Barclays denies $10bn writedown rumours

There is growing speculation Barclays has been hit by losses in the US sub-prime market after the firm made a change in the upper management of its investment banking arm, Barclays Capital. Share trading was suspended in late morning as the bank’s shares dropped 9%, leaving the shares down 20% this week. The Bank has already moved responsibility for credit trading from Grant Kvalheim to Jerry del Missier, according to reports. Some commentators speculate that one of the two may be about to take over from the current head of Barclays Capital, Bob Diamond, who is also president of Barclays...