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]
values of integrity and respect
- 27 Jun 2014 at 11:19 AM
So You’re Saying Lying To Clients About High-Frequency Trading Wasn’t Part Of New Barclays CEO’s Turnaround Plan?By Bess Levin
- 28 Aug 2014 at 8:00 AM
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- Executive Editor
- Bess Levin
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