You would not want to be Giles Croot. What with orchestrating the removal of of Marcus Agius’s resignation letter from the company website and replacing it with Bob Diamond’s, Croot has been having a busy week. Giles is head of Barclays’ PR. Not since Lucas Van Praag has one man had so much to do to mitigate damage to his employer’s reputation.
Giles hasn’t been at Barclays all that long. He joined in 2007 from PR firm Brunswick, but had spent five years working on the Barclays account whilst he was there. Prior to that, he he was news editor at ITN. In the distant past, he was a broadcast journalist at BBC.
Working alongside Giles to contain the media fallout is Simon Eaton, head of PR for what was formerly known as Barclays Capital. Eaton, who previously spent 8 years in PR at Goldman Sachs was in a meeting when we called. Is Jerry Del Missier really resigning too? What about Rich Ricci? “I’ll have to get him to call you back,” a PA told us.
Sandy Chen – the volatility of BarCap detracts from the solidity of the retail and commercial side at Barclays- this should be taken into account when looking at how to rebuild this firm. (Bloomberg)
Credit Suisse analysts: Historically the market has been concerned there was too much focus on growing BarCap, and that in the new regulatory world this is value destructive, in particular with changes such as ring fencing in the background. (Financial Times)
Tom Kalaris (current head of Barclays Wealth, has investment banking expeirience), John Winter (current head of the corporate bank, but with investment banking experience), Naguib Kheraj, and Anthony Jenkins are all potential internal successors for Bob Diamond. (Financial News)
Shares in Barclays are up. But, remember, they had dropped 15% on the FSA’s announcement that the bank would be fined. (Guardian)
More redundancies coming at Deutsche. (JPMorgan analysts)
How to appear to be a millionaire when you’re not. (Sydney Morning Herald)