Barclays Bank have appointed a new CEO following the resignation of Mr. Bob Diamond. In a move that will be widely applauded, it is interesting that Mr. Antony Jenkins was formerly head of its Retail Banking division and therefore the Bank is in safer hands.
Barclays are embroiled in a scandal regarding the fixing of the Libor or interbank rate. Fines have been levied by the US regulatory body and the same is likely in the UK and possibly elsewhere. All this has had a negative impact on the Company share price and therefore, once again, it is the innocent shareholders who are now suffering for the misdemenours of the management who, no doubt, are still picking up their bonuses. The same can be said of another Bank, Standard Chartered, who saw their shares fall 15% after alleged illegal trading. Why here, as in other spheres of life is it that the innocent are punished whilst the perpetrators seem to go scot free?
Thursday, 30 August 2012
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