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SFO inquiry for new Barclays CEO

Barclays has named the head of its retail division Antony Jenkins as its new chief executive to replace Bob Diamond. Its shares have fallen 1% after the Serious Fraud Office launched an investigation into an investment made by Qatari businessmen.

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Turbulent time for Barclays

Barclays has endured one of the most turbulent periods in its history after it was fined £290 million by UK and US regulators for manipulating Libor, an interbank lending rate which affects mortgages and loans.

The affair led to the departure of chief executive Bob Diamond, chairman Marcus Agius and chief operating officer Jerry del Missier.

It also triggered a fierce debate in Westminster over banking ethics and has spawned several closely-watched hearings before the Treasury Select Committee.

Since then, Barclays has been caught up in a separate investigation, as it faces a potential £450 million bill for mis-selling complex financial products to unwitting small businesses.

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