Barclays keeps apologizing for saving the bank

Peter Lee
Published on:

In the summer of 2008, following failed offerings from HBOS and RBS, the UK Treasury commissioned a Rights Issue Review Group consisting of bankers, investors and regulators, to examine the equity-capital-raising process in the UK and recommend ways to make it more efficient and orderly. John Varley, chief executive of Barclays, agreed to be one of its members. The irony would become apparent soon.