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Open letter by Barclays’ helps shares recover
Shares in Barclays recovered yesterday after the bank issued an open letter insisting that it did not have to raise fresh capital.
Barclays' saw its shares rise 73% after the bank's chairman and chief executive took the unusual step of publishing an open letter which stated that the bank made over £5bn in profits last year and did not require new capital.
Shares in UK banks collapsed last week following concerns that they would have to turn to the government for new capital that would effectively mean that they were nationalised.
Post Date: January 27th, 2009
Barclays' saw its shares rise 73% after the bank's chairman and chief executive took the unusual step of publishing an open letter which stated that the bank made over £5bn in profits last year and did not require new capital.
Shares in UK banks collapsed last week following concerns that they would have to turn to the government for new capital that would effectively mean that they were nationalised.
Post Date: January 27th, 2009
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