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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 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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