Barclays Execs Under Another Investigation

And bank set aside hundreds of millions for misselling derivatives
By Kevin Spak,  Newser Staff
Posted Jul 27, 2012 7:20 AM CDT
Barclays Execs Under Another Investigation
Barclays trader Dermot Bermingham works with multiple stock trading monitors at the New York Stock Exchange on Friday, July 13, 2012.   (AP Photo/Bebeto Matthews)

Barclays raised a whole bunch of eyebrows when it released its earnings today—and in the process revealed, among other things, that current and former senior executives were under an investigation totally unrelated to the Libor. UK regulators are looking into whether the bank sufficiently disclosed details of the $11.45 billion cash injection it got from Middle Eastern investors during the 2008 financial crisis, the Wall Street Journal reports.

If that weren't enough, the company also revealed that it had set aside $705 million to cover misspelling of derivatives to small businesses, and that it was facing a number of lawsuits over the Libor scandal. On the call, departing Chairman Marcus Agius apologized yet again for that mess, and said he was working to find his own replacement, along with one to fill the hole left by former CEO Robert Diamond. "It is tempting to find a quick solution," he said. "It is important that the right selection is made." (More Libor stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.