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SFO inquiry for new Barclays CEO
Barclays has named the head of its retail division Antony Jenkins as its new chief executive to replace Bob Diamond. Its shares have fallen 1% after the Serious Fraud Office launched an investigation into an investment made by Qatari businessmen.
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Barclays like 'Boeing 747 with three broken engines'
Analyst Ralph Silva told ITV News that Barclays was is the "most stressful position" it had ever been in and likened the task facing new CEO Antony Jenkins as "coming into a 747 with three engines that are broken" (a Boeing 747 usually has four engines).
Who is the new boss of Barclays?
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Jenkins to be paid £1.1 million a year
Antony Jenkins will be paid £1.1 million a year in the role, with a package including potential annual bonuses of up to 250% of salary and long term incentive shares worth a possible £4.4 million each year.
Barclays' shares open 1% down
Barclays' shares opened 1% lower today following the news that the Serious Fraud Office launched an investigation into payments made between the bank and Middle East investors.
'Excellent track record' helps Jenkins secure top job
Jenkins hopes to 'restore reputation' in Barclays
Antony Jenkins, the new Chief Executive of Barclays, said: "I am very proud to have been asked to lead Barclays, where I began my career nearly 30 years ago.
"Barclays is a strong universal bank, with many assets, including market leading businesses; talented and engaged staff; and long-standing clients and customers.
"But we have made serious mistakes in recent years and clearly failed to keep pace with our stakeholders' expectations.
"We have an obligation to all of those stakeholders – customers, clients, shareholders, colleagues and broader society – and a unique opportunity to restore Barclays reputation by making it the "go to" bank in all of our chosen markets.
"That journey will take time, we have much to do, and I look forward to getting started immediately."
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Chuka Umunna welcomes new Barclays CEO
Shadow Business Secretary Chuka Umunna has welcomed Antony Jenkins' appointment as the new Barclays chief executive:
Jenkins steps into new role with immediate effect
Anthony Jenkins takes the post of Barclays chief executive with immediate effect.
Turbulent time for Barclays
Barclays has endured one of the most turbulent periods in its history after it was fined £290 million by UK and US regulators for manipulating Libor, an interbank lending rate which affects mortgages and loans.
The affair led to the departure of chief executive Bob Diamond, chairman Marcus Agius and chief operating officer Jerry del Missier.
It also triggered a fierce debate in Westminster over banking ethics and has spawned several closely-watched hearings before the Treasury Select Committee.
Since then, Barclays has been caught up in a separate investigation, as it faces a potential £450 million bill for mis-selling complex financial products to unwitting small businesses.
Barclays probe 'not focusing on individuals'
The inquiry into Barclays comes after a similar investigation by the Financial Services Authority (FSA) which was revealed last month
The Serious Fraud Office (SFO) has more powers to prosecute than the FSA, the City watchdog, so the investigation moves the accusations into another realm.
Whereas the FSA's investigation was centred on four present and past senior staff, including finance director Chris Lucas, the SFO's probe is currently not thought to be focusing on any individuals.
Latest ITV News reports
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Who is the new boss of Barclays?
As far as the banking world goes, Antony Jenkins is about as far from being Bob Diamond as it is possible to be.
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SFO Qatar probe another bruise to Barclays' reputation
Barclays has admitted it is being investigated over payments made at the height of the financial crisis to Qatar.