Barclays SFO probe will target business, not individuals

BARCLAYS HAS SAID the Serious Fraud Office has started an investigation into payments between the bank and Qatar Holding, part of sovereign wealth fund Qatar Investment Authority.

The SFO probe, which follows an investigation by the Financial Services Authority into the bank and former senior employees including finance director Chris Lucas, relates to the bank’s 2008 fundraising.

The FSA is understood to have passed details of its investigation to the SFO, prompting the watchdog to launch its own inquiry. However, a source with knowledge of the investigation told The Telegraph the SFO investigation would “be into Barclays as an organisation, not individuals”.

Separately, Barclays announced that Antony Jenkins, who currently heads its retail and business banking business, will become chief executive with immediate effect.

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