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Tuesday, September 08, 2009

Barclays Incompetence

Barclays, the bank that once boasted of its record breaking size, has been fined a record breaking (the eighth largest ever) £2.45M by the Financial Services Authority (FSA) for "serious" breaches in its reporting of trades.

Barclays managed to fail to report/incompletely report a staggering 57.5 million transactions.

From 1 November 2007 to 31 October 2008, 100% of Barclays' reportable transactions from every 'core asset class', except cash equities, were either reported inaccurately or not reported at all (84% of cash equity transactions were affected).

A staggering display of incompetence by Barclays.

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