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March 24, 2023

Barclays: Cameron says bank faces ‘serious questions’

Prime minister David Cameron has said that Barclays Bank management has “serious questions” to answer over how it manipulated banking lending rates, BBC informs. Barclays was fined USD 450 M after an investigation into claims that several banks manipulated the Libor rate at which they lend to each other. The comments came as former Barclays boss Martin Taylor said the bank has engaged in “systematic dishonesty”. Barclays has said its actions “fell well short of standards”. Other banks are still being investigated by UK and US regulators about their role in the affair. Cameron, speaking during a visit to Todmorden, West Yorkshire, said: “I think the whole management team have got some serious questions to answer. Let them answer those questions first. Regulators say that Barclays manipulated interest rates at which banks loan to each other to benefit their traders and financial status. The US Department of Justice also said criminal investigations into “other financial institutions and individuals” were ongoing. Other big names believed to be under investigation include Citigroup, JP Morgan, Deutsche Bank, HSBC and Royal Bank of Scotland. Investigators say that Barclays’ traders lied to make the bank look more secure during the financial crisis and, sometimes – working with traders at other banks – to make a profit.

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