Taken directly from the article at TInd, a summary would not do this justice so I have just copied the opening part. Well worth reading on further, so follow the link.
“There was a period of remorse and apology for banks. I think that period needs to be over.” The words of the Barclays chief executive Bob Diamond in front of the House of Commons’ Treasury Committee in 2011 bear repeating.
Let’s briefly summarise what has occurred to Barclays since that statement of defiance, that instruction for us all to move on.
In 2012 the bank was fined £290m by US and UK regulators for rigging the Libor interest rate for profit between 2005 and 2008 – something that prompted the board of Barclays to fire Diamond (although only under pressure from the Bank of England).
In 2013, Barclays was fined $453m in the US for manipulating electricity prices in California. In 2014 there was a £26m penalty in the UK for a Barclays trader rigging the gold fix price.
This was followed in 2015 with a fine of £284m, the largest UK financial penalty in history, after Barclays traders were shown to have illicitly manipulated foreign exchange markets between 2008 and 2013. The same year Barclays was fined £72.3m for failings on money laundering controls in 2011 and 2012.
And today we learn that the current Barclays chief executive, Jes Staley, last year attempted to unmask a whistleblower – despite being explicitly informed that this was not permissible (for obvious reasons). Regulators are investigating.
By coincidence, a recording from 2008 unearthed by the BBC also today shows a Barclays manager telling a junior to massage his Libor submission during the financial crisis, claiming these instructions came from the Bank of England – something that the Bank has repeatedly denied.