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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the USMedium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.
