26 Mar '13, 5am

Barclays investigating Singapore private banker over wrongdoing affecting client assets

Barclays investigating Singapore private banker over wrongdoing affecting client assets

Barclays Plc (BARC) dismissed a Singapore- based private banker and is helping authorities investigate potential wrongdoing affecting clients’ assets. The banker was fired on Feb. 6 and the company is working with the white-collar crime investigation agency of the Singapore police force to probe the matter, according to Eugenia Koh, a Singapore-based spokeswoman for Barclays. The city’s Business Times reported today that the bank dismissed Jagdish Kale, who handled accounts of non-resident Indian customers, for alleged misuse of client money. He was hired from UBS AG in 2010. Kale declined to comment immediately when contacted on his mobile phone. “We have notified the relevant authorities and are working closely with them to expedite investigations,” Koh said in an e-mail. The bank has hired an external forensic team for its own investigations, and affected clients are be...

Full article: http://www.bloomberg.com/news/2013-03-26/barclays-investi...

Tweets

From the private collections: Weight of History

From the private collections: Weight of History

Installation made up of hundreds of reworked objects, sculptures and paintings; original paintings and drawings; and three...