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Barclays commissioned internal report on Libor rigging from Clifford Chance

Feb 05 2013 Peter Elstob, Compliance Complete

Barclays commissioned law firm Clifford Chance to produce a report to its board into the culpability of individual employees in relation to rigging the London Interbank Offered Rate, it has emerged. The existence of the internal report appears to have been leaked to the Parliamentary Commission on Banking Standards, which took evidence from Antony Jenkins, the Barclays group's new chief executive, and its new chairman, Sir David Walker. Asked about the existence of the report, Jenkins said: "[W]e did a very comprehensive review of all the individuals involved in Libor events, to determine culpability, and appropriate actions were taken against them, up to and including dismissal." He said a legal firm had produced the report, and when Mark Garnier MP asked him if that firm was Clifford Chance, Jenkins acknowledged that it was. When Pat McFadden MP asked Jenkins if Barclays would supply the parliamentary commission with a copy, he asked if the bank could "get back on that request". Andrew

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