alex pabon and the other barclays as we re alex pabon and the other barclays as were all prosecuted over interest rate call libel. the london interbank offered rate is meant to track the cost of borrowing muggy —— called live or. it has a bigger club wins on your mortgage and other loa ns. wins on your mortgage and other loans. it's now more tightly policed but until recently it used to be set by taking an average each day of what the big banks thought they would have to pay to borrow money. the libors are interest rates, they are the major benchmark for global interest rates, £350 trillion or so of products. it's the major benchmark for interest rates. the very same banks involved in setting libor had big money staked on whether libor went up or down. if a trader could influence the rates, the bank could make money. it's been called trader manipulation. the convicted ba rclays called trader manipulation. the convicted barclays traders say what they were doing was encouraged by their bosses, a normal commercial practice dating back to the nineties. in the city, it was common knowledge fo

that conversation was interpreted by barclays, by senior people within barclays, as an instruction tothat. this leads to a flurry of phone calls and e—mails between senior people, traders, libor seniors at barclays. bob diamond has said he was misinterpreted, but that instruction to lower libors was passed down to the bank submitters. one of those submitters was this peterjohnson. he pleaded guilty to manipulating libor and is now serving four years in prison. during the holgate investigation, they found the transcript of a phone call between peterjohnson and his boss, mark dearlove. it also happened on the 29th of october, 2008. i got hold of the actual recording, crucial evidence that barclays was setting false libor rates on instructions from above. it's never been broadcast before. mark dearlove didn't respond to our questions. chris philp is part of the house of commons treasury select committee, we played him the recording. what do you think? if what dearlove is saying is true, that is shocking. this tape suggests that, in fact, the bank of england knew about it and indeed were

in june the identity of a barclays whistle—blower.received an anonymous letter raising concerns about the recruitment of a senior employee by jes staley about the recruitment of a senior employee byjes staley who have suffered personal problems in 2009 and 2010. jes staley found out about the letter, felt it was a malicious attack, and asked barclays's internal security to find the whistle—blower‘s identity but was told his request was not appropriate. the next month after ba rclays investigated appropriate. the next month after barclays investigated the allegations and said they were without substance, jes staley tried again but failed to obtain the identity. us law enforcement agencies were approached to give support. the ba rclays agencies were approached to give support. the barclays board only became aware of jes support. the barclays board only became aware ofjes staley‘s attempted intervention when it received a second whistle—blower letter earlier this year. it will 110w letter earlier this year. it will now be for the regulat

barclays even approached us law enforcement agencies to help.e aware of jes staley‘s attempted intervention when it received a second whistle—blower letter earlier this year. it will now be for the regulators to decide — is this a yellow card offence, a warning for a stupid mistake or is it a straight red for a chief executive whose very temperament is now under scrutiny? in a statement, mr staley admitted he had made mistakes. the regulators could go as far as banning mr staley from working in banking — its ultimate sanction — as well as imposing fines. whistle—blowing is about trust and part of that trust is protecting the identity of the whistle—blower and if you've got a senior person looking for the messenger rather than listening to the message, then there's a problem. mr staley has questions to answer. he was very close to the person he hired. did that cloud his judgment? his pay will be cut by how much? the man hired to reset barclays' position on trust knows his bank is back in the headlines for all the wrong reasons. kamal ahmed, bbc n

watch barclays.ll be interesting to see how the trading miss comes in and affects the top line performers. manusl be hearing from out of zurich very shortly. a bunch of things to think about . in terms of where we think the market is going to go, we think, flat. this is the picture. market is opening up. let us see how the market makers settle this story down. most markets -- funny enough, the deutsche's bonds sold off. we are seeing a bit on the ftse 100. we expect it around .3% droid i don't think it will go anywhere in a hurry. it will be interesting to see how switzerland performs today. cac has different things to think about. honest, i am more interested in what is happening with the individual stocks that i am with the stock markets. let us go to anna. a host of things could be influencing markets today, and none of them seem to be sticking and capturing investors' imaginations. the gdp numbers, we have gradually coming through throughout the morning. the geopolitics, none of that seems to be

let's talk about the barclays story in more detail.oardlays said will issue a formal, written reprimand, and also make an "very significant adjustment" to the ceos pay after he tried to identify a whistleblower in 2016. the u.k. financial conduct authority and the prudential regulation authority have now commenced investigations into staley's conduct. we are joined on the phone by our reporter suzy ring. tell us in more detail what happened here. >> while we know from barclays this morning is that in june last year, a whistleblower complaint was made related to personal allegations against the ceo, and also jes staley's allegations for a previous employer, and perhaps whether that attitude have been recruited in the first place. he tried to identify who that person was, and once he found out it wasn't appropriate, he one month later tried again. barclays said it was an honest mistake, that he has apologized, but it raises a lot of questions about the integrity of the whistleblower process at barclays, and why jes staley. the actions we

the chief executive of barclays, jes staley, could lose his annual bonus after two regulators openedn investigation, into his conduct in a whistleblowing case. also coming up — the funeral service has taken place, of the policeman stabbed to death in the westminster terror attack. pc keith palmer was guarding an entrance to the houses of parliament, when he was killed. thousands of officers lined the route of his funeral cortege. there are renewed fears for the great barrier reef, after scientists say two thirds has been damaged by "unprecedented" coral bleaching. good evening and welcome to bbc news. foreign ministers from the g7 group of leading economic nations, are meeting in italy for two days of talks, with the syrian conflict dominating the agenda. the us secretary of state, rex tillerson, is leading calls for russia's president, vladimir putin, to distance himself from the assad regime, and find a way forward for a negotiated settlement of the civil war. the foreign secretary, borisjohnson, will argue that syria has no future with bashar al—assad as president. our diplomatic

we will speak to the ceo of barclays, jes staley.rg. ♪ ♪ and: ubs beats estimates investor confidence improves. earnings from barclays and speak to the ceo jes staley in his first interview of the day. comes 100 days as u.s. president nears the landmark date, major conflict with north korea to be avoided if possible. his days in back at office. 27 eu leaders will declare unity against the u.k. this weekend. we look ahead to the crucial summit in brussels tomorrow. warm welcome to the program. this is "bloomberg daybreak: europe." in london, i am anna manus. 7:00 here in london. we are getting numbers from barclays, net revenue for the first quarter at 5.8 billion. that is ahead of the first quarter a year ago. an improvement on the previous year. the ct one capital ratio come in at 12.5%. that was against an estimate against 5.4%. balance sheet coming in stronger. billion,ses to 1.8 6 that is the profit before tax at one point 68 billion. these are the details we are looking at at the moment. a host of other numbers awaited from barc

moving on from the barclays news. in syria and the fight against the islamic state, top of the agenda at a meeting of g-7 foreign ministers in italy today. the gathering represents an opportunity for u.s. secretary of state rex tillerson to ease strains with his allies, just 10 days after acrimonious nato talks in brussels, and maybe show some strength as well toward moscow. joining us, james hertling in dubai. how are tillerson's allies likely to receive him after the events of last week? they're diplomats, they will receive and diplomatically. however sometimes good friends and partners can disagree, and that is what happened the first time they met. the europeans pushed back very strongly, behind closed doors, at the trump administration's calls for them to increase defense spending, and they have publicly applauded the administration for the missile attacks against syria. there's a little bit of common ground now, that they can put together a united front and a happy face. matt: interesting that they are pushing b

numbers from ubs, barclays and rbs straight ahead. >>> and new this morning, president trump threatens to terminate a south korean trade deal and warns a major conflict with north korea is possible. it's friday, april 28, 2017, "worldwide exchange" begins right now. ♪ >>> good morning. happy friday. welcome to "worldwide exchange" on cnbc. i'm sara eisen. >> i'm wilfred frost. very good morning to you from me as well. welcome back. >> thank you. it's been a crazy, long week. exciting day to be on "closing bell" with all the earnings. >> that's coming up later today. >> new music friday. we'll listen to the latest from katy perry featuring migos. probably saying that wrong. also wanted to send my congratulations and thanks to louisa bojesen after her final show on "street signs." my very first day on air was with louisa. wishing her thanks, because i wouldn't be here if not for all of her support and help back in the early days. wishing you the best with what i'm sure will be a fantastic future. >> we always appreciate the good lead-in to "worldwide exchange." let's get to the markets a

boss, and barclays shares down.ll us? regulators and bank boards are taking this seriously. before the financial crisis, a blind eye was cast on the sector, but now you have the regulators and the boards is... we are still cleaning this up in 2017? definitely, it has been a huge task. initial phase was about every body getting into the emergency room and keeping it going, then it was physical rehabilitation, how do you make the banks function with a strong culture of integrity, and it takes to change behaviour. and change regulation, because we have seen change regulation, because we have seen swathes of regulation being brought into tidy up our bags operate # how banks operate? yes, and retail being cut off somewhat from investment banking, but that still hasn't been done. you can'tjust click your fingers and have change happen overnight. good to see you, thank you very much. still to come, investing in the future. later in the programme we'll speak to the boss of a company hoping to develop the next generation of

barclays whistle—blower, good story, this. this is pretty terrifying, ba rclays this.tty terrifying, barclays chief executive twice pushed in his organisation for the exposure of a whistle—blower who had criticised an appointment he himself had made. the whole point of whistle—blowing in the city if you are meant to be able to report your doubts about ethical behaviour in your company without having retaliation against you. this man, who came into barclays saying i'm going to rebuild its reputation after the libel rigging scandal, as soon as after the libel rigging scandal, as soon as somebody said secretly and privately i think there is something wrong with your decisions and they area wrong with your decisions and they are a little suspect, tried to overturn all the bank's procedures on uncovering and identifying this person. now the fact he did this has been exposed and he will have to surrender perhaps £1 million of his bonus. but i think that's actually not enough. i don't think you can have somebody leading a company who just wants to get rid of anyone who is cri

barclays even approached us law enforcement agencies to help.ervention when it received a second whistle—blower letter earlier this year. it will now be for the regulators to decide — is this a yellow card offence, a warning for a stupid mistake or is it a straight red for a chief executive whose very temperament is now under scrutiny? in a statement, mr staley admitted he had made mistakes. the regulators could go as far as banning mr staley from working in banking — its ultimate sanction — as well as imposing fines. whistle—blowing is about trust and part of that trust is protecting the identity of the whistle—blower and if you've got a senior person looking for the messenger rather than listening to the message, then there's a problem. mr staley has questions to answer. he was very close to the person he hired. did that cloud his judgment? his pay will be cut by how much? the man hired to reset barclays' position on trust knows his bank is back in the headlines for all the wrong reasons. kamal ahmed, bbc news. a brief look at some of the day'

barclays fell quite but then bounced back. most of the interest in the movement of backers.ign ministers from the g7 group of leading economic nations are meeting in italy for two days of talk on the conflict. the chairman of the commons' foreign affairs committee, crispin bluntjoins me now. is anything going to come out of this g7, do you think? is anything going to come out of this 67, do you think?|j is anything going to come out of this g7, do you think? i think it is important that secretary to listen goes to moscow on wednesday with the full force of the liberal world behind him, and the g7 represent the seven biggest economies in the world and he needs a properly quite a native position in those economies and those countries. would it be better if borisjohnson also made the trip? no, ithink in better if borisjohnson also made the trip? no, i think in the circumstances, it would have been a distraction from the main event which is secretary to listen. with the strength of the united states behind him, with equating knitted position with the g—7 countries with him as we

sticking with barclays?e ceo has her it made a public apology saying he will accept whatever sanction is deemed appropriate. he said he will cooperate fully with the conduct authority. the board has accepted his apology. shares initially dropped by 1% but shares are now higher. moore, us now is michael part of the team that broke the story. and chris wheeler. congratulations. this was a story that bloomberg had first. rupert harrison is also on set with us. i have never seen anything like this. is this a new rule that comes into play? does this damages credibility? it certainly is a black guy because he has been so vocal about bankers needing to restore trust and told them selves to be certainlyquestion so that does hurt that message. this is something that barclays banks, toand other establish a whistleblower program to speak up more if they see something amiss. and to have the ceo try to unmask it was a blower is not a great look for the programs. francine: is his job on the line? the board says they have

will look at because for greater protection for whistle—blowers after it emerged that the head of barclaysidentify someone who had raised concerns about one of the bank's senior managers. we look at the story behind this image taking atan edl the story behind this image taking at an edl demo at the weekend, and presenters past and present look back at the programme hardtalk‘s 20 yea rs back at the programme hardtalk‘s 20 years on air. and now we have sportsday. hello i'm 0lly foster, these are our sportsday headlines tonight. garcia is glorious in green — the long wait for a major is over it's not all wenger‘s fault. a powerful voice at the gunners says the board must take some of the blame and we have the latest on the david moyes incident with a reporter. good evening, sergio garcia says there is room for improvement and a lot of great years are still ahead of him. five years ago, after a poor round at augusta, sergio garcia said he wasn't good enough to win a major. but after the round of his life last night he is now the masters champion. there is some flash photography coming up. the

shares of barclays are dropping.short offsetting the surge in investment banking. meanwhile berkeley -- barclays ceo jes staley says he has support as he faces investigations were trying to unmask a whistleblower. its review bank did and voted unanimously to support me as ceo of barclays. all thi'm getting from shareholders is quite positive. i work at the pleasure of the shareholders and the board and the board has been very supportive. >> staley said he never offered to resign. deutsche bank is close to naming citigroup treasure as its cfo. bank plans to make the announcement before a shareholder meeting on may 18. an investment banker at j.p. morgan and morgan stanley. that's your bloomberg business flash. tom: thank s so mcuh.uch. how about a morning must read. this is beneath the radar. france, then on to a lonely england. some argue that france will soften its line under macron. the anglophile. od ina hardening modd germany that is ominous. he goes on to the nuclear option for united kingdom -- a unilateral fre

there is more on the barclays story.full write up by simonjack explaining this line that the bank's head of security now faces investigation over this trying to unmask a whistle—blower.” investigation over this trying to unmask a whistle-blower. i want to do paint. i bought five meters of paint, £96 of that's about $140 for five litres! it says tensions are rising between the owner of delux and elliott advisors. changes to a stamp duty loophole in hong kong have sent property shares reeling. sarah toms is in singapore. well, as you said hong kong, the hong kong government slapped a 15% tax on first time homeowners who are purchasing more than one flat at a time. so, what was happening was investors were coming in, snapping up investors were coming in, snapping up multiple units in one go to qualify for lower tax rates. these buyers were using one legal contract and they only had to pay 4% tax duty so now and they only had to pay 4% tax duty so now they are being charged the same 15% as someone buying a second property. t

the compliance people are barclays said, back.they said, did they sort out the whistle—blowing stuff? he took it as light as he could find out about it that that was incorrect. regulators are taking a dim view of this. hunting down potential whistle—blowers is ta ken this. hunting down potential whistle—blowers is taken very seriously because they are the eyes and ears of the regulator sometimes in these organisations. this is a serious matter and penalties can be severe but they can disbar people from working in banking. whistle—blowers are much more protected species. there was an argument about whether this was proper whistle—blowing and regulators will look into it. thank you very much. after 18 years of trying, sergio garcia has finally broken his duck and claimed his first major golfing title. he won the masters, beating justin rose in a sudden death playoff at augusta national in georgia to become the third spaniard to win a major championship. his luck changed on what would have been his fellow countryman and golfing great

barclays chief executive ley. stak let's talk to michael moore. the investigation still has to play out on the regulatory front over the next few months. he certainly expressed confidence there that he has the boards backing. we will see what happens at the agm in a couple of weeks and then further down the line with the regulators. he tried to excuse the week fixed income revenue. because of the strong course last year. our shareholders buying into that region? >> they don't appear to be. it was a strong quarter last year but that magnified some of those declines but aside from that, if their lowest market share relative to competitors relative to the usenet business -- but they didf it underperform and they talked matter ofwas not a the franchise losing clients and not a matter of clients stepping positioning in a couple of businesses. wealth management seems to be an area that banks can win in at the moment. they might not be winning on fixed income but there is an improvement from ubs. will the rest have to find another niche? >> yeah, you hav

barclays is the purple line. the stoxx 600 bank index is down return withimple saly outperforming the stoxx 600 bank index. is this a chart that tells us why bhp billiton has been targeted for an overhaul by sometimes activists? is it urging the world's biggest mining company to unify corporate structures and spin off more assets and include capital returns? that has referred to talks held with management today saying they could move the value by 50% of beginning of last year. the anglo is up by 450%. measly -- i say that teasingly -- one edge of percent. nothing compared to the game witnessed by anglo-american. agreeing toy with sell itself to bain capital for 5.3 billion euros, giving the private equity firms more control over one of the last independent generic drug is mrs. after the takeover content. the deal will give them access marketsn and russian over-the-counter and copycat medicines and marks another step in the consolidation of the generic industry. by 10.6% today. vonnie: thank you. let's stay on the

the task force arrested 59-year-old juan barclay alleging he is the arsonist. >> hoping that this is the guy, and there aren't any copycats. >> reporter: fourth street deli could have been destroyed in february when authorities alleged barclay set fire to cardboard boxes outside the business. >> burnt up all these wires. >> reporter: thankfully emergency responders responded quickly in february and there was only damage to the outside of the famous deli that's been a part of queen village for 94 years. >> what was crazy when you watch the video he lit it and then he went away and he came back to see that it was burning. >> reporter: authorities allege a few weeks earlier barclay set fire to the dumpster on ranstead street and then damaged self cars when he set fire to trash along fifth street. he was caught on surveillance video both of those fires but the images of him weren't completely clear until he set fire to the deli on fourth street. >> this was perfect example cameras i have on the building and the cameras that the neighbors have on the block showed the whole thing. >> repor

the libor scandal first blew up in 2012, when barclays boss bob diamond was forced to resign.est rate they thought they'd have to pay to borrow money. an average was taken, called the london inter—bank offered rate, or liborfor short. it helped determine how much the banks pay to get hold of funds to lend, and therefore what we pay on mortgages and loans. it also gives an indication of how healthy financially the banks are. the submitters were meant to put in rates based only on their own genuine view of the market for borrowing and lending cash. panorama has uncovered a phone call on 29th october 2008, during the financial crisis, when a senior barclays banker, mark dearlove, tells the man putting in libor rates, peterjohnson, to push them down below the true cost of borrowing cash because of pressure from above. we played the recording to chris philp mp, a member of the treasury select committee. if what dearlove is saying is true, that is shocking. this tape suggests that in fact the bank of england knew about it, and indeed were encouraging or even instructing it. so we ne

barclay prime and cut in beverly hills. yeah, i feel lucky enough to bet $2,000. am i? laughter] wow, this is really harder onstage than it is at home. yeah. i got to go with my gut. i got to do it. if i get it, awesome. if not, it is what it is. so i'm gonna go with b, steakhouses. >> is that your final? >> i was hoping you was gonna ask me that. [laughs] my final. >> you look like a man that might know a way around a steakhouse. you got it. [cheers and applause] you got it. you got it. $10,000. [horn blares] all right, k.b. that sound means the time is up for today, but you're coming back to play more "millionaire." $10,000 when we come back; you'll go for $20,000. thanks for watching. for everyone who's been a part of this one, i'm chris harrison. we'll see you next time. [cheers and applause] closed captioning sponsored by: after brushing, listerine® total care strengthens teeth, helps prevent cavities and restores tooth enamel. it's an easy way to give listerine® total care to the total family. listerine® total care. one bottle, six benefits. power to your mouth™.

. >>> barclays falls after the bank takes a one-off impairment charge on its african business, while jes staley faces a shareholder revolt. >>> strong earnings beats for google parent alphabet and fellow tech giant amazon drive nasdaq futures higher in after-hours trade, after the nasdaq extends its longest winning streak since 2013. >>> good morning. welcome. you're watching "street signs" on cnbc. we have an hour together. i'm super happy you're with us today. i have big news. i'll share that with you with peter oppenheimer. i know you rejigged your day a bit to say hello. greatly appreciate it. because today is my last day. >> sorry to hear that. >> so we put together a packed show, and i'm super pleased to talk to the likes of you. >> thank you. sorry to hear you're leaving. >> it's been a fantastic run. 17 years. couldn't have been better. i couldn't have asked for a better ending to it either. we'll touch on some things here throughout the show. one highlights has been talking to you over the years. i think we met in poland initially? >> i think it was. >> way back when at an e

it says "brooklyn burger cheeseburger." >> both: "barclays signature prime beef." >> that's not barclaysre beef. >> it's ours. >> did you see that before? >> no. >> but see, these are the details that matter. we're spending $180,000 a year. as i walk around the stadium, i don't even see $18,000 worth of value. i see the batchagaloop burger. >> it's made with a brooklyn burger-- >> so they have a burger in here that's not called the brooklyn burger? that's a problem, right? the sports contracts that we have don't justify any sort of investment. i've made the decision to terminate all of the sports contracts, and save over $400,000 a year. we're gonna focus on selling these burgers in grocery stores around the country. look, i'm as enamored as you are by the glitz and the glam and the logos and all the fun stuff that goes with it. but at the end of the day, it's a business decision, right? >> correct. >> so it just doesn't-- although nice, the economics just don't work. >> and who gave you the p.o.? okay, let me check with frank and i'll get back to you. okay, bye. frank? >> yeah? >> you'r

they are being forced to let barclays and wells fargo. bad news for the chief executive is particularly, wherein barclays' case their ceo is being taken to task and he will lose his bonus about this issue of whether or not he acted properly in the way that he tried to identify a whistleblower. and in the case of wells fargo, a former chief executive who didn't take tough enough action against some abuses that were taking place in the company. this is a good story in other ways. it shows that people are being held to account. in the end, if you are chief executive these days, you are paid a lot of money. with that comes responsibility for holding your employees to account. in this case, it says that these people do and act in the right way free chief executive. i would say one thing. it is tough being a chief executive. you cannot know is that what is going on with your thousands of employees, and therefore you are ina of employees, and therefore you are in a difficult situation. on panorama, they had that story last night, about... about

cs, santana there, deutsche, barclays, ubs, rbs.ectly about the banks are obvious reasons. in aggregate, the european banks have over the last few quarters significantly underperformed their u.s. peers. they have political risks surrounding them. if you get a slightly contentious outcome in the french election then banks are going to be the high beat of trade where you are going to be efficient around that. are they too risky? or do i say i'm going to look at the pmi numbers and europe is on a tear and the banks are the conduit and they should in theory do really well in the period that comes next? >> i will tell you. the risk, you cannot turn them on the road, not unless you are extremely -- guy: you mean individual names? >> i figure you got to be extremely high composure. guy: how big a portion of your portfolio do they make up? european banks, if you think in a portfolio way, you have 50% equities and the european banks will make up a small part of that. william: now, you can add to that. that is one of our high conviction calls

barclays shares down by the most june.ecame the latest european banks to post disappointing trading revenue, failing to live up to the games we saw from the u.s. peers. contrast to a collective 24% increase from the big five and u.s. income from equities, the other main trading business also fell more than expected. he does have the support of shareholders and his board and never offered to quit as he faces probes for trying to unmask a whistleblower. these of the big banks in the u.k. since brexit. you will see that barclays is in the middle of the table this week. rbs today and lloyds yesterday. they all felt post-brexit. since they have been creeping back, the only one still negative justina lee is lloyd's -- negative interestingly is lloyd's. its figure yesterday came in ahead of expectations, weathering record low interest rates. is the economy weathering brexit? something we will be asking richard jones in just a second. steal his to thunder, but the economy is .7%.ng from really quickly, sterling dollar 12939, risin

jes staley, the chief executive of barclays, will lose his annual bonus of more than £1 million aftering case. he had tried to discover who wrote a whistleblowing letter to the bank. the regulators on his case, it is serious stuff. yes. it involves the hiring ofa serious stuff. yes. it involves the hiring of a senior person, tim mayne. he had worked with the chief executive at a previous employer for many years. when he was hired, anonymous letters were sent to board members raising concerns of a personal nature about this person and about the nature of the relationship he had with the chief executive, did they go through the normal due diligence? barclays told the chief executive —— the chief executive said he did not see it as whistle—blowing, but as a malicious smear against this person. he wanted to find out who wrote the letter. the internal people said, you should not stick your nose into this. he came back when it looked like they had gotten over this issue, he thought, that means i can find out who sent this letter. he tried to involve us law enforcement officials. the regulat

i spoke earlier to the chief executive of barclays, jes staley.test of talent around the world coming to london and coming to the united kingdom is the best thing for the financial industry, perhaps even more important than passporting. and as that talent comes through the university system, if you think about start—up businesses and new creative technologies, young people and talent all over the world coming to the united kingdom, going through the educational system and then providing that new intellectual capital for a bank like barclays, that's tremendously important. and that is not a typical of people here, an emphasis on retaining access to skills. remember, this is access to skills. remember, this is a business lobby that during the referendum itself largely wanted to stay in. their voice was ignored. whether the government will listen to them now that we are heading for the exit remains to be seen. simon, thank you. a fire has broken out at the christie hospital in manchester. the blaze in the cancer uk research lab building started at 10

vonnie: we are still awaiting barclays result it a lot of questions surrounding brexit and where it willion itself and the reelection of the board. what will be the focus for you? think it's got to be the theormance but also explanation of that very strange incident that was revealed and led to some punishment by the board and perhaps him losing his bonus. credit he has taken a lot of blame for that incident. whether he is a force to restructuring in barclays has been limited or struck -- stunted by this incident. he is crucial to recovery. if anything harms his ability to do that that is going to be a problem. mark: lionel laurent. great story. coming up tomorrow on the back of what we were just saying, bloomberg daybreak with the man himself, barclays chief executive. look for that 7:00 a.m. london, 2:00 a.m. new york. don't miss it. still ahead, a busy few days in washington as trump unveils his tax plan and threatens to withdraw from nafta before backtracking. a look at what the president's agenda could mean for the u.s. and global economies. this is bloomberg. ♪ vonnie: live from ne

the libor scandal first blew up in 2012, when barclays boss bob diamond was forced to resign.by a member of staff of the biggest banks, called a submitter, saying what interest rate they thought they'd have to pay to borrow money. an average was taken, called the london inter—bank offered rate, or liborfor short. the submitters were meant to base it only on their own genuine view of the market for borrowing and lending cash. panorama has uncovered a phone call on october 29th 2008, during the financial crisis, when a senior barclays banker, mark dearlove, tells the man putting in libor rates, peterjohnson, to push down his libor rates below the true cost of borrowing cash because of pressure from above. we played the recording to chris phelps mp, a member of the treasury select committee. if what dearlove is saying is true, that is shocking. this tape suggests that in fact the bank of england knew about it, and indeed were encouraging or even instructing it. so we need an immediate inquiry to find out exactly what is going on, given what we have just heard on this tape. the ba

i have written about whistleblowers at barclays. peters a very, he was never particularly well either. marks it have an issue with whistleblowing generally, but jes staley should not be reaching down into the organization to try to unmask a whistleblower. that is just not kosher. >> as markets improve more broadly, is this something that is going to be damaging to morale potentially? to curve the recovery in any way? >> i think it does hurt the was a lowing function at barclays. it is supposed to be anonymous. you are supposed to be able to report these things and not be unmasked. if the ceo is trying to unmask you that is not good. however, whistleblowing on wall street, unfortunately is a bit of a sideshow anyway. it is one of those things that people pay lip service to but don't care that much about. i don't think they really want whistleblowers to be doing much more than making phone calls internally and they don't want them causing much trouble. but his biggest response ability now is turning around berkeley. he appears to be d

they certainly did not expect the news about barclays they at came out monday. >> barclays says it'srd will issue a formal reprimand and make a significant cut to the seat egos play -- ceos pay. the bank says after he apologize, he made an error in not applying perfect governance. we know that in 2016, he tried who theout whistleblower was, and it came to the attention of the board. it seems to be a violation of rules surrounding whistleblower protection that he should have sought that person's identity. there were repeated attempts to find out the identity. that led to the action by the board, which says it stands by staley and will recommend him to the agm again. >> staley will be reprimanded, he apologized in a staff memo, saying he should have left staff compliance handle the memo. he may lose 1.3 million pounds of his bonus for last year to show the appropriate amount of contrition. >> why is he still in the building? >> the board thinks he can survive this. they think he might be given a sympathetic hearing. >> the wells fargo accounts scandal is rearing its ugly head, after a

. >> in corporate news, ugg regulators, investigating barclays jes staley.his comes after staley tried to identify the source of an anonymous letter that criticized one of his hires. barclays said it's reprimanded ceo staley and its conducting its own reviews in the controls. barclays is up 0. 3%. >>> swift is combining in two of the world's largest trucking company, swift had own 54% of company at $20 a share. and it will be the largest deal in the trucking bins since xpo bought conway. and the trucking company went public last week. >>> and jack dorsey continued to forego direct conversation last year. the 2016 compensation which excluded salary, bonus and stock option awards was about $50,000. cfo and coo anthony noto was $24 billion. >>> for the company shareholder meeting sounds far-fetched. it's a proposal to explore the idea of the company selling itself to its own users. if the proposal passes, twitter would have to be prepared to prepare a report on this idea. twitter's board is openly opposed to the proposal. not surprisingly -- i'm unclear what th

they certainly did not expect the news about barclays that came out on monday. >> barclays says theye a formal, written reprimand and they have made a significant cut after trying to identify a whistleblower in 2016. the bank says he made an error in not applying perfect governance. it seems to be a violation of rules surrounding whistleblower protection. the worst statements today that there were -- there were statements today that there were repeated attempts to find out the identity. >> staley will be reprimanded, . he apologized in a staff memo. he said he should have let compliance handle the matter. part of his bonus from last year. >> why is he still in the building? >> obviously, the board thinks he can survive this. they think he might be given a sympathetic hearing. >> the wells fargo accounts scandal is rearing its head again. this time after a six-month independent investigation found they shrugged off the scandal. they lay the most blame on the former bankhead. rejecting struck back the board's conclusions saying we strongly disagree with of the report. >> when did they

also barclays reports tomorrow. barclays is more of an investment bank than retail bank.hey will focus on barclays tomorrow and hear from jeff staley since he was caught up in the whistle-blower issue. we will listen in on the call tomorrow which is about the time of "worldwide exchange." >>> pay pal reporting upbeat quarterly results, an increase in payment processing volumes. >>> a few more stocks to watch. shares of weight watchers getting a bump after naming a new president and ceo. mindy grossman taking over in july. she's currently ceo of hsn. >>> samsung electronics posting a solid first quarter profit getting a boost by the memory chip business. the company also flagging stronger earnings for the current quarter and a cancellation of treasury shares. shares up 2.4%. over the last three months up about 10%. samsung shrugged off that issue with the galaxy phone in and around the last 6 to 12 months. >>> citrix reporting mixed results. shares of the company taking a hit after revenue came in below analyst expectations. shares are down about 6%. >>> coming up on the s

this is somewhere where the chief executive of ba rclays somewhere where the chief executive of barclaysout who said that letter and he was incorrect. now the regulators are taking a dim view of it because coming down, having powerful ceos, hunting down potential whistle—blowers is ta ken hunting down potential whistle—blowers is taken seriously because they are the eyes and ears of the regulators. this is a serious matter. the penalties can be quite severe and they can even disbar people from working in banking. whistle—blowers are much more protective and there is some argument as to whether this was proper whistle—blowing but the regulators will into it. this was a passenger being taken off a united airlines flight. perhaps not the airline's finest hour. shouting passengers on board report saying the airline had put too many people under the flight and when no one volunteered, this is what happened. the airline has said it's investigating, which is the least they could do, frankly. see you in minute. new zealand have been having a torrid time of it recently, a spell of rain after spel

they certainly did not expect the news about barclays that came out on monday. ♪ francine: barclays saysmade a formal, written reprimand and they have made a significant cut to the ceo's pay after he tried to identify a whistleblower in 2016. the bank says he made an error in not applying perfect governance. -- appropriate governance. we know that in 2016 he tried to figure out who -- and this came to the attention of the board this year and it seems to be a violation of rules surrounding whistleblower protection. he should have saw it to find out the identity and in the statement today, they are -- there were repeated attempts to find out the identity. that led to action by the board. >> staley will be reprimanded. he has admitted his error and apologized in a staff memo. he said he should have let compliance handle the matter. he may lose 1.3 million pounds of his bonus to show the appropriate amount of contrition. >> why is he still in the building? >> obviously, the board thinks he can survive this. they presumably -- they think he might be given a sympathetic hearing. >> the wells f

two former barclays bankers walk free from court, after being found not guilty of conspiring to rig theor inter—bank interest rate. jeremy corbyn says a labour government would add vat to private school fees — and use the money to pay for free school meals for all primary pupils in england. all the evidence from those councils that do provide free school meals is that do provide free school meals is that there is higher levels of attainment, better levels of concentration and better health for the children. on the eve of the masters, the world number one dustinjohnson has fallen down the stairs and injured his back. and coming up in the sport? the referees‘ governing body has apologised after keith stroud misread the rules in last night's match between newcastle and burton. good afternoon and welcome to the bbc news at one. a father has lost a landmark case at the supreme court in a dispute about taking his child out of school without permission. jon platt, from the isle of wight, refused to pay a fine after he took his daughter to florida, and successfully argued in the high court that

a man who has backed investment banking at barclays.e said this is an important transatlantic heart of the business that needs to be there as europeans are pulling back. you would expect them to beginning market share. jonathan: you would. let's talk about the man himself, questions about his future. the first time we have had an opportunity to ask him about it. what did he say? ande said he made a mistake was trying to protect a foldable colleague, this on his actions to unmask a whistleblower. he was reprimanded by the board for doing that. this is now in the hands of the regulators. he is limited into what he can say. he says he has support of the shareholders and the board. hasshareholder lobby advised to vote against him, so we will see how the regulators come down on this. jonathan: frexit, brexit, he does not seem to be concerned about brexit. >> a different story with regards to brexit, u.s. and european banks talking about thousands of job cuts. he did not want to talk about any job cuts. he wants to talk about hiring in europe

the chief executive of barclays, jess staley, will lose his annual bonus of more than a million poundsct in a whistle—blowing case. he had tried to discover who wrote a whistle—blowing letter to the bank. a little earlier our business editor simonjack explained to why this investigation had come about. barclays hired a senior person who was an old friend ofjes staley‘s, they had worked together for years in a previous bank. after that appointment, a letter was written to board members raising questions about past conduct and personal issues in the background of this hire, and also about the nature of his relationship withjes staley, asking whether it was appropriate. now, staley said today in a letter that he said he wrote to ba rclays staff, he thought this wasn't whistle—blowing, he thought this was an unfair personal attack. an attempt to maliciously smear his person. but the compliance people said, back off, this is somewhere the chief executive shouldn't be poking his nose. soon after, he said, did we sort out that whistle—blowing stuff? and they said it wasn't really whistle—blow

for barclays, a bit of trouble here.tleblower and he calls the effort and honest mistake could thought it wa. thought it was allowed. should've gotten compliance to handle matters. stock owners not taking issue with this, but he is underinvested edition of u.k. as well. the market says he is good for now, but does that wind up continuing? mondo lease up 3/10 of 1% to looking to replace its ceo. they are looking to replace her. earnings season is kicking off this week with jpmorgan on thursday the big bank to watch. the white line is overall and year 2017 earnings revisions now down by 710 to 1%. the blue bars are revisions upward for tech. that is up almost 2%. the orange bars are revisions downward for energy by 4.5%. what are the expectations going in? how do you position yourself when you wind up having the overall geopolitical risk in the market? jonathan: joining us now from ginada is jack apple and martin adams here with us in new york. kind oflly engineer this upside surprise by doing these analyst estimates and c

barclays is out with earnings later this month and we get banks later this week.te today saying it will be a bumpy ride for that first order earnings reporting season. she talks about slower loan growth, mortgage production. what is the general sentiment out there about this coming bank earnings? >> they kick it off before everyone else. for about a focused year now, almost. nine to 12 months. the fed is slowly inching it up. before the fed started raising intereste yield on -- rates are rising. ok? what does that mean for banks. it is great for them and wonderful because they can actually increase the spread. they charge between loans and they pay on deposits. a bumpy road, because the timing isn't always perfect. how fast can you increase the rates on the loans you make versus how fast do you pay your depositors? according to the market rate. it is a tricky thing. if the money markets, for example, come in and try to take away deposits from them. on the other hand, typically loans are low returns. it is hard to tell. theseusually say that profits will abate as i

back in 2012, when barclays was fine, it looked like they were corrupt and there was talk of a bottle colourful phrases but then it emerged that these apparent bribes were really just a cup of coffee, a curry, a box of sweets. with the bank really want to commita of sweets. with the bank really want to commit a crime for the sake of a sushi roll? but that is what the serious fraud office was presented to thejury as serious fraud office was presented to the jury as evidence last year. thejury to the jury as evidence last year. the jury last to the jury as evidence last year. thejury last did not like backers as much and they locked up for bankers but did not up their minds about these two, whether or not what they had done was dishonest. also, significantly, the jury in this trial had a higher bar to prove that the crown prosecution service had to prove more to get the men locked up and clearly the jury felt that they had not proved that these guys knowingly broke the rules. this undermines the whole narrative of the serious fraud office's prosecution of libor rigging. it brought into

can jeff live through this at barclays? investors desk investors think he will.s and it ise an issue. if there was anything left, it andd be enough to sink him couldst extreme version face a fine to reprimand. story of thisthe -- a a more genial just more junior member, this would have been enacted more quickly. >> i think what makes this particularly damaging is that managers like to not hear bad news within the bank and this damaged that program. >> meanwhile, in the u.s., we a report published by the bank and much of it is -- another 20 million quad back, even though he is gone. he got options canceled and these really tower over the pay ats that jeff daly will see barclays. am i wrong? there is a different spectrum this is something that has been percolating since 2002 gaming theve been sales numbers since then and that is a damning conclusion here. that.is time to address >> thank you for joining us this morning. head bring in the global of strategy. strategy could be a victim to a need. the brand is not helping. >> what is interesting is that and youany is