The chief executive of Barclays has written to all 150,000 staff in an attempt to defend the bank's decision to raise £5.8bn from Abu Dhabi and Qatari investors rather than tap the Government for funds, reports The Telegraph.
John Varley fired off an email to staff as the shares fell another 4pc yesterday, dropping 7.4 to 171.5p. Barclays shares have plunged by more than 16pc since last Friday’s deal, which hands 30pc of the equity to new Middle Eastern investors, so diluting existing shareholdings. Current shareholders are contributing a further £1.5bn. Amid a mounting shareholder backlash, Mr Varley told staff that it became clear over the weekend of October 11 and 12 that banks would pay a hefty price for accepting Government funds. “It was very clear from the conversations that I had with the UK Govern...
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