Barclays Executive In Charge Of You Know What Has Responsibilities Slightly Curtailed

Until recently, like, say, this morning, Bill White headed the group that made headlines this week for fraud (allegedly lying to clients about high frequency trading, this and that). And, technically, he’s still got his job, though for the time being it will involve answering questions posed by Attorney General Eric Schneiderman, and not coming within 200 feet of clients. Obviously, CEO Antony Jenkins would prefer to fire White or at the very least spend an hour or so pelting him crumpets, since he really kind of put his boss in an awkward spot in light of the whole promise Jenkins made re: Barclays not being the kind of bank that does this kind of stuff anymore. But time and place, etc.

Barclays PLC has removed a senior member of its equities-trading team from his day-to-day responsibilities in the wake of allegations that his group lied to clients about the operations of its dark pools, according to people familiar with the matter. Bill White, head of the firm’s equities electronic-trading operation, is focusing solely on answering questions related to the lawsuit, according to people familiar with Barclays’ decision. Mr. White’s group ran the so-called dark pool, known as Barclays LX. He is being treated as “innocent until proven guilty,” but he won’t be involved in electronic trading until the investigation is complete, the people said. Mr. White wasn’t named directly in the lawsuit filed by the New York Attorney General’s office against Barclays, but he is referred to several times in the complaint by title. The lawsuit claims the electronic-trading operation favored high-frequency traders and misled clients about this advantage.

Barclays Executive Removed From Daily Operations [WSJ]

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10 Responses to “Barclays Executive In Charge Of You Know What Has Responsibilities Slightly Curtailed”

  1. guest says:

    not for nothing, but "pelt[ed] with crumpets" would be a hell of a band name.

  2. guest says:

    was that wrong? should I note have done that? 'cause I've worked in a lot of offices…

    -bill white

  3. Spotswood says:

    I'm surprised this place is still in business. Bill White goes in dry without even the god damn common courtesy of a reach around. Will get 10MM for leaving acting like he is ashamed. Bravo Whiteman

  4. InfiniteGuest says:

    Man should consider himself lucky he doesn't have to answer to Nell Diamond anymore.

  5. Champsrunner says:

    Is it not ironic that he is a former floor guy

  6. Guest says:

    Is Jenkins supposed to get a "Well done" for this? They knew this was coming but they waited this long to put him on suspension yet they had no problems doing this{from the earlier WSJ story, "Brokers Quit Dark Pool"}

    "The New York attorney general's lawsuit painted a different picture. In one example, the lawsuit alleges, a Barclays executive instructed two employees to mislead a large institutional investor about how much of its trading was done in the dark pool and how often those trades were with high-frequency firms. When one of the directors provided the accurate information anyway, the director was fired, according to the suit."

  7. Giddy up says:

    That's why UBS made their retail whole on Facebook 300mm they didn't want the s e c looking into their retail algo. U b s , " today's earnings are tomorrow's fines,