Barclays unveils deal on risky assets

UK bank Barclays protected itself against wild swings in the price of complex credit products today by agreeing a US$12.3bn (€8.3bn) deal with former employees.

The bank is selling a third of its ’alphabet soup’ of products such as mortgage-backed bonds to a new fund run by C12 Capital Management – which is led by former staff of its investment banking arm, Barclays Capital.