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How desparate is Barclays for cash?

As Barclays reports plans for new share issuance, and talk circulates about possible investment from a sovereign wealth fund or Japan's Sumitomo to help shore up the bank after it reported fresh write-downs last month, I heard today of a new, smaller-scale capital raising initiative.

An IT vendor who has been recently moved onto the Barclays account for his company told me he had been the victim of hard-sell tactics from bank salespeople trying to get him to buy a particular Barclays bond. Apparently they have also targeted several other IT contractors and vendor account managers he knew of.

It's an interesting turnaround for the IT guys who are used to going into the bank and selling themselves, rather than being sold to.

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