Barclays Saudi Probe Adds to CEO Jenkins’s Regulatory Woes
This article is for subscribers only.
Barclays Plc Chief Executive Officer Antony Jenkins, almost two years after his predecessor said it was time for banks to stop apologizing, is still grappling with a multiplying number of probes by regulators.
The U.S. Department of Justice is investigating whether the lender made payments that violated the Foreign Corrupt Practices Act to win a banking license for its wealth-management unit and investment bank in Saudi Arabia, the Financial Times reported on Nov. 9, citing unidentified people familiar with the talks. The bank is already being probed by the Serious Fraud Office over fees it paid in 2009 to Qatar’s sovereign-wealth fund as the lender sought money to avoid a government bailout.