Barclays Bank and Former Boss Face Fraud Charges

Shares in Barclays fall after four former directors charged by Serious Fraud Office over capital raised from Qatar during financial crisis

Emma Simon 20 June, 2017 | 11:13AM
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The Serious Fraud Office (SFO) has announced it will charge Barclays Bank (BARC) and four of its former senior executives with conspiracy to commit fraud - including John Varley, the ex-chief executive.

The charges relate to emergency funds raised by the bank in 2008 from Qatari investors, at the height of the financial crisis. This capital helped Barclays avoid a state bailout, unlike Lloyds (LLOY) and the Royal Bank of Scotland (RBS) who were forced to rely on a tax-payer funded rescue.

These are the first senior banking executives to be charged with criminal activities in relation to activities surrounding the financial crisis.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Barclays PLC167.12 GBX1.09Rating
Lloyds Banking Group PLC45.89 GBX1.45Rating
NatWest Group PLC199.10 GBX2.52Rating

About Author

Emma Simon

Emma Simon  is a financial journalist, specialising in investment and consumer issues, writing for Morningstar.co.uk

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