Bloomberg News

King: Barclays Was in State of Denial Over Regulators’ Concerns

July 17, 2012

Bank of England Governor Mervyn King said the Barclays Plc board was in “something of a state of denial” on the bank’s management.

A conversation with Barclays’ chairman and senior independent director revealed they “hadn’t taken on board the loss of confidence of the regulator in the executive management,” King said in testimony in Parliament today in London. “You need to understand the depths of concerns the regulators had about the management and I want you to go away and reflect on that.”

“What had happened over many months was that the board of Barclays had been in somehting of a state of denial,” King said.

To contact the reporter on this story: Jennifer Ryan in London at jryan13@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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