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Bank claim: Church says Barclays let society down

Barclays has been accused of letting society down by the Church of England.

It made this claim in its annual report following a year of scandals at the bank, where its chief executive officer (CEO), Bob Diamond, stepped down.

The Church has over £5 billion invested in the stock market, including a small stake in Barclays.

Yet it says that it only invests in businesses that are consistent with Christian values. As a result, its commissioners are engaging with Barclays to ensure that the bank intends to turnaround its culture in spite of its repeated failures.

Last year, Barclays was caught up in both the payment protection insurance (PPI) mis-selling scandal and the Libor rigging scandal.

Following the revelation that staff at Barclays had been guilty of Libor rigging, the bank was subsequently fined £290 million. Mr Diamond then resigned from the bank and was replaced by the current boss Antony Jenkins.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801586298-ADNFCR



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