Barclays announced 51-year-old Antony Jenkins, former head of its retail and business banking operations, as its new chief executive. Jenkins will become CEO immediately. He will fill the position left open by the resignation of Bob Diamond, who stepped down after a scandal at the bank involving attempts to manipulate the London interbank offered rate.
Jenkins said he will outline his plans for the company during the first quarter of next year.
The news follows an announcement from the bank Wednesday that it is the subject of another investigation by Britain's Serious Fraud Office. The investigation focuses on Barclays' payments related to agreements between Barclays and Qatar Holdings LLC. That investigation is in addition to the rate-rigging scandal investigation, also being done by the Serious Fraud Office.In a statement, Jenkins said, "We have made serious mistakes in recent years. We have much to do."
Citigroup (C) is trending as the company has agreed to pay $590 million to settle a shareholder lawsuit relating to the global financial crisis. The settlement puts claims to rest that shareholders ended up with huge losses after the bank hid tens of billions of dollars in toxic mortgage assets and failed to take timely write-downs on collateralized debt obligations. Lawsuit plaintiffs alleged Citigroup used a "quasi-Ponzi" scheme to hide the bank's exposure to CDOs, which were often tied to subprime mortgages. Plaintiffs claimed Citigroup told investors it had sold billions of dollars of CDOs and was no longer at risk of being tied to subprime mortgages. The settlement pertains to shareholders from Feb. 26, 2007 to April 18 2008. The deal would be one of the largest settlements by a Wall Street firm stemming from the financial crisis. U.S. District Judge Sidney Stein in Manhattan granted preliminary approval to the agreement on Wednesday and set a hearing for Jan. 15.
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