Barclays ‘big dog’ pushed for £25m special payment after Qatari cash mission
A Barclays boss who helped secure a Qatari cash injection that saved the bank from the prospect of government bailout during the financial crisis was recommended for a £25m bonus to reward his efforts, a court heard yesterday.
Roger Jenkins, nicknamed “Big Dog” by colleagues, told Barclays executive Rich Ricci he wanted a “special payment” for his role in obtaining the cash from Doha.
Jenkins – then head of Middle East and North Africa investment at the bank – is one of four previous Barclays bosses on trial for conspiracy to commit fraud, alongside former chief executive John Varley, wealth management boss Tom Kalaris, and European financial institutions group head Richard Boath.
Ed Brown, prosecuting for the Serious Fraud Office (SFO), claims the group used “sham” services agreements to secretly funnel payments to Qatari investors, who had demanded an inflated fee in exchange for £2bn investment during a pivotal capital raising drive in 2008.
The push for funding was ultimately successful, and Barclays avoided a bailout.
In an email sent to Ricci after a shareholder vote approved the capital raising in November 2008, presented to the court yesterday, Jenkins wrote: “This capital did the trick why can't varley diamond [Bob Diamond, Barclays’ chief executive] go to renco [the bank’s remuneration committee] and say we need to make a special payment for this endeavour now.”
“Did it four times this year to save our arses and jobs guys you know the sell ! If not what is the plan,” he added.
All four men deny the charges against them.
The trial continues.