Barclays PPI fund expands

Barclays is to increase provisions to provide compensation for the mis-selling of payment protection insurance and interest rate swap products sold to small and medium-sized businesses by another £1 billion.

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Barclays boss vows to 'shred' Bob Diamond's legacy

Antony Jenkins said last week he would waive his bonus for 2012
Antony Jenkins said last week he would waive his bonus for 2012 Credit: PA

Barclays boss Antony Jenkins said he was "shredding" the legacy left by his predecessor Bob Diamond as he confirmed bonuses will be slashed.

In a tense hearing with the Parliamentary Commission on Banking Standards, Jenkins told MPs he was taking action to address the "aggressive" and "self-serving" culture under Diamond.

He said the bonus pool for 2012 had already been "substantially" reduced following a scandal-hit year, in which the bank's reputation battered by the Libor rate-rigging affair.

The group is expected to reveal its 2012 bonus pool in the company's annual results next Tuesday.

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