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Roger Jenkins, a leading banker at Barclays, one of the architects of the success of its investment bank over the past decade and said to be its biggest earner, is planning to leave.
Mr Jenkins was paid about £50 million in 2007. His pay for last year may have been even larger, as he negotiated the agreement with Middle Eastern investors to inject almost £6 billion into Barclays, in a deal that enabled the bank to avoid a government bailout.
Barclays has never had to publish Mr Jenkins’ pay, since he is not on its board. His departure might be timely, as Sir David Walker recommended in his corporate governance review last week that banks disclose far more details about their highest-paid employees who are not on the board.
A former international sprinter for Scotland who joined Barclays in 1978 as a graduate trainee, Mr Jenkins became famous in the banking world for excelling in the field of corporate tax planning. The business grew, saving billions of pounds for clients and earning massive fees for Barclays Capital, the investment banking unit of the high-street lender.
Over the past two years, Mr Jenkins has shifted his focus to head Barclays’ private equity division and to forge relationships in the Middle East. Key to his success has been the formidable contacts book of Diana, his Bosnia-born wife, who is credited with being an impressive businesswoman and networker. Mr Jenkins has described his wife, whom he met when he taught her at City University in London, as his “consigliere and counsellor”.
The timing for Mr Jenkins’ departure from Barclays has not yet been finalised. He is expected to retain a consulting role with the bank, but will also set up his own advisory business working with sovereign wealth funds and other wealthy clients.
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