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| Barclays boss dumps on Bob Diamond | Barclays boss dumps on Bob Diamond |
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| The new chief executive of Barclays has heaped further criticism on his predecessor as he pledged to "shred" Bob Diamond's tarnished legacy and build a "socially useful" bank in its place. | The new chief executive of Barclays has heaped further criticism on his predecessor as he pledged to "shred" Bob Diamond's tarnished legacy and build a "socially useful" bank in its place. |
| Antony Jenkins told MPs that he would resign if another scandal on the scale of the Libor rate scam erupted during his tenure, vowing to transform a bank that he described as an aggressive and self-serving institution under its former chief executive. | Antony Jenkins told MPs that he would resign if another scandal on the scale of the Libor rate scam erupted during his tenure, vowing to transform a bank that he described as an aggressive and self-serving institution under its former chief executive. |
| In an appearance at the banking standards commission, he said: "We are shredding that legacy and in the value of stewardship, whoever is sitting in front of a committee in a decade's time – I want them to have inherited a fundamentally different culture." | In an appearance at the banking standards commission, he said: "We are shredding that legacy and in the value of stewardship, whoever is sitting in front of a committee in a decade's time – I want them to have inherited a fundamentally different culture." |
| He added: "We should shred those behaviours of the past, we should shred situations where we're short-termist, too aggressive and too self-centred. It's those things I want to eliminate from our culture." | He added: "We should shred those behaviours of the past, we should shred situations where we're short-termist, too aggressive and too self-centred. It's those things I want to eliminate from our culture." |
| However, MPs and Lords on the inquiry remained unconvinced and said the company must do more to show it is changing its ways. The Committee chairman, Andrew Tyrie MP, said: "It doesn't really matter what the scandal is – Barclays seems to have a finger in every one of those pies." | However, MPs and Lords on the inquiry remained unconvinced and said the company must do more to show it is changing its ways. The Committee chairman, Andrew Tyrie MP, said: "It doesn't really matter what the scandal is – Barclays seems to have a finger in every one of those pies." |
| He was also critical of Barclays' initial refusal to provide unedited information. Waving a redacted document covered in blacked-out paragraphs, he said: "We asked for full papers and frankly it has been very hard getting them... Even the page numbers have been redacted." | He was also critical of Barclays' initial refusal to provide unedited information. Waving a redacted document covered in blacked-out paragraphs, he said: "We asked for full papers and frankly it has been very hard getting them... Even the page numbers have been redacted." |
| Appearing alongside Jenkins, the new Barclays chairman, Sir David Walker, agreed there must be change at the bank. But he refused to criticise his fellow board member and head of the bank's remuneration committee, Sir John Sunderland, who stunned the panel last week by saying he had no regrets over paying Diamond £6.3m for 2011, including a £2.7m bonus. | Appearing alongside Jenkins, the new Barclays chairman, Sir David Walker, agreed there must be change at the bank. But he refused to criticise his fellow board member and head of the bank's remuneration committee, Sir John Sunderland, who stunned the panel last week by saying he had no regrets over paying Diamond £6.3m for 2011, including a £2.7m bonus. |
| Walker said: "I am satisfied as of now that the present remuneration committee chairman is doing the sort of job a very good remuneration chairman should be doing. I'm not concerned about what he did in the past. [He is] performing the job we need." | Walker said: "I am satisfied as of now that the present remuneration committee chairman is doing the sort of job a very good remuneration chairman should be doing. I'm not concerned about what he did in the past. [He is] performing the job we need." |
| But Tyrie expressed doubts that the cultural change sought by Jenkins can be achieved by the current board. He said: "Doesn't it seem that the time has come to set your remuneration strategy in a new framework led by a new [remuneration committee] chairman?" | But Tyrie expressed doubts that the cultural change sought by Jenkins can be achieved by the current board. He said: "Doesn't it seem that the time has come to set your remuneration strategy in a new framework led by a new [remuneration committee] chairman?" |
| The inquiry also heard that Barclays spent £100m investigating the scandal over manipulating the Libor interest rate, which determines the cost of inter-bank lending and is a key factor in setting rates that are ultimately passed on to consumers. The investigation by the UK's Financial Services Authority and US authorities led to the imposition of a £290m fine last year and the resignation of Diamond and former chairman Marcus Agius. | The inquiry also heard that Barclays spent £100m investigating the scandal over manipulating the Libor interest rate, which determines the cost of inter-bank lending and is a key factor in setting rates that are ultimately passed on to consumers. The investigation by the UK's Financial Services Authority and US authorities led to the imposition of a £290m fine last year and the resignation of Diamond and former chairman Marcus Agius. |
| Jenkins said he would leave if something similar happened while he is in chargeand that ignorance was not an excuse. | Jenkins said he would leave if something similar happened while he is in chargeand that ignorance was not an excuse. |
| He said: "If there were a grave regulatory event that happened on my watch then I would feel obliged to resign. I don't think there's any doubt about that." | He said: "If there were a grave regulatory event that happened on my watch then I would feel obliged to resign. I don't think there's any doubt about that." |
| However, he also revealed that he only learnt about the Libor scandal on the day it was made public in June 2012. "I was aware there was an investigation going on around Libor, but the findings of the external investigation were only told to me on the morning of the announcement [that Barclays would be fined]." | However, he also revealed that he only learnt about the Libor scandal on the day it was made public in June 2012. "I was aware there was an investigation going on around Libor, but the findings of the external investigation were only told to me on the morning of the announcement [that Barclays would be fined]." |
| Full turnaround plans for the bank under Jenkins will be unveiled next week, including a new five-point plan for determining bonuses, which must take into accountupholding values as well as financial performance. | Full turnaround plans for the bank under Jenkins will be unveiled next week, including a new five-point plan for determining bonuses, which must take into accountupholding values as well as financial performance. |
| However, Tyrie said the commission would reserve judgement on whether Barclays has changed. Sir John Sunderland, was heavily criticised after his appearance when he said Diamond "deserved recognition" for what he had achieved despite the Libor and PPI misselling scandals. | However, Tyrie said the commission would reserve judgement on whether Barclays has changed. Sir John Sunderland, was heavily criticised after his appearance when he said Diamond "deserved recognition" for what he had achieved despite the Libor and PPI misselling scandals. |
| Tyrie said yesterday: "We don't seem to be getting very far in thinking through how we can have confidence that the non-executives in Barclays are going to be carrying the right culture. What we want is some more concrete evidence that the board is being put in a shape that can help give you a chance of succeeding." | Tyrie said yesterday: "We don't seem to be getting very far in thinking through how we can have confidence that the non-executives in Barclays are going to be carrying the right culture. What we want is some more concrete evidence that the board is being put in a shape that can help give you a chance of succeeding." |