Jan 29, 2019

Barclays executive pushed for Qatari deal bonus

A senior Barclays executive pushed for a multimillion-pound bonus for his role helping the bank raise capital from Qatar and avoid a UK government bailout in 2008 saying he had helped "Save our arses and jobs", a court has heard. Mr Jenkins, former Barclays chief John Varley, Tom Kalaris, former head of Barclays wealth management unit, and Richard Boath, a senior investment banker, are on trial for false representation at Southwark Crown Court. On Tuesday, the jury was read an email sent by Mr Jenkins to fellow executive Rich Ricci in November 2008 just after Barclays had agreed to the Qatari investment. Ed Brown QC, prosecuting, alleged that the men's motivation for going after the Qatari investment was that a taxpayer bailout would be "Extremely unattractive" as it would "Mean some of those at the top of Barclays would have to leave . . . the level of remuneration inevitably would be attacked". "They didn't have the disclosure obligations to the public that Barclays had . . . the Qataris were the purchasers," he said.

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