« Bad news for Brooklyn | Main | FREE THROWS: FOREIGN RELATIONS »

November 2, 2008

Barclays Taps Investors for $11.8 Billion in Capital (Update1)

Bloomberg.com

Barclays Plc, Britain's second-biggest bank, will raise 7.3 billion pounds ($11.8 billion) from a group that includes investors in Abu Dhabi and Qatar as credit-market writedowns deplete capital.

Chief Executive Officer John Varley tapped sovereign wealth funds in the Mideast to avoid a U.K. government bailout plan that calls for overhauling management boards, capping executive salaries and banning dividend payouts. Barclays fell 12 percent in London trading today.

article

Posted by amy at November 2, 2008 10:02 AM