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Barclays apologise for Libor scandal

Barclays have apologised for the “issues that have emerged over recent weeks”, after it was caught up in the Libor rate fixing scandal.

The bank has been find £290 million by regulators in the UK and the US, after they were found guilty of attempting to rig the Libor inter-bank lending rates.

The bank have now set aside £450 million to pay for potential compensation to small businesses who have been sold unsuitable financial products.

Four current and former senior employees are also being investigated by the Financial Services Authority over whether shareholders had been adequately informed about fees from unspecified deals made during 2008.

Commenting on the recent events, Barclays chairman Marcus Aigus said: “We are sorry… and recognise that we have disappointed our customers and shareholders.

“I speak for all of Barclays people when I say how determined we are to regain the full confidence of all our stakeholders; customers and clients, investors, regulators and staff alike.”

Latest results from Barclays’ have beaten expectations from analysts at £3.8 billion, while shares rose 5%.

Profits have also risen by 15% in retail and business banking, and 11% in corporate and investment banking. However on a statutory basis, pre-tax profits fell 71% to £759 million, after a £2.9 billion charge was taken to account for the value of its own credit.

This was posted in Bdaily's Members' News section by Ruth Mitchell .