Sir Michael Rake, the Senior Independent Director of Barclays, has upped his stake in the firm less than a week after the global bank was downgraded by Fitch Ratings.
Rake, who is currently also Chairman of telecommunications firm BT Group and Chairman of Easyjet, bought up 5,914 ordinary shares at 167.23p per share, taking his total to 35,213 shares in the firm.
His decision to make the purchase comes just days after the firm suffered the downgrade, which the ratings agency said was as a result of growing risks arising from both economic developments as well as a "myriad of regulatory changes".
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Barclays' rating was cut by two notches, from A to AA-.
The banking giant also learned that its auditor, Pricewaterhouse Coopers, is to be investigated by the Accountancy and Actuarial Discipline Board. The board is investigating the auditor's role in reporting to the Financial Services Authority (FSA) on the firm's compliance with the FSA's client asset rules -the so-called CASS rules- which govern the protection of client money.
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SVG Capital (SVI)
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