Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.

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: 217.55
Bid: 217.40
Ask: 217.45
Change: 0.80 (0.37%)
Spread: 0.05 (0.023%)
Open: 215.35
High: 217.65
Low: 213.60
Prev. Close: 216.75
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
19 Jan 2024 09:28

LONDON BROKER RATINGS: BofA cuts Pearson, raises Just Eat Takeaway

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

Read more
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.

Read more
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.

Read more
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.

Read more
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
16 Jan 2024 09:14

LONDON BROKER RATINGS: UBS raises GSK and cuts AstraZeneca

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning:

Read more
16 Jan 2024 08:21

TOP NEWS: Panmure Gordon and Liberum merge to "reinvigorate" UK market

(Alliance News) - City brokers Panmure Gordon and Liberum on Tuesday said they have agreed an all-share merger that will create the "UK's largest independent investment bank" with over 250 quoted corporate clients.

Read more
15 Jan 2024 06:01

London finance job vacancies slumped nearly 40% in 2023, recruiter says

LONDON, Jan 15 (Reuters) - Job opportunities in London's financial sector plummeted nearly 40% last year, recruiter Morgan McKinley said on Monday, as market turbulence and high inflation led employers to tighten their belts on costs.

Read more
11 Jan 2024 17:03

M&S shares, Wall Street sell-off drag FTSE lower

U.S. inflation data sparks selloff

*

Read more
11 Jan 2024 11:36

UK finance watchdog probes possible motor finance misconduct

LONDON, Jan 11 (Reuters) - Britain's finance watchdog said on Thursday it would start looking into the motor finance industry, amid rising tensions between thousands of consumers and finance providers about commission arrangements.

Read more
11 Jan 2024 09:26

TOP NEWS: Big Yellow rent hike saves revenue from decreased occupancy

(Alliance News) - Big Yellow Group PLC on Thursday said that revenue and lettable area had increased despite occupancy dropping during the "seasonally weaker third quarter".

Read more
10 Jan 2024 17:07

European shares end lower, with miners and travel stocks leading losses

Norway's Dec core inflation lower than expected

*

Read more
10 Jan 2024 13:00

Global activist investors pressed companies to sell or spin in 2023 as M&A dropped off

NEW YORK, Jan 10(Reuters) - "Sell" or "split" was the favorite word for activist investors across the world last year when their demands for companies to pursue some form of mergers and acquisition-related activity hit a new record and appeared in roughly half of their 2023 campaigns even as M&A activity dropped off, according to new data from Barclays.

Read more
9 Jan 2024 07:44

LONDON BRIEFING: B&M to declare special payout; strong start for Unite

(Alliance News) - Stocks in London are tipped for a solid start on Tuesday, following a strong performance on Wall Street and in Asian markets.

Read more
5 Jan 2024 09:50

IN BRIEF: Prudential to buy back 4 million shares to offset awards

Prudential PLC - London-based, Asia-focused life and health insurer and asset manager - Contracts Barclays Capital Securities Ltd, part of Barclays PLC, to conduct a share buyback programme that will repurchase about 3.9 million shares at a maximum cost of GBP38 million. At the current market price, 3.9 million Prudential shares are worth GBP32.3 million. The buybacks are intended to offset the dilution that will be caused by the vesting of awards under Prudential's employee and agent share schemes.

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.