Barclays Bank is one of the world’s oldest banks. In June 2012, it was fined 290 million pounds (US$450 million) for attempting to manipulate the daily settings of London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor). The bank's chief executive, Bob Diamond, decided to give up his bonus as a result of the fine, and subsequently resigned after a wave of criticism against the bank.
Barclays takes extra £700m hit for insurance mis-selling
British bank Barclays said Thursday that it will set aside another £700 million (€862 million) to compensate clients who were mis-sold insurance, taking its total bill to £2.0 billion.
“Barclays has experienced higher than previously anticipated levels of Payment Protection Insurance claim volumes since the end of the first half,” it said in a statement, adding that adjusted third-quarter pre-tax profits would stand at £1.7 billion.