First he puts you through that machine behind him. Then he fires you.
The Barclays chief was sufficiently chuffed by his own performance in putting the bank’s many, many, many troubles behind it last year to triple his own take-home. He’s less pleased with others who have not done as good a job putting the past firmly into the past, and isn’t afraid to firmly place them outside the front door if they don’t do something about it.
"I'm not a very patient person and every business within the group has to deliver the RoE (return on equity) that we require of it," Jenkins told reporters.
"We won't hesitate to continue to optimise capital allocated to the investment bank, the cost base and revenues to generate those returns."
Barclays took a higher-than-expected 750 million pound charge in the fourth quarter as it prepares to settle allegations its traders manipulated foreign exchange markets.
Barclays Posts Loss as Foreign-Exchange Provisions Rise [WSJ]
Barclays, Weighed Down by Litigation Charges, Reports Annual Loss [DealBook]
Barclays will cut investment bank again if performance doesn’t improve [Reuters]