Public sector banks: Troubles continue | The Galactic Free Press

New York Observer
Patrick Clark, 8/31/12

New Barclays boss Antony Jenkins is the only CEO of a global universal bank without a background in investment banking, and according to Bloomberg, the low-profile retail banker is everything that former CEO Bob Diamond wasn’t. Mr. Jenkins, the first in his family to attend university, started his career at Barclays in 1983 and, after a stint at Citi, returned in 2006. Barclays chairman Marcus Agius, expected to step down in the wake of the Libor scandal now that the task of replacing Mr. Diamond is complete, said that Mr. Jenkins stood out in a competitive field of candidates, according to The New York Times. Former U.K. financial services chief Paul Myners told Bloomberg that there were “probably less than four credible candidates, two of whom I know were approached and turned it down almost without any serious consideration.”

JPMorgan’s internal investigation into trading losses associated with the trader known as the London Whale is far from over, and has required the efforts of more than 100 hundred lawyers, Reuters reports. U.S. authorities have also begun interviewing witnesses, and a high-quality internal probe may be helpful in dealing with the government.

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