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Barclays Wealth chief quits amid allegations division is ‘out of control’
by Daniel Grote on Jan 21, 2013 at 07:59
Barclays Wealth chief operating officer Andrew Tinney has quit the business amid allegations he destroyed a secret report into the business that labeled it ‘out of control’, according to the Mail on Sunday.
The report, compiled by consultancy firm Genesis Ventures, was commissioned after US regulators found deficiencies in its New York division, Barclays Wealth America, according to the paper.
It identified a series of damning failings at the business, which according to one member of the inquiry team pervaded the whole division, based in Canary Wharf.
It alleged executives pursued a ‘revenue at all costs’ strategy, fostered a culture of fear and intimidation, were ‘actively hostile’ to the idea of compliance with banking rules and allowed the business to spin ‘out of control’, according to the Mail.
Tinney is alleged to have destroyed the only copy of the report after receiving it in March, and it is claimed he then denied its existence. According to the Mail, an anonymous whistleblower alerted Barclays chief executive Marcus Agius to the report in September.
Barclays then commissioned law firm Simmons & Simmons to launch a further investigation, which concluded Tinney had failed to tell his own bosses and US regulators about the report. The Mail said that report was now in the hands of the Financial Services Authority.
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