Ex-Barclay CEO Varley Decided to Split Qatari Fees, Kalaris Says
- Former Barclays wealth management head Tom Kalaris testifies
- Kalaris is one of three defendants in London fraud trial
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Former Barclays Plc Chief Executive Officer John Varley decided to split payments to Qatar into two portions during a fundraising amid the 2008 market meltdown, a former colleague told a jury in London, for the first time identifying the CEO as the person behind the decision.
On Tuesday, former wealth management boss Tom Kalaris opened his testimony by describing his role in helping to save the bank from a U.K. taxpayer bailout. At the time, Kalaris was coordinating a team negotiating with institutional investors, leading to more than 11 billion pounds ($14 billion) raised in capital raisings in June and October 2008.