{"id":6615,"date":"2019-01-23T05:37:16","date_gmt":"2019-01-23T05:37:16","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/trial-of-former-barclays-bosses-to-start\/"},"modified":"2019-01-23T05:37:16","modified_gmt":"2019-01-23T05:37:16","slug":"trial-of-former-barclays-bosses-to-start","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/trial-of-former-barclays-bosses-to-start\/","title":{"rendered":"Trial of former Barclays bosses to start"},"content":{"rendered":"\n
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\n Former chief executive of Barclays John Varley
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The first criminal trial of senior UK banking executives in the wake of the financial crisis is due to begin on Wednesday.<\/p>\n

The case against four former executives has been filed by the Serious Fraud Office over Barclays’ \u00a311.8bn rescue.<\/p>\n

The bank avoided a UK bailout in 2008 by raising funds from Middle Eastern investors.<\/p>\n

The executives are charged with conspiracy to commit fraud. All four have pleaded not guilty.<\/p>\n

The defendants are John Varley, the bank’s former boss; investment banking executive Roger Jenkins; Thomas Kalaris, head of the bank’s wealth management business; and Richard Boath, former European Head of Financial Institutions Group at the lender’s investment bank.<\/p>\n

The trial is expected to last from four to six months. The four accused were all granted bail.<\/p>\n

SFO test<\/h2>\n

While other, more junior bankers have been tried and even jailed in unrelated cases for their parts in the financial crisis of 2007-8, this is the first time criminal proceedings against senior executives have been brought.<\/p>\n

This case, like many before it, will be seen as a test for the office, which often brings the most complex cases of alleged white-collar crime. <\/p>\n

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Analysis: Andy Verity, BBC economics correspondent<\/strong><\/p>\n

The trial of four former Barclays executives starting in January 2019 is a unique legal landmark. <\/p>\n

Bank chief executives have been prosecuted before, in Iceland and Ireland, but never in the United States or the United Kingdom. This is the only time in living memory that a chief executive of a global, UK-based bank has been criminally prosecuted. More importantly, it is the only time in the UK that any senior bank executive has been criminally prosecuted as a result of what happened during the 2008 financial crisis. <\/p>\n