Jan 28, 2019

Barclays boss was 'up at 2am' over bonus

A senior banker at Barclays panicked at 02:00 at the peak of the 2008 banking crisis that, if the bank was nationalised, his bonus would be jeopardised, a court has heard. The court heard a conversation between Barclays executives on 8 October 2008, the day the government announced £50 billion of taxpayers' money would be made available to bail out the banks. "At 2 o'clock in the morning I was panicking that we were about to get nationalised and you guys must have been the same because the government would, wouldn't look kindly on compensation over a million dollars," said Roger Jenkins, then an executive chairman at Barclays Capital - the investment banking arm on the business. Prosecuting for the Serious Fraud Office, Edward Brown QC quoted from a transcript of a telephone conversation that day between Mr Jenkins; Barclays Capital Executive Richard Boath and another senior banker at the firm, Jeff Weiss. In the conversation the executives discuss the risk of their bonuses being disclosed, together with those of Barclays group chief executive John Varley and Barclays Capital chief executive Bob Diamond.

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