Barclays lose saviour Jenkins
ROGER JENKINS, the executive who helped Barclays avoid a taxpayer bailout by securing billions of pounds from overseas investors last year, is set to leave the bank to set up an advisory business that will work with sovereign wealth funds.
Jenkins, chairman of Barclays’ investment banking division in the Middle East, is believed to be the bank’s highest-paid employee, earning about £40million a year.
He is negotiating the terms and timing of his departure but is expected to continue to advise Barclays on a consultancy basis, including in relation to its biggest investor, the Qatar Investment Authority.
It is believed Jenkins, whose family are in California, had been in talks over his future for the past year but had been persuaded to stay on.
He was also involved in early discussions over the sale of Barclays’ exchange traded funds business iShares. That deal was later replaced by the disposal of its parent business Barclays Global Investors.