall Street at the end of last week.

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19 Jan 2024 09:28

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18 Jan 2024 14:33

Britain's finance minister Hunt to quiz bank bosses on UK lending

LONDON, Jan 18 (Reuters) - Britain's finance minister Jeremy Hunt will meet the bosses of top British banks next Tuesday to seek reassurance they can keep lending to the economy, four sources familiar with the matter said on Thursday.

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18 Jan 2024 09:26

Sainsbury's to gradually withdraw from banking

LONDON, Jan 18 (Reuters) - British supermarket Sainsbury's said on Thursday it would wind down its banking business and instead offer financial products through third parties, as part of a strategy to focus on its core retail operations.

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17 Jan 2024 18:39

Bank CEOs, huddled in private in Davos, worry about competition, economy - sources

DAVOS, Jan 17 (Reuters) - Bank CEOs meeting in private at the World Economic Forum on Wednesday aired concerns about the competitive risks from fintech firms and private lenders, and complained about onerous regulations, a source familiar with the matter said.

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16 Jan 2024 12:51

Ex-Barclays duo agree Panmure and Liberum investment bank merger

Jan 16 (Reuters) - Former Barclays veterans Bob Diamond and Rich Ricci have agreed an all-share merger of Panmure Gordon and UK rival Liberum, the firms said on Tuesday, creating Britain's largest independent investment bank amid an extended dealmaking slump.

Read more

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