Money Matters - Simplified

Barclays picks Antony Jenkins as next CEO

Jenkins began his career with Barclays in 1983 and has been a member of the bank’s executive committee since 2009.

The crisis hit, British banking giant Barclays has named Antony Jenkins as Chief Executive Officer. Jenkins will take on the position with immediate effect.

He is currently head of Barclays’ retail and business banking operations that also includes responsibility for retail banking in Africa.

Jenkins will replace Bob Diamond who quit in July after the company was embroiled in the Libor manipulation allegations.

Chairman Marcus Agius and the bank's chief operating officer Jerry del Missier also resigned following the rigging furor. However, Agius agreed to stay on until a new chief executive was announced.

Mr Jenkins stated, "I am very proud to have been asked to lead Barclays, where I began my career nearly 30 years ago. Barclays is a strong universal bank, with many assets, including market leading businesses, talented and engaged staff, and long-standing clients and customers."

"But we have made serious mistakes in recent years and clearly failed to keep pace with our stakeholders' expectations. We have an obligation to all of those stakeholders--customers, clients, shareholders, colleagues and broader society--and a unique opportunity to restore Barclays reputation by making it the "go to" bank in all of our chosen markets.

"That journey will take time, we have much to do, and I look forward to getting started immediately.”

30 years at Barclay
Jenkins began his career with Barclays in 1983 and has been a member of the bank’s executive committee since 2009.

A number of external candidates such as Royal Bank of Scotland chief Stephen Hester and Bill Winter, the former co-chief executive of JP Morgan’s investment banking division were in the running for the coveted position.

Jenkins will be paid a salary of £1.1m in his new role with annual bonuses that could equal to 250 per cent of it. He will also be eligible for long-term incentive awards program of up to 400 per cent of salary.

Jenkins will be joined by Sir David Walker, who takes over as Chairman after Marcus Agius exits later this year.

Mr. Agius, the outgoing chairman, said, "Antony's appointment has the support of all the directors. We are confident that, supported by the board and the executive committee, he will work quickly to take the group forward."

"With the appointment of Sir David Walker to succeed me as chairman in November, and of Antony as CEO today, I am pleased that the new leadership of the bank is settled.”

SFO investigating payments
The Serious Fraud Office (SFO) has opened a criminal probe into payments made in 2008 between the bank and Qatar Holding LLC, the investment arm of Qatar Investment Authority, the country's sovereign wealth fund.

Also a formal investigation involving four current and former employees, including finance chief Chris Lucas has been launched.