The boss of retail banking at Barclays has admitted that 2012 was a "very difficult year" for the bank, and said the decision to release details of staff's £38.5m bonus details on Budget day was a "mistake" but claimed it was not an attempt to bury the news.
Barclays - which was this week named and shamed by the Financial Conduct Authority (FCA) as attracting the most complaints of any financial institution - was last year mired in the LIBOR rigging saga, which saw its chief executive Bob Diamond grilled by MPs over the bank's role in the scandal. The bank was fined £290m by UK and US regulators over its rigging involvement - and has set aside £2bn to cover payment protection insurance mis-selling compensation. Speaking at an event in London yesterday, chief executive of retail and business banking Ashok Vaswani said 2012 was a "very diff...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
