More bad news as Barclays names CEO
Source: Agencies |
August 31, 2012, Friday
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Print Edition
Print Edition
BARCLAYS Plc yesterday named the head of its retail and business banking operations as its new chief executive, as shares in the crisis-hit group dropped following news of a new probe into the bank's deals.
The bank said that Antony Jenkins, 51, would fill the post vacated by the resignation of Bob Diamond in the wake of a scandal over attempts to manipulate London Interbank Offered Rate, a key interest rate index.
Jenkins takes over just as the bank has been hit by more bad news.
Barclays disclosed on Wednesday that Britain's Serious Fraud Office was looking into payments the bank made to Qatar Holdings LLC when Barclays raised more than 5 billion pounds (US$8 billion) of emergency capital at the height of the global financial crisis in 2008. The funds raised by Barclays in the Middle East saved it from joining other UK banks such as Royal Bank of Scotland and Lloyds in taking a government bailout.
Gary Greenwood, an analyst at Shore Capital, said the investigation "further highlights Barclays' somewhat murky past under the previous leadership and the need for the new management team to come in and clean up the company's culture, processes and image."
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