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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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A bad year for Barclays

Category : Business

PPI, pay revolts and Libor manipulation

August 2011

Barclays first half profits dropped 33%, as it was forced to set aside £1bn to pay customers that had been mis-sold payment protection insurance.

February 2012

Barclays was ordered to pay £500m in tax, which it had attempted to avoid. The bank had used two schemes which the government branded “highly abusive” and closed down retrospectively. Barclays argued that it was not the only bank using the scehems and complained to MPs about about the “unnecessary damage” inflicted on the bank’s reputation by the government’s move.

March 2012

It is revealed that Barclays chief executive, Bob Diamond, received £17m in pay and bonuses – plus £5.7m from the bank to cover his personal tax bill – when Diamond himself had described the bank’s financial performance as “unacceptable”.

Business secretary Vince Cable was unimpressed. He said: “The facts are very clear, this is a company that paid out three times as much in bonuses to its top executives as it paid out to its own shareholders”.

April 2012

Nearly a third of shareholders failed to back the remuneration report at Barclays annual shareholders meeting. Alison Carnwath, the director who monitors directors’ pay, was heckled when she spoke and failed to get the backing of 22.5% of investors who voted. That is a big vote against an individual.

April 2012

Barclays admits it will have to set aside a further £300m to pay claims for mis-sold payment protection insurance.

June 2012

Fined £59m by the FSA for manipulating Libor rates for profit. The FSA say the fine would have been £85m if Barclays had not co-operated. Diamond – who ran the part of the bank that was doing the manipulating – volunteers, with three other senior staff, to forego this year’s bonus. There is no hint he will repay bonuses run up in the years when his division was regularly breaking Libor rules.

July 2012?

Barclays is expected to face further problems when details are published of an investigation into the mis-selling of complex financial products to small businessmen. The bank has already admitted wrongdoing.

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