Barclays

BARCLAYS MESSAGES

Barclays has been slapped with the largest-ever fine by the FSA and a huge penalty by the US authorities after it breached rules regarding LIBOR.

World markets including the FTSE fell in early trading as weak economic data and Moody's downgrade of 15 banks unnerved investors.

Credit rating agency Moody's has downgraded 15 financial institutions overnight, including major UK and US banks.

Rating agency Moody's is preparing to downgrade several UK banks this evening, including RBS, Barclays and HSBC, according to reports.

A top official at the Financial Services Authority (FSA) has warned Britain's four largest banks face more questions over their sale of interest rate hedges to small business customers.

GOSLING'S GROUSE

UK bank shares have jumped following last night's announcement of a £100bn stimulus package for the UK economy.

Barclays' chief executive officer, Bob Diamond, described the underpinnings of the European economy as ‘very very strong' and said he is confident the euro region will survive.

The country's major banks are sitting on £40bn of undeclared losses that are stopping them lending to businesses and households, a report has claimed.