Reuters - Video

Edition: US | UK | IN | CN | JP

video Finance Videos

New Barclays boss is no hard diamond

Thursday, August 30, 2012 - 02:00

Aug 30 - Britain's Barclays has chosen the head of its retail and business banking unit Antony Jenkins as its new CEO, taking over from Bob Diamond. Jenkins faces a tough challenge at the outset, as British fraud prosecutors said they were launching a criminal probe into payments between Barclays and Qatar Holding. Joanna Partridge reports

▲ Hide Transcript

View Transcript

He was at Bob Diamond's side during a UK parliamentary hearing last year - now Antony Jenkins has got his job. Described as softly-spoken, Barclays' new CEO is the opposite of his flashy predecessor. Jenkins was the boss of the retail bank - and turned around the British lender's credit card business. But he lacks experience in "riskier" investment banking, which has been at the heart of Barclays' recent troubles. Diamond was grooming Jenkins to take the top job - and analysts see him as a safe pair of hands. Alpesh Patel is from Praefinium Partners. SOUNDBITE: Alpesh Patel, Founding Principal, Praefinium Partners, saying (English): "I'm not worried about his lack of investment banking experience, I think it's exactly what the bank needs in terms of profitability. At Barclaycard he tripled their revenues, so I think good solid background, I think it's also what the market will prefer in this environment and their shareholders will definitely prefer in the present environment both in terms of their bottom line and in terms of what will make that stock move above its, I think it's at a twelve-year level, in other words it's at the level it was at twelve years ago." PTC: Jenkins faces a daunting full in-tray when he settles in to the corner office here in London. His appointment came hours after British fraud prosecutors confirmed they'd launched a second criminal probe into Barclays activities - this time into payments between the bank and Qatar Holding in 2008. Four current and former senior employees are under investigation. It comes hot on the heels of the Libor interest-rate rigging scandal, which cost Barclays almost half a billion dollars in settlements with US and UK regulators. Barclays shares slipped on Thursday on news of the fraud probe. Jenkins now faces the challenge of boosting Barclays' share price and restoring its reputation - as he gets used to life in the public eye. Joanna Partridge, Reuters

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

New Barclays boss is no hard diamond

Thursday, August 30, 2012 - 02:00