The regulator didn’t specifically suspect anything re: propensity for manipulating Libor, just a general feeling it couldn’t necessarily trust the guy, which Barclays chairman Marcus Agius conceded was not entirely off base. Read more »
Deferring ‘Significant’ Amounts Of Compensation, Placing Caps On Bonuses Not Working Out So Well For BarclaysBy Bess Levin
Only in that senior people the bank worked hard to recruit are quitting en masse. Otherwise, it’s great. Read more »
Repentant British Banks Forcing Clients To Transport Themselves To Olympics, Stay In What Is Basically The Equivalent Of Motel 6, Drink Olde EnglishBy Bess Levin
Time was, working on Wall Street meant going to great lengths to lavishly entertain clients whose business you wanted to win or keep. Client wanted to party on a yacht with forty Brazilian hookers? You made it happen. Client wanted Jay-Z to perform at his son’s Bar Mitzvah? You were on it. Client wanted you to manipulate Libor while simultaneously hand feeding him grapes? All you wanted to know was red or green.
Whatever they wanted you delivered and then some and the best part was nobody said anything about it. Nobody judged, nobody protested, nobody wondered if flying to Hyōgo Prefecture to personally slaughter a cow and bring it back with you in business class so the client’s dinner would be fresh was the best use of company money. Then you nearly take down the global financial system and have to be bailed out by the government and all of a sudden it’s like people think they have the right to count your (or in the case of banks still partially owned by the UK, their) money.
So you scale back the big outings. You make less of a spectacle. Should’ve be enough to get ‘em off your backs, only it’s never enough with these people. They’re not happy until you’re taking clients to Applebee’s and suggesting getting one appetizer and splitting an entrée, or inviting them to major international sporting events and then denying them black car service, putting them up in relative dumps, and making them drink malt liquor. Which is more or less what one bank is doing. Read more »
And Where Exactly Is The Support For Barclays Employee Nadine Who Moonlights On Weekends As A 4H Judge?By Bess Levin
Katrina Darling…who still holds down a banking job at Barclays in London, will make her first stateside appearance at SoHo nightclub W.I.P. on March 13. She’ll perform her trademark saucy “God Save the Queen” routine during W.I.P.’s Tuesday night Dropout party run by Lyle Derek and Noah Valentyn. Darling said she’s had no backlash from the royal family to her “God Save the Queen” act, and they are welcome to watch her perform: “I’d be happy for them to, but if they don’t, it’s not the end of the world.” Darling, who’s also a model and working on a lingerie line, has been performing since she was 18. She said, “I take my clothes off, but I don’t give away anything that should be kept for someone else.” While much attention has gone to her burlesque career, Darling has worked at Barclays for a year, in private-wealth management. “They know that I do this on the side,” she said. “Everybody is really supportive.” [NYP via BI]
The Queen did want to acknowledge all the work he’s done, though, so she threw the government worker a bone he can collect a few years from now. Read more »
Apparently the Queen has had to let some people go. Read more »