Retail head Antony Jenkins has been chosen as the new chief executive of Barclays, replacing Bob Diamond, who was forced to quit due to the shameful Libor rate-rigging scandal that marred Barclays in July.
The appointment also comes close on heels of an SFO inquiry that has been launched against Barclays in lieu of the suspicious transactions that took place between the bank and Qatar Holdings in 2008.
Antony Jenkins, who was appointed into Barclays six years ago, brings with him retail banking experience but lacks investment banking knowledge. The soft-spoken Jenkins will be a contrast to the flashy Bob Diamond, who built up the thriving investment banking wing of Barclays. Ironically, Diamond was grooming Jenkins for the job, before his own fall came.
Jenkins outdid external competition to claim the position. Barclays boasted of Jenkins’ in-depth knowledge of the bank’s portfolio and claimed that his intimate retail knowledge would help the bank in the wake of new rules that are meant to safeguard small customers.
With a daunting task in his hands, Jenkins, who began his career at Barclays, said that repairing the damage would “take time.” “We have made serious mistakes in recent years and clearly failed to keep pace with our stakeholders’ expectations”, he said in a statement.
Jenkins will receive an annual salary of £1.1 million, apart from £2.75 million as annual incentive rewards in addition to long-term incentive awards of up to 400% of the salary.