The first criminal trial of senior UK banking executives in the wake of the financial crisis is due to begin today.
The case against four former executives has been filed by the Serious Fraud Office over Barclays’ £11.8bn rescue.
This is the only time in living memory that a chief executive of a global, UK-based bank has been criminally prosecuted. More importantly, it is the only time in the UK that any senior bank executive has been criminally prosecuted as a result of what happened during the 2008 financial crisis which triggered the worst recession for 80 years.
The executives are charged with conspiracy to commit fraud. All four have pleaded not guilty.