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Barclays-Qatar loan probe takes new twist

by Sarah Miloudi on Feb 01, 2013 at 07:42

Barclays-Qatar loan probe takes new twist

Barclays is being investigated over claims it lent money to Qatar to invest in itself, helping the bank avoid a bailout at the peak of the financial crisis.

The bank, which is still struggling to put the Libor scandal behind it, is already being probed by the Financial Services Authority and Serious Fraud Office about its 2008 fundraising, and this investigation has taken a new twist following the allegations about loans to Qatar.

According to the Financial Times, two sources have come forward and claimed Barclays loaned the money as part of its cash call to the market, while rivals like the Royal Bank of Scotland and Lloyds Banking Group were forced to seek government aid to lift them out the crisis.

The allegations come as Barclays' new boss Antony Jenkins spearheads a crackdown on pay at the bank, and after he sounded a warning on employees about the lender's culture.

In a note to staff Jenkins (pictured) said anyone who did not fit with Barclays' moral mission should head for the door.

He told them: 'I have no doubt the overwhelming majority of you, no matter in which area of the business or country you work, will enthusiastically support this move.

‘But there might be some who don't feel they can fully buy in to an approach which so squarely links performance to the upholding of our values.  My message to those people is simple: Barclays is not the place for you.'

Shares in Barclays ended Thursday's session at 301.0p, seeing it push past the crucial 300.0p hurdle highlighted by financial analysts.

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