Barclays’ shareholders have called for an urgent meeting with the bank’s senior independent director following revelations of interest rate manipulation.
Earlier this week, the bank was fined a record £290 million by the Financial Services Authority and Department of Justice and Commodities Futures Trading Commission.
Barclays’ chiefs were found to have helped fix the Libor and Euribor rates, which go some way to determining the cost of borrowing for households and companies.
And now the bank’s equity members want answers from the executive team.
They are demanding to meet with Sir Michael Rake, the former head of accountants KPMG, according to the Guardian.
The news provider suggested that the bank’s shareholders were demonstrating their lack of confidence in chairman Marcus Agius.
Some members are reported to believe that a portion of the fine should be clawed back from executive directors.
Posted by Steve Moore