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Barclays needs pay reform after Libor crisis

April 3, 2013 12:45
Britain's troubled Barclays bank needs to further overhaul its pay policy after an "overly generous" bonus culture was blamed for problems which sparked last year's Libor rate-rigging scandal, an independent review said Wednesday. The report was carried out by top lawyer-turned-banker Anthony Salz, who was commissioned by Barclays in July 2012 to examine the bank's culture in the wake of the damaging Libor affair.

Barclays axes 3,700 jobs after scandal-hit year

February 12, 2013 18:46
Britain's troubled Barclays bank will axe at least 3,700 jobs this year, it announced on Tuesday after revealing that it plunged into the red in 2012 amid the notorious Libor rate-rigging crisis. The lender said in a statement that it would "reduce headcount by at least 3,700 across the group, including 1,800 in the Corporate & Investment Bank and 1,900 in Europe Retail and Business Banking." Barclays employs 140,000 staff.

TIMELINE-Barclays' takes new hit on mis-selling

February 5, 2013 11:00
Feb 5 (Reuters) - Here is a look at Barclays bank as the bank announced on Tuesday it had made a 1 billion pounds ($1.57 billion) provision to compensate customers for the mis-selling of payment protection insurance (PPI). 2005 - Barclays traders seek to manipulate the London Interbank Offer Rate (Libor) between 2005 and 2009 while Bob Diamond headed the British bank's investment banking operations, according to documents from British and U.S. regulators. 2011 - Diamond takes over as chief executive on Jan. 1.

Barclays boss gives up 2012 bonus after scandal-hit year

February 1, 2013 09:30
Barclays bank chief executive Antony Jenkins announced on Friday that he would forego his 2012 bonus after a "very difficult year" at the lender, which has been plagued by the Libor rate-rigging scandal. The announcement followed media reports that the crisis-hit lender was preparing to pay Jenkins a bonus worth at least £1.0 million ($1.6 million, 1.2 million euros) for last year. Jenkins has a potential maximum bonus entitlement of £2.75 million or 250 percent of his £1.1-million annual salary.
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