Barclays gave Roger Jenkins £50m payoff after Qatar deal
Barclays paid its Middle East head Roger Jenkins £50m when he left in 2009, a court has heard.
Jenkins, who is on his third day of questioning at a civil trial in London, was discussing his compensation after he helped to secure a lifeline investment from Qatari investors.
The bumper payoff was in addition to his annual salary of around £39m.
The case, brought by financier Amanda Staveley, has focused on negotiations with the Qataris in 2008 as Barclays tried to avoid a government bailout.
Staveley oversaw a parallel investment by members of Abu Dhabi’s royal family, and claims that Jenkins had promised her she was getting the “same deal” as the Qataris.
In a legal filing Jenkins said: “I do not recall any such request being made. However, the meeting occurred a long time ago, so I do not rule it out on that basis alone.”
Details of Jenkins’ pay package from Barclays comes after it emerged in court that he had referred to Staveley as “the tart” and “that dolly-bard” while discussing the investment with a colleague at the time.
In his witness statement he claimed Staveley “had no qualifications in finance” and was a “complete unknown” in terms of large transactions.
Staveley’s client, Sheikh Mansour bin Zayed Al Nahyan, became Barclays’ biggest shareholder after injecting £3.5bn into the rescue deal. She is now suing the bank for £1.6bn over claims Sheikh Mansour and her firm PCP Capital Partners were unfairly treated.
Earlier in the trial former Barclays boss John Varley said Staveley had overstated her firm’s role in the rescue.