Bloomberg News

King Says He Wanted to Express Regulators’ Concerns to Barclays

July 17, 2012

Bank of England Governor Mervyn King said his phone call to Marcus Agius after he had resigned as chairman of Barclays Plc (BARC) was to express the concerns of regulators in the senior management of the commercial bank.

King said he wanted Agius to tell the Barclays board about “the depths of concerns that the regulators had about the executive management of the bank,” he told lawmakers at a Parliamentary hearing in London today. “I did not know what the outcome of what that meeting would be,” King said.

The governor said he told Agius in the call, after which Robert Diamond quit as Barclays Chief Executive Officer, that he was not speaking on behalf of the government and was not speaking on behalf of the Financial Services Authority.

To contact the reporter on this story: Scott Hamilton in London at shamilton8@bloomberg.net

To contact the editor responsible for this story: Jennifer Ryan at jryan13@bloomberg.net


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