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July 25, 2013

Barclays nears deal with regulators

“Barclays is close to a deal with regulators that would see it comply with a new regulatory leverage requirement by December next year, in a snub to former Bank of England governor Lord King, who had argued for an end-2013 deadline.

People familiar with negotiations between the bank and the BoE’s Prudential Regulation Authority unit said Barclays was likely to confirm the deal alongside annual results next Tuesday.

Lord King, who chaired the PRA in his role as governor of the Bank of England up to his retirement last month, had made little secret of his distrust of Barclays ever since the financial crisis. He intervened to insist Bob Diamond be ejected as chief executive a year ago and has kept up the pressure on the bank ever since, convinced its balance sheet was too big and risky for the capital that supports it.”

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Read full Financial Times article here

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