Barclays Plc (BARC.L) faces a new regulatory probe and more U.S. lawsuits, events that could make it harder for the British lender to repair the damage to its reputation caused by its role in the interest-rate rigging scandal rocking banks.
Barclays said on Friday that Britain's financial regulator has started an investigation involving the bank and four current and former senior employees, including finance director Chris Lucas.
The Financial Services Authority is investigating whether the bank made sufficient disclosures about the fees it paid under commercial agreements related to its capital raisings in June and November 2008. The bank said it is satisfied with its disclosures, but refused further comment.
It also faces more U.S. lawsuits after a record 290 million pound ($455.3 million) fine last month for rigging the Libor interest rate benchmark, sparking fierce criticism about its culture and risk-taking.
More than a dozen other banks are expected to be drawn into the global Libor investigation and could also be fined.
"We are sorry for the issues that have emerged over recent weeks and recognize that we have disappointed our customers and shareholders," Chairman Marcus Agius said on Friday.
"I am confident we can, and will, repair the reputational damage done to our business in their eyes and those of all our stakeholders," Agius said, reaffirming a commitment to deliver a return on equity of 13 percent.
Read more: http://www.reuters.com/article/2012/07/27/us-barclays-earnings-idUSBRE86Q06Q20120727
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