Sep 28, 2020

How Barclays paved the way for Rolls-Royce cash call

They still don't match the shouty chutzpah of a Barclays bank trading floor. Twelve years ago, as the financial crisis hit, Barclays was quick to realise how short of equity it was. Fearing state meddling in pay and strategy decisions, the bank was desperate to fend off a fate that would soon befall rivals from Royal Bank of Scotland to Lloyds. For years legal controversy surrounded the so-called "Advisory service agreement" under which the bank paid vast fees to its Qatari investors, supposedly in exchange for aiding that expansion. As of last year the bank was making just £59m of revenue from the whole of its Middle East and Africa operations, equivalent to 0.2 per cent of group income.

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