Barclays to Axe Controversial Structured Capital Markets Unit.
BARCLAYS PROVISIONS £850M IN TOTAL FOR MIS-SELLING OF INTEREST RATE SWAPS
[Note: Lloyds yesterday only provisioned £90m]
Andrew Tyrie MP asks Jenkins to confirm that he doesn’t subscribe to ignorance as a defence
Jenkins says he agrees with this perception.
"On Libor Fixing:
Jenkins: I am not seeking to justify the events surrounding Libor and we dealt with it that we saw fit. But I will say that prospectively that we have absolute control over what is happening in the organisation. We have lots of legacy issues and we are dealing with it appropriately.
On Libor Fixing:
Jenkins: Clifford Chance prepared a review and a report on Libor manipulation for Barclays and we have taken disciplinary action or dismissed those who were instrumental in this.
"
Sir David Walker, chairman at Barclays believes in stronger disciplinary action and power from the banks and the FSA (Photo: Parliament TV)
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