Jun 22, 2017

Position taken by Barclays ruled out DPA deal with fraud agency

Barclays is the only global bank facing criminal charges emanating from the financial crisis. A combination of timing and the position taken by the bank meant that a DPA - a US-style plea deal - was not an option in this case, leading the Serious Fraud Office to decide this week to charge Barclays, its former chief executive and three other former senior bankers over its arrangements with Qatar at the height of the financial crisis. Barclays did not accept that there had been criminality when it struck side deals worth £2.4bn with Qatar at the same time as the Gulf state was ploughing billions of pounds into the bank in 2008 to keep it from UK government control. Eventually, the bank waived privilege but the damage to the potential for any DPA was done. The SFO is still to make a decision about whether to charge the lender's subsidiary, Barclays Bank plc.

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