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News

Profits are up for Barclays, Despite Interest Rate Swap Scandal

The banking giant, Barclays, have today revealed that they are faced with a bill that could reach £450 million thanks to targeting unwitting small businesses by mis-selling complex financial products.

However, despite this monstrous bill the bank have also reported a 13% rise in pre-tax profit in the six months up to June 30th, which translates to £4.2 billion in profit. The bank is one of four that made an agreement with the Financial Services Authority to offer compensation to customers that were mis-sold interest rate hedging products.

The 6-month results report that was released did little to touch on the recent Libor-fixing scandal, also known as interest rate swaps. The report did apologise again for more recent events; interest rate swaps are complicated financial products that were sold to businesses as protection but, in some cases, customers were not fully aware of the risks that came along with this protection against possible rises in rates.

Barclays have also revealed that four of their staff, both past and present, including Chris Lucas, their current group finance director, have been subjected to a new investigation. This investigation, by UK regulators is looked into fees that were received through deals made in 2008.

Whilst staff numbers have fallen by more than 1% to 139,000 there has been a 7% rise in staff wages, as well as a 21% rise in deferred bonuses. It’s been a pretty turbulent year for Barclays having been fined a whopping £290 million by both UK and US regulators after manipulating an interbank lending rate that affects loans and mortgages, called Libor.

Posted by Laura McGreary on 30 Jul 2012

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