Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBarclays Share News (BARC)

Share Price Information for Barclays (BARC)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 202.00
Bid: 202.40
Ask: 202.50
Change: -3.15 (-1.54%)
Spread: 0.10 (0.049%)
Open: 205.75
High: 206.10
Low: 197.68
Prev. Close: 205.15
BARC Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 3-Barclays forced to name executives on Libor list

Thu, 24th Jan 2013 18:31

By Matt Scuffham

LONDON, Jan 24 (Reuters) - Barclays was forced toname former heads Bob Diamond and John Varley, finance directorChris Lucas and other top executives and traders linked to aglobal rate-fixing probe, despite their calls for anonymity.

A UK judge ordered the bank to reveal their identities onThursday during a preliminary hearing for a British test case onthe mis-selling of interest rate swaps brought by a residentialcare home operator.

Guardian Care Homes alleges Barclays mis-sold interest ratehedging products based on Libor (London interbank offeredrate)in a case that is shining a light on those involved in thebank's interest rate-setting process..

"The cat is out of the bag," said Judge Julian Flaux, as he dismissed requests by 104 former and current Barclays staff foranonymity, citing the public interest.

Barclays was the first bank to be fined for trying to gameLibor, a central cog in the global financial system and abenchmark for around $550 trillion in contracts ranging frominterest rate derivatives to home loans and credit cards.

The judge told the court that the release of the names wasnecessary in order to have an "informed debate" during the case.He also said that documents lodged with the court ahead of thetrial, due to start in October, "showed some debate at a fairlyhigh level in the bank" about the setting of Libor.

The judge instructed Barclays to release more minutes fromboard meetings at which Libor was discussed than those alreadyprovided.

Addressing the court, Tim Lord, the lawyer representingGuardian Care Homes, cited documents which referred tocommunications from "the 31st floor" - the part of Barclaysheadquarters in Canary Wharf, London, occupied by seniorexecutives.

Barclays lost three of its most senior staff - ChiefExecutive Bob Diamond, Chairman Marcus Agius and Chief OperatingOfficer Jerry del Missier in the fallout from the Libor affair.

Other banks remain under investigation in a probe stretchingfrom the U.S. to Japan that is triggering lawsuits from thosealleging rate-rigging pushed up their loan costs.

Barclays released a list of staff on Thursday whose emailaccounts it had previously disclosed to regulators.

The list includes a subset of 24 people who have been namedin regulatory documents referring to Barclays' attempted rigging of Libor. That shorter list was not immediately available.

None of those named is necessarily implicated in anywrongdoing.

"There is a legitimate public interest in the true picturein relation to the manipulation of Libor by banks generally, notjust Barclays, being brought fully to light," Flaux said.

"In my judgment, fair and accurate media reporting of allaspects of Libor manipulation, including the involvement ofemployees and ex-employees of Barclays and their identity, is animportant aspect of the public obtaining that true picture."

NAME CALL

Those named include Rich Ricci, head of Barclays' investmentbank and former compliance head Stephen Morse, who was notifiedin 2008 about problems brewing, according to documents that weremade public last year. He left to lead the compliance departmentat Canada's Toronto-Dominion Bank.

Benoit de Vitry, the current treasurer who used to runcommodities and emerging markets, Ivan Ritossa, now retired, whoran currency and prime services business, money markets deskhead Mark Dearlove and former group treasurer Jon Stone werealso named.

Others include Ryan Reich, a 30-year-old former Barclaysswaps trader based in New York who was fired in 2010. U.S.prosecutors are investigating Reich's activities while atBarclays between August 2006 and March 2010, according to several people familiar with the situation.

Ritankar "Ronti" Pal, who oversaw desk trading since 2006,was also on the list. He recently left Barclays.

Other names included Eric Bommensath, a French bond traderwho became global head of fixed income and a member of thebank's executive committee, and Harry Harrison, a UK banker incharge of dollar-denominated fixed-income trading in New Yorkwho is now head of rates.

Lawyers welcomed the publication of the names.

"This shows the judges will not allow the banks to escapescrutiny," said Rich Eldridge of law firm Manches. "Borrowerswill be encouraged by the issue being given such importance thatit outweighs the risk of innocent people being named."

Barclays was fined $450 million by U.S. and UK authoritieslast June for allowing traders to try to rig Libor and its eurocousin Euribor and for low-balling rates during the 2007/08credit crunch.

Switzerland's UBS was fined $1.5 billon inDecember and Royal Bank of Scotland is expected to bepenalised shortly.

Barclays says it has fired five employees and disciplinedeight others after an internal investigation into how itsubmitted Libor rates. Many identified in that investigationhave also left the bank, it told lawmakers in November.

"This started as an alleged mis-selling case which the bankconsiders has no merit," Barclays said in a brief statement onThursday. "The addition of a claim based on what happened withLibor does not change the bank's view.

"The fact that someone's documents were reviewed by the bankduring its review of millions of documents does not mean thatsuch person was involved in any wrongdoing."

More News
18 Sep 2023 21:51

IN BRIEF: Vanquis confirms Estlin as chair after regulatory approval

Vanquis Banking Group PLC - Bradford, England-based lender - Confirms Peter Estlin as chair, effective last week Friday, following regulatory approval. He replaces Patrick Snowball. Estlin worked as acting chief financial officer for Barclays PLC and served as Lord Mayor of the City of London in 2018/19.

Read more
12 Sep 2023 13:47

Barclays to cut more than 450 jobs, says Unite

(Sharecast News) - Barclays is cutting more than 450 jobs, the Unite union announced on Tuesday.

Read more
8 Sep 2023 15:45

UK dividends calendar - next 7 days

Monday 11 September 
AstraZeneca PLCdividend payment date
Games Workshop Group PLCdividend payment date
Rentokil Initial PLCdividend payment date
Residential Secure Income PLCdividend payment date
ThomasLloyd Energy Impact Trust PLCdividend payment date
Tuesday 12 September 
Ashtead Group PLCdividend payment date
Foxtons Group PLCdividend payment date
Lindsell Train Investment Trust PLCdividend payment date
Lloyds Banking Group PLCdividend payment date
LMS Capital PLCdividend payment date
Wednesday 13 September 
BT Group PLCdividend payment date
Franchise Brands PLCdividend payment date
Monks Investment Trust PLCdividend payment date
Thursday 14 September 
abrdn Japan Investment Trust PLCex-dividend payment date
Alfa Financial Software Holdings PLCspecial ex-dividend payment date
Apax Global Alpha Ltdex-dividend payment date
Bakkavor Group PLCex-dividend payment date
Cairn Homes PLCex-dividend payment date
Camellia PLCex-dividend payment date
Dalata Hotel Group PLCex-dividend payment date
Energean PLCex-dividend payment date
Franchise Brands PLCex-dividend payment date
Fresnillo PLCdividend payment date
Goodwin PLCex-dividend payment date
Henderson High Income Trust PLCex-dividend payment date
International Public Partnerships Ltdex-dividend payment date
Intertek Group PLCex-dividend payment date
Irish Continental Group PLCex-dividend payment date
JPMorgan Global Emerging Markets Income Trust PLCex-dividend payment date
Luceco PLCex-dividend payment date
LXi REIT PLCex-dividend payment date
Macfarlane Group PLCex-dividend payment date
Melrose Industries PLCex-dividend payment date
Murray Income Trust PLCdividend payment date
SDCL Energy Efficiency Income Trust PLCex-dividend payment date
Triple Point Energy Transition PLCex-dividend payment date
Triple Point Social Housing REIT PLCex-dividend payment date
TT Electronics PLCex-dividend payment date
Unite Group PLCex-dividend payment date
VH Global Sustainable Energy Opportunities PLCdividend payment date
Friday 15 September 
4imprint Group PLCdividend payment date
Baillie Gifford European Growth Trust PLCspecial dividend payment date
Baillie Gifford UK Growth Trust PLCdividend payment date
Barclays PLCdividend payment date
Brunner Investment Trust PLCdividend payment date
Clarkson PLCdividend payment date
Halfords Group PLCdividend payment date
Hikma Pharmaceuticals PLCdividend payment date
Ibstock PLCdividend payment date
IMI PLCdividend payment date
Informa PLCdividend payment date
Lancashire Holdings Ltddividend payment date
Montanaro European Smaller Companies Trust PLCdividend payment date
NatWest Group PLCdividend payment date
Pershing Square Holdings Ltddividend payment date
Reckitt Benckiser Group PLCdividend payment date
Spirent Communications PLCdividend payment date
TI Fluid Systems PLCdividend payment date
Vesuvius PLCdividend payment date
Witan Investment Trust PLCdividend payment date
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

Read more
7 Sep 2023 09:45

LONDON BROKER RATINGS: RBC ups ConvaTec; Peel Hunt cuts Harbour Energy

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

Read more
5 Sep 2023 15:03

SoftBank's Arm aims for over $52 bln valuation in biggest US IPO of the year

Sept 5 (Reuters) - SoftBank Group's Arm is seeking a valuation of more than $52 billion in its initial public offering, the chip designer said on Tuesday as it begins marketing for the biggest U.S. stock market flotation of the year.

Read more
4 Sep 2023 14:32

Barclays reportedly looking for investors in UK merchant payments arm

(Sharecast News) - Barclays is looking for buyers to invest in its merchant acquiring unit in the UK, according to reports.

Read more
1 Sep 2023 00:01

Some UK banks improving interest rates for savers, says watchdog

LONDON, Sept 1 (Reuters) - More savings accounts are offering higher interest rates as a more competitive market emerges, though regulatory intervention may still be needed to ensure customers are getting fair value, Britain's Financial Conduct Authority (FCA) said on Friday.

Read more
31 Aug 2023 23:16

Arm prepares to meet investors ahead of blockbuster IPO -sources

NEW YORK, Aug 31 (Reuters) - Arm Holdings Ltd plans to launch its roadshow for investors after Labor Day, as the chip designer prepares for its much-anticipated initial public offering (IPO) in September, according to people familiar with the matter.

Read more
29 Aug 2023 17:27

European shares at two-week high; UK's FTSE 100 outperforms

U.S. job openings data boosts Fed pause bets

*

Read more
25 Aug 2023 14:43

Barclays hires internet banker Taylor from Goldman Sachs-memo

Aug 25 (Reuters) - Barclays Plc has hired Emma Taylor, a Goldman Sachs Group Inc technology banker, as global head of internet investment banking, according to an internal memo seen by Reuters.

Read more
18 Aug 2023 10:22

UK banking stocks are undervalued, says Shore Capital

(Sharecast News) - Shore Capital has reiterated its 'buy' ratings on six UK-listed banking stocks, saying the market is currently pricing in a "far worse outlook".

Read more
18 Aug 2023 09:57

Everyman half-year revenue and earnings down; agrees new loan facility

(Alliance News) - Everyman Media Group PLC on Friday said it is trading in line with expectations, although first-half revenue and earnings were lower.

Read more
17 Aug 2023 22:30

Britain makes access to fee-free cash machine a legal right

LONDON, Aug 17 (Reuters) - Nearly everyone in Britain will remain within three miles (4.8 km) of a cash machine that does not charge fees despite the dwindling use of notes and coins, the finance ministry said on Thursday.

Read more
15 Aug 2023 07:49

LONDON BRIEFING: L&G profit falls on investments; M&S outlook rosy

(Alliance News) - Stocks in London are expected to edge up at Tuesday's open, as investors weigh the latest economic data from the UK and Asia.

Read more
14 Aug 2023 17:18

UK watchdog kicks off 'politically-exposed persons' review

LONDON, Aug 14 (Reuters) - Britain's Financial Conduct Authority said on Monday it will ask lawmakers to report any problems they have opening or maintaining a bank account ahead of a formal investigation.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.