Barclays’ outgoing chief executive, Antony Jenkins, was not a popular person at its investment bank. Now that Jenkins is leaving Barclays, the true extent of this unpopularity is becoming apparent.
We learn, for example, that Jenkins had some denigratory nicknames within Barclays: he was referred to as the ‘The Wet Handshake.’ He was like a neglectful parents: salespeople who were excited at spending time with him ‘visiting clients on the east coast of the UK’ found that Jenkins actually spent most of his time staring at his Blackberry talking in monosyllables. We learn that Jenkins misread his relationship with John McFarlane, the man who ousted who him, and whom Jenkins considered a special chum after they sat together on the advisory board at the Cranfield School of Management.
Most damningly,we learn that Jenkins was disliked by Tom King, the head of Barclays’ investment bank. The Financial Times says the tension between the two men was ‘almost unbearable.’ “You wouldn’t want to be in the same room with them,” one Barclays insider told the paper.
It was this dysfunction with King that was Jenkins’ death knell. Unhappy with and unconfident in Jenkins’ strategy for slashing the investment bank, the FT says King threatened to resign. McFarlane then said to have intervened until Jenkins backed down. Now he’s out. If the FT’s account is correct, the outlook for Barclays’ investment bank under its new protective ‘executive chairman’ may not be so gloomy after all.
Separately, the NYSE suffered a mysterious three hour outage yesterday. Once upon a time this would have been a disaster, but these days the New York Stock Exchange trades just 25% of all US share trading volume. It helped too that NYSE listed shares were able to be redirected via Nasdaq and BATS and that the NYSE’s electronic trading venues, NYSE Arca and NYSE Amex/Arca Options, were unaffected. The exchange said the outage had nothing to do with hackers, but conspiracists are pointing to a cryptic tweet sent by international hacking agency Anonymous on the evening before the outage.
Antony Jenkins: intelligent, considered, private, cold, decent, honourable. (Euromoney)
As a joke, analysts covering the bank would sometimes ask Mr. Jenkins tough questions about numbers at the bank that they knew he couldn’t answer. (WSJ)
Three possibilities for the new CEO of Barclays: Trushar Morzaria, Jonathan Moulds, Ashok Vaswani. (Financial News)
During Mr. Jenkins’s time as chief executive, he was paid a total of £10,011,000. (WSJ)
When a major financial utility, a major airline, a major newspaper and a major Zero Hedge all shut down due to computer problems on the same day, I for one stock up on canned goods and ammunition. (Bloomberg)
The UK bank levy will be reduced over the next six years and stop applying to worldwide assets from 2021. However, the government is introducing a new 8% surcharge on bank profits from the start of next year to cushion any fall in revenue to the exchequer. (Financial Times)
The tax situation for UK private equity fund managers has worsened, but it’s not as bad as it could be. – Carried interest is not being taxed as income. (Financial Times)
Narcissists struggle to have rewarding thoughts and feelings about themselves, prompting them to seek out affirmation from other quarters as a kind of compensation for their neural deficit. (NYMag)
Stealthy ways to ensure you have the upper hand at work. (The Muse)