The inquiry into Barclays comes after a similar investigation by the Financial Services Authority (FSA) which was revealed last month
The Serious Fraud Office (SFO) has more powers to prosecute than the FSA, the City watchdog, so the investigation moves the accusations into another realm.
Whereas the FSA's investigation was centred on four present and past senior staff, including finance director Chris Lucas, the SFO's probe is currently not thought to be focusing on any individuals.
As far as the banking world goes, Antony Jenkins is about as far from being Bob Diamond as it is possible to be.
Barclays has admitted it is being investigated over payments made at the height of the financial crisis to Qatar.