Barclays forced to reveal staff on LIBOR list, court hears

A British judge declared 'the cat is out of the bag' as Barclays was forced to identify senior staff linked to investigation into rate fixing, reports revealed Thursday.

A British judge declared 'the cat is out of the bag' as Barclays was forced to identify senior staff linked to investigation into rate fixing, reports revealed Thursday.

Former Barclays Chief Executive Officers Bob Diamond and John Varley were among the group of 104 of those named in connection to the case, despite requests for anonymity, according to a preliminary hearing.

Current Finance Director Chris Lucas, head of Barclays' investment bank Rich Ricci and head of the bank's money-market desk, Mark Dearlove, were also ousted.

Another of those identified was Ryan Reich, a former Barclays swaps trader based in New York who was fired in 2010.

The rest of the people are employees whose email accounts were disclosed to authorities.

"The cat is out of the bag," Judge Julian Flaux said, adding that, "it wouldn't take a rocket scientist to work out who they are".

Residential care home operator Guardian Care Homes brought the case against Barclays, claiming the bank mis-sold interest rate hedging products, which were based on LIBOR (London Interbank Offered Rate).

In the first UK lawsuit tied to the rigging of LIBOR, it is set to shine a light on people involved in the bank's manipulation of interest rates and it was conducted.

Antony Jenkins, who took over from Diamond as CEO in August, has been working to restructure the bank in the wake of the scandal.

Reports out Thursday said Barclays was slashing at least 70 jobs in Asian investment banking as part of a global strategic review started by the new boss.

Goldman Sachs analysts said the bank could reduce 15% of investment banking staff worldwide. It would amount to about 3,500 out of 23,300 employees.

Earlier reports said the bank was axing 2,000 jobs in its investment bank in early 2013.

Jenkins is set to unveil his 'Project Transform' review on February 12th which will include plans for a big shake-up in the company structure.

RD

Recommended

Which assets will benefit as the “jam tomorrow” bubble pops?
Investment strategy

Which assets will benefit as the “jam tomorrow” bubble pops?

With tech stocks, cryptocurrencies and many other “long duration” investments crashing hard, the “jam tomorrow” bubble looks to be bursting. John Step…
24 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022
Share tips of the week – 21 January
Share tips

Share tips of the week – 21 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
21 Jan 2022
Seven cheap defence stocks to buy now
Share tips

Seven cheap defence stocks to buy now

We’ve got used to a world without war between major powers, but that era is coming to an end as Russia threatens Ukraine and China eyes Taiwan. Buy de…
21 Jan 2022

Most Popular

Ask for a pay rise – everyone else is
Inflation

Ask for a pay rise – everyone else is

As inflation bites and the labour market remains tight, many of the nation's employees are asking for a pay rise. Merryn Somerset Webb explains why yo…
17 Jan 2022
Shareholder capitalism: why we must return power to listed companies’ ultimate owners
Investment strategy

Shareholder capitalism: why we must return power to listed companies’ ultimate owners

Under our system of shareholder capitalism it's not fund managers, it‘s the individual investors – the company's ultimate owners – who should be telli…
24 Jan 2022
Interest rates might rise faster than expected – what does that mean for your money?
Global Economy

Interest rates might rise faster than expected – what does that mean for your money?

The idea that the US Federal Reserve could raise interest rates much earlier than anticipated has upset the markets. John Stepek explains why, and wha…
6 Jan 2022