A Barclays Fraud Would’ve Cost Jenkins $64 Million Bonuses
- Lawyers for three defendants plead case in London fraud trial
- Ex-bankers deny allegations they hid Qatar fees from investors
Roger Jenkins arrives at Southwark Crown Court in London on Feb. 13.
Photographer: Luke MacGregor/BloombergThis article is for subscribers only.
Former Barclays Plc executive Roger Jenkins would’ve lost about 50 million pounds ($64 million) in bonuses if he conspired to hide payments to Qatar at the height of the 2008 financial crisis from investors, his lawyer told a London jury.
Jenkins negotiated a deal for Barclays to pay Qatar 322 million pounds in fees to help the bank become the wealthy Gulf nation’s partner of choice and not as a sweetener to help bail the lender out, John Kelsey-Fry said in court on Thursday. Any hint of wrongdoing would have jeopardized Jenkins’s status at the bank, which could have cost him millions when he left the lender.