Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

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

8 Comments
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.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter