How Barclays chiefs tried but failed to keep their names quiet

Barclays’ wealth unit alleged to pursue a "revenue at all costs strategy".

It has been quite a week for the overworked press and PR teams at Barclays, and the past seven days have offered a goldmine of stories for Barclays’ watchers.

The latest comedy cuts story featuring Barclays relates to its publicity shy executives and former-execs such as former CEO Bob Diamond applying - and mercifully failing – to keep their names out of a London Inter-Bank Offer Rate (LIBOR) rate-rigging court claim.

This scandal, including claims that Barclays’ traders tried to fix LIBOR to their advantage to maximise their bonuses, is toxic for Barclays’ tarnished reputation: it has already held its hands up and coughed up a fine of £290m.

So now, thanks to Mr Justice Flaux, we know that Diamond, former chief operating officer Jerry del Missier, Mark Dearlove, head of Barclays’ money-market desk and Stephen Morse, former head of compliance, are on a list of 104 bankers who wished to be given anonymity in the first UK trial with relevance to the rigging of the benchmark interest rate.

As Mr. Justice Flaux said: “The cat is out of the bag…….it wouldn’t take a rocket scientist to work out who they are.”

Trying and failing to gain anonymity in this case merely makes Diamond look even more foolish than was previously thought possible.

This, after all, is the banker who accepted Barclays’ ridiculous decision to award him 80 per cent of his maximum possible bonus in 2011, despite Barclays missing its financial targets and witnessing a 35 per cent fall in its share price in 2011.

This week started with Barclays’ press office trying to place a positive spin on Antony Jenkins, Diamond’s successor as CEO, plans to introduce a culture of ethical behaviour. He said that bankers had pursued short-term profits at the expense of the reputation of the bank: Gosh, really?

Jenkins will say more on 12 February when he reveals a strategic plan: bank speak for how to increase profits with fewer staff.

Already, several thousand Barclays’ employees face an uncertain future as the bank has kicked off a consultation process as part of a formal review of its 23,000-strong investment banking unit.

Barclays’ watchers expect between 2,000 and 3,000 staff to be axed as part of Jenkins’ strategic plan.

The week continued with news that Andrew Tinney, formerly COO of Barclays’ wealth management unit, had left the bank following allegations that he tried to keep secret a report on the how his business unit went about its business.

The report did not make for pleasant reading; surprise, surprise, it alleged that Barclays’ wealth unit pursued a "revenue at all costs strategy" and that there was a culture of fear and intimidation.

There are at least two positives from this weeks events at Barclays.

The first is that Royal Bank of Scotland - next in the LIBOR firing line as it awaits details of the level of the fine it is to pay - is unlikely to be daft enough to seek anonymity for its executives implicated in the LIBOR scandal.

The second plus for Barclays PR team is that the week is almost over.

Photograph: Getty Images

Douglas Blakey is the editor of Retail Banker International

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6 ways Brexit is ruining our food

A meat-eating chocolate-lover? You're in trouble.

We were warned. “We’ve got to get our act together”, said Tim Lang, Professor of Food Policy at City University London about an impending culinary crisis. He predicted that food would be the second biggest Brexit issue after the future of banking in the City of London. But whereas The City, ominously capitalised, is an ephemeral consideration for those outside the infamous metropolitan liberal elite, food certainly isn’t. Food affects us all – and so far it’s been hit hard by Brexit, after the value of the pound has been savaged, making importing to the UK more expensive. Here are six ways in which Brexit has is ruining our food.

Walnut Whip

The final insult. The sign that Brexit really has gone too far. It was announced yesterday that Walnut Whips would become nothing more than mere Whips. The reason given for this abomination was that the new range would cater for those who didn’t like, or were allergic to, nuts, allowing them to enjoy just the gooey, chocolatey goodness within. Closer inspection reveals that’s not quite the whole story. Walnut importers like Helen Graham, told the Guardian that the pound’s post-Brexit fall in value after last June, combined with “strong global demand” and a poor walnut yield in Chile, have led to Whips shedding the Walnut - not consumer demand. Nestlé say that individual packets and Christmas bumper packs will still be available - but at this rate, getting hold of them might prove harder in practice than in theory.

Marmite

2016’s Marmite shortages was perhaps the first sign that not all was well. Marmite is the ultimate Brexit metaphor: you either love it or hate it, a binary reflected in the 48-52 per cent vote – and the bitter taste it leaves for many. Marmite’s endangered status was confirmed after Tesco entered hostile negotiations with food megacorp Unilever, who wanted to raise trade prices by 10 per cent due to that inconvenient falling pound. Lynx deodorant, Ben & Jerry’s ice cream, Persil washing powder and PG Tips tea were similarly affected, but none inspired quite the same amount of outrage as the yeast-based spread.

Toblerone

The beauty of Toblerone is the frequency of its triangles. That angularity has been undermined by manufacturer Mondelēz’s decision to space them out, removing 10 per cent of the bar’s total chocolate in the process. Art has truly been tampered with. The scandal led to Colin Beattie MSP calling for the Scottish Parliament to offer condolences to triangle fans, blaming it directly on Brexit. Defending the change, a spokeswoman for Mondelēz said "this change wasn't done as a result of Brexit", suggesting it's part of the sad trend of chocolates getting skimpier. That said, they did admit that the current exchange rate was "not favourable" - and that in itself is directly due to Brexit. They also refused to be drawn on whether they'd be changing their signature chocolate in other EU territories. Hmm. Semantics aside, the dispute is getting legal. Poundland, who are seeking to bring out a "Twin Peaks" alternative to Toblerone echoing the brand's original shape but with two peaks per block instead of one, claim that Toblerone's shape is no longer distinctive enough to warrant a trademark. They claim that their new rival has "a British taste, and with all the spaces in the right places". Shots. Fired.

Cheddar

This one hurts more because it’s closer to home. Our Irish neighbours are reportedly considering turning away from cheddar to mozzarella. This act of dairy-based betrayal is understandable: if export tariffs to the UK go up, Irish cheese producers will have to sell their wares primarily on the continent – for which mozzarella would be a better fit. Tragic.

Chlorinated chicken

Ah, the big one. The subject of not only a transatlantic war of words, but also the source of strife within the cabinet. With the UK forced to look to the US for trade support, it was feared that the country's’ trademark chlorinated chicken would be forced upon these shores as a concession. International Trade Secretary Liam Fox called the media “obsessed” with the topic, dismissing fears over Britain’s meat of the future by saying that there is “no health risk”. Environment Secretary Michael Gove, however, said that there is no way that chlorinated chicken would reach British shelves. The row has faded away somewhat – but this game of chicken between these cabinet heavyweights may yet be renewed when Parliament reconvenes.

Hormone beef

Hormone beef is similarly contentious. US farmers raise cows on growth hormones to fatten them up for markets. As with chlorinated chicken, it’s a practice banned under EU law. It’s a touchy subject for US trade negotiators. Gregg Doud, a senior figure in Trump’s agriculture team, has said that accepting hormone beef is essential to any trade agreement. This debate, too, will presumably rumble on.

All told, it’s a good time to be a vegetarian, but a bad time to have a sweet tooth. Most of the upheaval rests around the weakness of the pound, so maybe the only way forward is to just eat good old homegrown British fruit. At least we'd all be healthier and more in pocket. Oh wait. Apparently British fruit harvests are in jeopardy too, given that most of our fruit is picked by short-term EU migrants. Ah, well, at least we've all got Boris Johnson to make sure that we can have our bananas curved, in packs of more than three.