John McFarlane criticises £20bn in penalties,while novel chief Jes Staley says bankers lost moral compass in 1990sThe chairman of Barclays has hit out against the £20bn in fines and taxes imposed on the bank in recent years as it chopped its dividend and announced it was scaling back in Africa to focus on the UK and US.
As Barclays reported an 8% fall in profits to £2.1bn in 2015, John McFarlane warned approximately the “societal costs of multibilllion pound taxes and finesand complained that final year’s £1.5bn fine for foreign exchange rigging was one of the highest imposed, or even though Barclays’ offences were the same as rivals. Related: novel-look Barclays: the same,but worse Continue reading...
Source: theguardian.com