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Barclays trying not to be the U.K.’s Wells Fargo

Paul Hodgson | March 20, 2018

With its succession of scandals, one more popping up each time the bank seeks to move on from the last one, Barclays is in the unfortunate position of resembling the blighted Wells Fargo. Fined billions of pounds for foreign exchange rigging and LIBOR interest rate manipulation, the bank is now being investigated by the US Department of Justice over misselling subprime mortgage securities, and by British authorities for alleged criminal activity over the terms of a fundraising in Qatar. Both British and U.S. regulators are investigating the bank’s CEO, Jes Staley, because of his attempt to find out the identity of a whistleblower in 2016. And, of course, it was involved in the insurance misselling scandal along with every other bank in the U.K.

And in an even closer parallel to Wells Fargo, there appear to be further scandals associated with the bank’s wealth management unit. One of its executives, Andrew Tinney, was publicly censured and banned from holding any senior...

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