Barclays Chief Executive Antony Jenkins, who was grilled yesterday in front of the U.K.’s Parliamentary Commission for Banking Standards, appears tired of his foot soldiers putting him in harm’s way.
The scandal-plagued bank seemingly finds itself in a new mess each week, with its fishy fundraising for Qatar being the latest highlight. Jenkins pushed back on Tuesday, telling the commission that he is actively “shredding” the bank’s past culture, which he said is “too short-term focused, too aggressive and on occasions, too self-serving,” according to The Wall Street Journal.
The shredding that Jenkins is referring to is a multi-faceted approach that includes training, performance assessments and greater accountability for employees. But more so it means job cuts. And, if reports hold true, the timing of the cuts will be brutal for those affected.
Several senior bankers, including Dali Bacha, European head of equity derivatives at Barclays, are departing from the bank’s equities business just days before bonuses are doled out, leaving questions as to whether the moves were entirely voluntary. And a source within the bank tells us that direct job cuts will occur before bonus day in the U.S., leaving those affected with little to fall back on.
Indeed Mr. Jenkins, you are shredding.
UPDATE: The shredding has begun. Barclays cut between 5% and 10% of its capital markets, advisory and other investment banking units in the U.S. on Tuesday, just days before bonuses are scheduled to be announced, a source within the bank told eFC.
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