Barclays CEO Feeling Pretty Confident Various Investigations Into Alleged Employee Misconduct Will Be But A Distant Memory In Short Order

Antony Jenkins has his fingers crossed the era of you know who is almost over.
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Antony Jenkins looks forward to the day, hopefully in the near future, that he no longer has to deal with the steaming pile of fraud allegations his predecessor (no names: Bob Diamond) left behind.

Barclays is hoping to make “significant” progress this year in resolving a series of investigations into potential misconduct by its employees, its chief executive said Thursday. Speaking at the bank’s annual meeting in London, Antony P. Jenkins, the Barclays chief, said the lender remained focused on addressing the behavior at the center of several investigations into conduct by its employees, including inquiries into the potential manipulation of foreign currency trading markets. He said the behavior that regulators were investigating was “wholly incompatible” with the bank’s values. “I share your frustration as shareholders, and the frustration felt by my colleagues, that legacy matters like these continue to cast a shadow over our business,” Mr. Jenkins said.

Barclays C.E.O. Expects ‘Significant’ Progress in Resolving Investigations [NYT]

Related

Barclays CEO Promises To Clear Out His Desk In Hypothetical Scenario In Which Bank Decides To Start Engaging In Rampant Fraud Again

Mr. Jenkins and the firm’s chairman, David Walker, told politicians on Tuesday that they were prioritizing ethics and reducing risky trading activity, adding that they would take responsibility if future problems were discovered at the bank. The Barclays’ chief, who agreed to forgo his bonus in response to the series of scandals that have hit Barclays in recent years, said he would resign if another scandal was uncovered while he was leading the bank. “The chief executive is responsible for what happens during their tenure and when incidents happen the price needs to be paid and I believe were I to find myself in that position I would do the right thing,” Mr. Jenkins said on Tuesday. When politicians asked Mr. Jenkins if he was eradicating the culture that he inherited from his predecessor Robert E. Diamond Jr., Barclays’ new chief said he was indeed “shredding that legacy” of sometimes being “too self-centered and too aggressive.” [Dealbook]

Bonus Watch '12: Second Year Barclays CEOs

In an effort to strike a balance between being competitive and responsible, Bob Diamond will only receive 6.3 million pounds ($10 million) for his work in 2011, down from $9 million in 2010. Technically, his total package amounts to 17 million pounds ($26.9 million), but that includes stuff from previous years. [Reuters]

Bob Diamond Lieutenant Jerry Del Missier Ended Up Faring A Bit Better In The Parting Gifts Department Than The Boss

The bad news is that former Barclays chief operating officer Jerry del Missier is still out of a job and it may be some time before he gets a new one, on account of "investigations conducted by American and British authorities [demonstrating] he was a central figure" in the scandal du jour and "asked other bank officials to lower the firm’s submissions to Libor." The good news is that Jer is still (probably) getting paid, unlike some people he knows. Barclays was mired in fresh controversy on Wednesday night after handing almost £9m to a top banker who left following the Libor scandal and after one of its highest profile non-executive directors suddenly quit, taking the toll at the top to four. Jerry del Missier, who resigned after telling subordinates to reduce the bank's Libor submission during the October 2008 banking crisis, was reported to have been handed £8.75m cash as part of his leaving package. Shadow Treasury minister Chris Leslie called on del Missier to follow Diamond and waive the bulk of his payoff. "Having resigned from Barclays over the Libor fixing scandal, people will find the scale of this award completely inappropriate. Bob Diamond rightly waived most of his pay off and Mr del Missier ought to do the same," Leslie said. £9m leaving deal for Barclays deputy Jerry del Missier [Guardian] Former Top Barclays Official in Line for $13.6 Million Payout [Dealbook]

Layoffs Watch '13: Barclays

New CEO Antony Jenkins has apparently been reading the Tarot cards on Barclays and what they're telling him is the bank is about to have 40,000 fewer employees.