BusinessCompany NewsBarclays calls in PwC on credit crunch fears

Barclays calls in PwC on credit crunch fears

Barclays is working with its auditor PricewaterhouseCoopers (PwC) in response to increased speculation over the bank’s exposure to the global credit crunch

Barclays is expected to enlist its auditor
PricewaterhouseCoopers
(PwC) to provide more than just ‘words’ in an effort to reassure the market
still concerned about the impact of the sub-prime crisis after Citigroup, Morgan
Stanley and Merrill Lynch between them reported losses of more than £10 billion
on sub-prime mortgages and financial instruments.

TimesOnline today quotes an Barclay ‘insider’ who said that the bank was
‘aware of what the markets are interested in . . . We have always been at the
transparent end of the spectrum’.

Bob Diamond,
Barclays
president
, issued a statement today ahead of its eagerly awaited trading
update, scheduled for November 27, saying ‘year to date performance through
September at Barclays Capital, Barclays Global Investors and Barclays Wealth was
strong with income and profits well ahead of last year’.

‘At Barclays Capital, September profits were substantially ahead of July and
August. I continue to expect profitable trading for the rest of 2007,’ he said.

Further reading:

Committee selection: off the bench

Read
the story in TimesOnline

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