Jan 23, 2019

Jury to hear groundbreaking case against bankers

More than a decade after Barclays turned to Middle Eastern investors for rescue funds during the financial crisis, a jury in London will on Wednesday begin hearing the case against the bank's former chief executive and three senior colleagues, who stand accused of defrauding the market. In what is the first jury trial in the world of a leading bank's boss over actions taken during the 2008 crisis, a jury at Southwark Crown Court will hear the opening arguments of the Serious Fraud Office against John Varley, Barclays' CEO until 2011, and three other defendants. The bank's corporate charges were scrubbed in a blow to the SFO, which has spent specially ringfenced taxpayer money investigating the case. An archetypal English gent, he married into the bank as his ex-wife Carolyn is the daughter of Sir Richard Thorn Pease - a member of an old Quaker banking family that became part of Barclays in 1902. The chairman of Barclays in 2008, Mr Agius is a witness for the SFO. Mr Agius, 72, spent almost 30 years at investment bank Lazard, becoming chairman of its London branch before he took over as chairman of Barclays in 2007.

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