Barclays defends Middle East strategy amid protests - papers

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...