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Pin to quick picksBarclays Share News (BARC)

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Acquitted former Barclays rainmaker Jenkins plots gentler comeback

Thu, 14th May 2020 17:53

* Ex Barclays executive Roger Jenkins locked down on English
coast

* Investigators need expertise to deal with complex
cases-Jenkins

* Looks forward to rebuilding career after "fallow" decade

By Kirstin Ridley

LONDON, May 14 (Reuters) - A near decade-long battle to
clear his name has ended in victory, but the star rainmaker
credited with playing a pivotal role in saving one of Britain's
biggest banks from a government bailout in 2008 is still waiting
to put his life back on track.

Former Barclays executive Roger Jenkins headed to
his London hotel on Feb. 28 after being unanimously acquitted in
a high profile fraud trial revolving around credit crisis-era
payments made by Barclays to Qatar.

Jenkins had planned to tie up loose ends before preparing to
return to his family in Malibu, California. But the coronavirus
pandemic, sweeping across Europe, struck at his luxury hotel
just as U.S. President Donald Trump extended a travel ban to
Britain.

The former athlete turned multi-millionaire banker packed
his bags and is now sitting out a British lockdown, imposed in
late March to curb the spread of the virus, in a borrowed house
in East Sussex on England's south eastern coast.

It was "just one of those things", the softly-spoken
64-year-old told Reuters in his first interview since his
acquittal.

The banker, whose tenacity and personal relationship with
Qatar's former prime minister helped Barclays secure 4 billion
pounds ($4.9 billion) from the wealthy Gulf state 12 years ago,
now orders food deliveries because the local shop is only open
at weekends.

But Jenkins, who once sprinted for Scotland in the
Commonwealth Games, takes crises in his stride.

Asked how he is, he says: "Terrific".

FALLOW YEARS

His relief at the acquittal is tempered with frustration at
having cut short a career that earned him a reputation for being
one of London's most powerful bankers.

Nicknamed "Big Dog" by colleagues, he secured bonuses that
outstripped those of his bosses and was photographed with
glamorous women and celebrity friends. But he lived a hectic,
globe-trotting life that rarely saw him in the same place for
more than four days and holidays were often interrupted or
cancelled.

After leaving Barclays in 2009, he set up an advisory
business before joining Brazilian investment bank BTG Pactual as
managing director in 2011, but resigned after British
authorities began their investigations.

Over the telephone, Jenkins sounded pragmatic about the mere
five hours it took the jury to acquit him and two former
colleagues after an eight-year criminal investigation.

"I have the ability to compartmentalise sometimes," he said.
"But it's hard. If you think about this chapter, let's call it
eight to 10 years of investigations of a 35 to 40-year career.
That's quite a chunk of your working life that this cloud has
hung over my head and held me back from doing a lot of things.

"I am looking forward to being active after a very fallow 10
years."

He says he feels no resentment towards prosecutors or
Britain's Financial Conduct Authority, which last month also
closed its civil investigation into his role in the fundraising.

But he added: "If they are going to deal with such
complicated cases, they need staff that really do have the
experience of both banking and capital markets, ... that
understand the importance and culture of the Middle East and ...
ensure that they meet their obligations of fairness ..."

The Serious Fraud Office, which prosecuted the case, was not
immediately able to provide a comment. But the agency said after
the acquittals in February that prosecution decisions were
always based on the available evidence.

"Wherever our evidential and public interest tests are met,
we will always endeavour to bring this before a court," it said.
Supporters argue that the SFO's job is to bring cases to trial
and that convictions and acquittals are a matter for the jury.

Prosecutors alleged in the trial that the three defendants
had lied to the market in public documents and used bogus side
agreements to pay Qatar extra fees during Barclays' cash calls.
The three defendants denied wrongdoing, saying the deals had
been genuine and were approved by superiors and lawyers.

Qatari investors were not investigated.

SMELLING THE ROSES

Jenkins now spends up to five hours a day dealing with and
reviewing business interests and hopes to rebuild a career as a
financial adviser to banks and public companies.

In the meantime, he reads voraciously about business and
"general life" and tries to make up for lost time with his
children in California, playing chess online with his son and
chats to his daughter on FaceTime.

In the family tradition, he is also penning a memoir for his
children. He keeps the leather-bound life story his mother wrote
for her family close by.

And he still keeps fit, but is more careful than in 2008,
when a punishing work schedule, compounded by the stresses of a
divorce and ferocious workouts in the pool with weights, led him
to rupture his left coronary artery.

In what he calls the "twilight" of his career, Jenkins is
enjoying the slower pace -- for the moment.

"I want time to smell the roses a little bit more," he says.

($1 = 0.8149 pounds)
(Reporting by Kirstin Ridley; Editing by Susan Fenton)

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Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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