Barclays bank after
being investigated and fined over £290m in the Libor scandal case and have to
pay over £450m on mis-selling products to customers have find itself in another
pitfall over its transaction in 2007. This latest investigation is about the
funds raised from investors in Abu Dhabi and Qatar sovereign wealth funds just
after the financial crisis.
The previous LIBOR
investigation claims some causalities which includes the CEO Robert Diamond and
the Chairman which will leave soon. This probe is about disclosure of the fees
the bank intends to pay the Qatari authority. The 7 billion pounds raised from
the middle east helps it to weather the storm in 2007 and eventually avoided
any bailout funds from the UK government.
The bank however
has appointed Antony Jenkins who runs Barclays Retail and Business Banking has
the new chief executive with a basic salary of £1.1m and a performance bonus of
up to 250% of his salary. The new CEO takes over at a very difficult time when
the bank is facing a running battle with regulators as well as its reputation
been damaged.
This series of
investigation into the banks will however have a significant impact on its
profit for the second half of the year.
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