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Antony Jenkins Takes Over Barclays

Antony Jenkins Takes Over Barclays

Barclays, a British multinational banking and financial services company has announced its retail banking chief, Antony Jenkins as the new chief executive of the company on Thursday (30 August, 2012), trying to return to stability from the interest rate-rigging scandal. The new CEO Antony Jenkins, who came out of the safer world of credit cards and retail lending, replaced his American predecessor Bob Diamond, who was brought down by the Libor fixing scandal. One of the investment bankers described the Antony Jenkins's take over as very sensible, considering the public and political heat off the industry as a whole. An ex-banker of the Barclay's said that Jenkins is an insider and he at least knows what's keeping Barclays together.

The inquiry related to the interest rate-setting scandal and disclosure of fees paid to its Middle East investors Qatar Holding, represented the latest blow to Barclays. The company has been fined with $450 million in settlement with the regulators of U.S. and Britain over attempts to manipulate the London interbank offered rate in June. Attention has turned to more than ten banks scattered around the globe because of their role in manipulating Libor. Both chairman Marcus Agius and CEO Bob Diamond stepped -out from their respective positions after the scandal.

The 51-year old marathon runner and a career banker, Antony Jenkins belonged to the safer retail side of the industry and he began his career in Barclays as a graduate trainee at the South Kensington branch in 1983. He served as the chief executive of Barclaycard in the period 2006-2009, and later joined the executive committee of Barclays in November 2009. Before being appointed as the new chief executive of Barclays, Jenkins was heading the retail and business banking.

Jenkins holds a masters degree in PPE from Oxford and a MBA degree from the Cranfield Institute of Technology, and started his finance career in Barclays after he finished the Barclays Management Development Programme. In 1989, he left Barclays to join the Citigroup in New York and London. The overall reaction of the Jenkins' appointment as the new CEO was positive and he said in a statement that he was very proud to been asked to lead Barclays and he has an excellent opportunity to restore the bank's reputation.