-
Panorama - Inside Barclays: Banking on Bonuses
After a series of controversies, bosses at Barclays say they're changing the culture of the bank. But what went wrong? Reporter Richard Bilton investigates the bonus culture that drove one of our biggest banks..........Read more hereYou must be logged in to post a comment.
- Hi & Welcome to the AAD Consumer Forum
We're a FREE consumer debt and legal forum offering help, support and debate in many areas of day-to-day life. You will need to Register a Free Account before you can join in with the discussion and contribute with your own posts. Remember to also check out the FAQ's so you can get to grips with how the forum works ready to start posting your new topics. Read about the new GDPR 2018 Rules and how it affects you as a member of AAD.
Tweet
The banking giant is to come under the spotlight on Monday over allegations it misled shareholders over the source of funds which averted its need for a bailout at the height of the financial crisis. Barclays is accused of obscuring the true source of a £3bn investment received in 2008, which the BBC's Panorama alleges came from the Abu Dhabi government rather than Manchester City owner Sheikh Mansour, as the bank had claimed. The investigation, which will be broadcast on Monday evening, allegedly found that although Barclays was aware the source of funds could change in the run up to a shareholder vote on the deal, that the lender refrained from informing stakeholders until after the transaction was approved.
Even then, disclosure was "buried in the small print", according to Panorama investigators, and used misleading language referring to "his investment". Although Sheikh Mansour chairs the Abu Dhabi government investment vehicle that provided the funding, International Petroleum Investment Company (IPIC), it is not believed the Emerati royal invested any of his own money in the bank at the time......Read more here