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Friday, 23 June 2017

Barclays reels from its costly Qatar cash call

Barclays reels from its costly Qatar cash call:

"John Varley was in his office on the 31st floor of Barclays’ headquarters in London’s Canary Wharf when he called a team of his executives heading for Qatar on the bank’s private jet with some alarming news. The Barclays chief executive had just been told by the UK financial regulator what capital ratio the bank needed to reach in the next few months to escape a government bailout: 8 per cent. The team quickly worked out how much cash it needed to raise to reach that target. The answer was £13bn. It was the second weekend of October 2008, only four weeks after Lehman Brothers filed for bankruptcy in the US, shaking the global financial system. The Barclays team was headed to Qatar on a mission to persuade the gas-rich state for the second time that year to invest billions of pounds to rescue the bank."



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