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TIMELINE - Barclays' takes new hit on mis-selling

Source : REUTERS
Last Updated: Tue, Feb 05, 2013 15:15 hrs

REUTERS - Here is a look at Barclays bank as the bank announced on Tuesday it had made a 1 billion pounds provision to compensate customers for the mis-selling of payment protection insurance (PPI).

2005 - Barclays traders seek to manipulate the London Interbank Offer Rate (Libor) between 2005 and 2009 while Bob Diamond headed the British bank's investment banking operations, according to documents from British and U.S. regulators.

2011 - Diamond takes over as chief executive on January 1.

June 2012 - Barclays is found guilty of manipulating Libor and fined $453 million.

July 2012 - Diamond resigns, a day after Chairman Marcus Agius. Diamond appears a week later before the parliamentary committee probing the scandal and acknowledges "reprehensible behaviour" among his traders.

August 18, 2012 - A UK parliamentary report says company culture at Barclays is "deeply flawed" and Diamond's testimony to parliament was selective in parts and short on candour.

August 29, 2012 - British fraud prosecutors launch a criminal probe into payments between Barclays and Qatar Holdings, a unit of the bank's largest shareholder.

Aug 30, 2012 - Antony Jenkins becomes CEO.

January 17, 2013 - Jenkins tells staff they should leave if they do not want to sign up to a set of standards aimed at rebuilding the British bank's reputation after the scandals.

February 1, 2013 - Jenkins agrees not to take a bonus for 2012, saying he should "bear an appropriate degree of accountability" for the difficult year the British bank endured. On the same day, British authorities look into an allegation that Barclays lent Qatar money to invest in it as part of a rescue fundraising at the height of the 2008 financial crisis. British rules forbid a public company from giving financial assistance in order to acquire its shares or those of a parent company.

February 5, 2013 - Barclays sets aside $1.6 billion to compensate customers for mis-selling PPI. Later Jenkins and Chairman David Walker testify at a parliamentary inquiry into banking industry standards and duck questions on loans to Qatar.

(Reporting by David Cutler, London Editorial Reference Unit;)



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