Jun 20, 2017
The 4 former Barclays executives charged with fraud by the SFO
Barclays, its former chief executive and three other ex-senior executives were on Tuesday charged by UK authorities with fraud related to emergency cash injections that saved the bank at the height of the 2008 financial crisis. The Serious Fraud Office has charged Barclays with conspiracy to commit fraud by false representation, and unlawful financial assistance over its arrangements with Qatari investors who ploughed a total of £6.1bn into Barclays in June and October 2008. Two years later he joined Barclays, helping to set up its investment banking operation in 1982, which went on to become BZW. He even married into the bank; his wife Carolyn is the daughter of Sir Richard Thorn Pease, a member of an old Quaker banking family, which became part of Barclays in 1902. After the financial crisis, he switched to a more defensive mode of trying to raise enough capital to resist government pressure for Barclays to accept a bailout alongside RBS and the newly merged Lloyds/HBOS. After selling Barclays Global Investors, the bank's prized asset management arm, to BlackRock, Mr Varley oversaw two share issues that tapped the bank's strong contacts in the Middle East to raise capital from the royal families of Qatar and Abu Dhabi. Tom Kalaris, an American investment banker, was a confidant of Bob Diamond, former Barclays chief executive, and oversaw the bank's wealth management division during the financial crisis, writes Emma Dunkley.
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