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Barclays wealth COO exits after 'out of control' claim in secret report

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Barclays wealth COO exits after 'out of control' claim in secret report

Reports say the chief operating officer at Barclays wealth arm has left after he binned a report exposing cultural flaws at the arm.

According to the Mail on Sunday, Andrew Tinney has left the firm after confessing to misleading the firm’s management about the existence of the report compiled by consultancy Genesis Ventures. It is estimated his pay packet was in the region of £4-£5 million a year.

The paper claims the news has led chief executive Antony Jenkins to warn staff to improve their ethical code or pack their bags.

The Genesis report was uncovered by a whistleblower, who told form chairman Marcus Agius about the ‘secret’ audit. This triggered an inquiry carried out by law firm Simmons and Simmons.

It is understood the role played by Tom Kalaris (pictured), head of the business, is also being investigated.

The Barclays wealth board, which included Kalaris and Tinney, called in Genesis after regulators questioned irregularities within the division. This subsequently sparked a follow up ‘cultural audit’ recommending a number of proposals after Genesis identified several areas which needed attention.

Genesis was concerned by the number of ‘disenchanted managers’ and concluded the business was ‘out of control’ and had bred a culture of fear and intimidation, according to the Mail. It also said the bank was hostile to complying with banking regulations and ignored or buried problems.

Tinney is alleged to have kept the report secret because he regarded it as an 'uncalibrated' input into changes at Barclays Wealth.

In a statement in response to the allegations Barclays said: 'Antony Jenkins acknowledged clearly last week in a letter to all 140,000 colleagues in Barclays that transformation of the bank's culture is imperative if Barclays is to achieve its objective of becoming the "go-to" bank, and he laid out a strong plan for effecting that change.

'Independent reports, like the one commissioned in early 2012 for Barclays Wealth in America, are intended to identify areas where change is required and to recommend remedial steps. These types of exercise never result in comfortable reading, but we have been, and will, remain absolutely committed to taking the necessary steps to address the issues raised.'

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