Former Barclays bankers jailed for Libor fraud

Former Barclays traders handed lengthy jail terms for Libor riggingManipulating benchmark rates for gain

Four former Barclays bankers have been handed down jail time following a three-month trial at Southwark Crown Court in London, England. The charges related to conspiring to fraudulently rig global benchmark interest rates between 2005 and 2007 and the convictions represent a victory for the Serious Fraud Office (SFO), which has been pursuing investigations into the Libor scandal for some years but has achieved just one other successful prosecution against six acquittals. Two more Libor-fixing cases by other former Barclays bankers are still under investigation. Read more…

Trouble at the top as Barclays oust boss

Barclays Chief Executive ousted in boardroom falling outBarclays Chief Exec ousted in boardroom falling out

British bank Barclays has announced that boss Antony Jenkins has been ousted from his job by a disgruntled board just three years after he was promoted to the job in the wake of the Libor scandal. Jenkins is being replaced for now by chairman John McFarland following unrest over the board’s desire for bigger cost cuts and more focus on the investment bank’s performance. Read more…

Barclays sets aside £800m for forex penalties

Barclays profits hit by forex and PPI penalties

British bank faces fresh fines

Barclays has had to carve another £800m off the bank’s bottom line to pay its share of the international forex rigging scandal and to settle further compensation claims for mis-selling payment protection insurance to customers. The bank’s penalties will total around £2bn from regulators in the UK and US charged with investigating the manipulation of the £3.5tn-a-day forex markets. Read more…