_{A number of banks are switching auditors}

However, PwC is not too badly out of pocket – other banks are also switching auditors, and PwC is getting the job at HSBC.

“We are pleased to have conducted what I believe has been a very thorough, open and transparent audit tender process, a description of which can be found on the Barclays website,” said Tim Breedon, chairman of the Barclays audit tender oversight sub-committee. “We thank PwC for their significant contribution as Barclays’ auditors. We look forward to working with KPMG in the future.”

Demands for banks to switch auditors grew louder in the wake of the financial crisis, as audits had failed to show up any danger signs shortly before some banks collapsed. (Telegraph)