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Barclays faces SFO investigation
Barclays says the UK's Serious Fraud Office has "commenced an investigation" into payments between the bank and Qatar Holding LLC, part of sovereign wealth fund Qatar Investment Authority. The probe relates to 2008 when Barclays was raising money from Middle East investors during the banking crisis. The Financial Services Authority had said in July it was looking at issues around Barclays' deal with the Qataris. Separately, in June Barclays was fined £290m for rigging Libor interest rates....Read more here: BBC News - Barclays faces SFO investigationYou must be logged in to post a comment.
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Barclays boss Antony Jenkins might well be feeling some empathy with the fictional head of another powerful business enterprise. ‘Just when I thought I was out, they pull me back in,’ lamented Michael Corleone in The Godfather Part III, as his efforts to turn the family business legitimate were foiled by the fallout from past misdeeds. When Jenkins takes to his feet at the Royal Horticultural Society on Tuesday, he will persist with a carefully choreographed attempt to leave the dark ages of PPI, Libor and bumper bonuses behind.The results should help. City analysts are predicting an adjusted pre-tax profit up 28 per cent to £7.2billion for 2012, although the cost of multiple scandals will slash the statutory result from £5.9billion to around £1billion. More than half of that is slated to come from BarCap – the investment bank that Bob Diamond built – with profits in the much-maligned ‘casino’ division expected to hit £4billion. And Jenkins will also shutter the controversial Structured Capital Markets division that controversially helped firms slash their tax bills......Read more here