Financial News

  • 30 July 2012, 6:27

Revealed: Details Of New Barclays Probe

The former Barclays employee and another investment banker who helped it avoid the clutches of British taxpayers during the 2008 banking crisis are among the subjects of a new regulatory probe into the bank's conduct.

I revealed earlier today on Twitter that Roger Jenkins, who left Barclays in 2009, is one of four current and former employees being investigated by the Financial Services Authority (FSA).

In a statement issued as part of its interim results this morning, Barclays said:

"The FSA is investigating the sufficiency of disclosure in relation to fees payable under certain commercial agreements and whether these may have related to Barclays' capital raisings in June and November 2008.

"Barclays considers that it satisfied its disclosure obligations and confirms that it will co-operate fully with the FSA's investigation."

The inquiry relates to fees understood to have been paid by Barclays when it raised money from Qatari and other investors in order to bolster its capital ratios.

Barclays declined to comment on the identities of others involved in the FSA investigation.

Among the bankers who worked on the multi-billion pound fundraisings was Richard Boath, who still holds a senior role at Barclays' investment bank. It's unclear whether Mr Boath is among the subjects of the FSA probe. He could not be reached for comment.

There is no suggestion that any of those who are the subjects of the FSA probe are guilty of any wrongdoing.

In a statement tonight, a spokesman for Bob Diamond said that the former Barclays chief executive "is not now and has never been a subject of the investigation referenced in today's filing by the bank".

People close to the bank and regulator also confirmed that John Varley, its former chief executive, Jerry del Missier, who recently quit as chief operating officer with a cash payoff of 8.75m, were not under investigation.

Barclays reported better-than-expected first-half profits of 4.2bn and said plans to recruit successors to Mr Diamond and Marcus Agius, chairman, were "well under way".

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