Antony Jenkins

US$450 million for Liborgate. £3.56 billion for payment protection insurance, with £900 million more to come. US$480 million to Fannie Mae and Freddie Mac. £211 million for “other unspecified litigation and conduct charges.” And that’s just the beginning of the legal accounting at the House of Jenkins. Read more »

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. Read more »

Antony Jenkins, promoted to run Barclays Plc after the Libor scandal, pledged to overhaul the bank’s culture, committing to values of integrity and respect. Allegations of fraud on his watch are undermining his plan. Barclays lied to customers and masked the role of high-frequency traders as it sought to boost revenue at one of Wall Street’s largest private trading venues, New York Attorney General Eric Schneiderman said in a civil complaint filed June 25. He cited a pattern of misleading and false representations that went on as recently as April. The first allegations of new misconduct since Jenkins was named chief executive officer of the London-based bank in August 2012 mark a setback in his efforts to break with the past and sent shares plunging the most since he took over. A hit to the reputation of the Barclays LX dark pool also would hinder Jenkins’s effort to turn around the firm’s investment bank by focusing on equities. [Bloomberg]

  • 06 May 2014 at 4:08 PM

Layoffs Watch ’14: Barclays

That big round of cuts CEO Antony Jenkins has been chomping at the bit to announce are expected to come later this week. Read more »

Antony Jenkins knows people are pissed. He knows it looked bad to increase bonuses after profits fell. He knows investors want results. He knows everyone is tense. He also knows that if everyone would just sit tight, and give him a couple weeks to finish a project he’s been working on, a lot of people will feel a lot better about the pay situation come May 8, when he officially announces the firing of a boatload of employees. Read more »

Jenkins, 52, is trying to revive profitability at the securities unit, the biggest source of income for the London-based firm, while wrestling with demands for higher pay from its bankers. He has fallen behind on targets he set as CEO and faces calls to outline a clear plan as he prepares to meet shareholders at the annual meeting next month…His efforts to revive profit have been hampered as revenue from trading bonds, currencies and commodities dwindles across the industry and regulators press Britain’s second-largest bank to increase capital or shrink assets to meet limits on leverage. Barclays’s full-year adjusted profit excluding one-time items as well as gains or losses on the value of the lender’s debt fell 32 percent to 5.2 billion pounds. The firm raised about 5.8 billion pounds in a rights offering in October. “There’s a feeling he has lost control of the business,” Christopher Wheeler, an analyst at Mediobanca SpA (MB) in London who last week cut Barclays to neutral from outperform, wrote in a March 24 note to clients. “The threat of an uncomfortable annual general meeting is becoming very real.” [Bloomberg]

  • 05 Mar 2014 at 5:05 PM

Bonus Watch ’14: Barclays Had Two Choices

Choice number one was to cut bonuses for a second year in a row, lose all its investment bankers in the US, and turn the place into a Gold’s Gym. Choice number two was to increase bonuses and stop the mass exodus. After many a sleepless night, CEO Antony Jenkins decided to go with the latter but lest anyone be getting ideas, this was a one time thing. Next year he won’t worry about placating anyone, mass exodus or not, and if you don’t like that you can, as his predecessor’s daughter would say, HHD. Read more »

  • 03 Feb 2014 at 1:52 PM

No Bonus For Me, Thanks: Barclays CEO

Reuters reports that for the second year in a row, Barclays Chief Executive Officer Antony Jenkins has turned down the bonus offered to him. This time around, he said that it would be inappropriate to take the money, in light of “the bank’s hefty bill to pay for past problems.” All of this probably comes as a surprise to another CEO, whose name shall not be mentioned, who thought they agreed to put up a united front re: bonus accepting in the face of legal fees, be they Libor, whale, mortgage, or alternate side parking ticket-related, and who at this moment is angrily dictating an email thanking Jenkins for making him look like a Grade A Jackass. Read more »