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Roger Allan Jenkins (born 30 September 1955)[1] is a British financier currently awaiting trial for conspiracy to commit fraud and the provision of unlawful financial assistance by the Serious Fraud Office. In May 2018, the charges brought against Barclays Bank were dismissed by the court, but the charges against Jenkins were retained.[2]

Roger Jenkins
Roger Allan Jenkins

(1955-09-30) 30 September 1955 (age 63)
EducationEdinburgh Academy
Alma materHeriot-Watt University
ifs School of Finance
OccupationDefendant, previously banker
Spouse(s)Larissa Andrade Jenkins
RelativesDavid Jenkins (brother)

From 1994 to 2009, he worked for Barclays in a variety of roles, including as chief executive of Barclays Capital's Private Equity Group, and from April 2008 as Executive Chairman of Investment Banking and Investment Management for the Middle East.[3][4]

In 2008, he played a key role in a £7.3 billion "investment" in Barclays supposedly made by the ruling families of Abu Dhabi and Qatar, and by the Qatari sovereign wealth fund which the UK government has since said was a fraud, and which Jenkins is now being prosecuted for and faces up to 22 years in prison.[5] He was a member of the Management Committee and Investment Committee of the Brazilian investment bank BTG Pactual from 2011 to 2013. He was responsible for raising their Private Equity Fund.[6]

Estimates suggested that in 2005, Jenkins made somewhere between £40 million and £75 million, making him reputedly the highest paid banker in the City of London.[3][7]

His brother, David Jenkins, is a convicted criminal, drug trafficker, steroid user, and admitted informant.[8]


Background, education and sportEdit

Jenkins was born in England, the son of an oil refinery manager. He attended Edinburgh Academy[7] and studied economics at Heriot-Watt University. In his youth he was an accomplished sprinter, representing Scotland and Great Britain from 1973 to 1978. He won a silver medal at the World Student Games in Rome in 1975 at 400m.[7] Both Roger and his brother David feature prominently in the book A Life In A Day In A Year[9] by Peter Hoffmann which describes their athletics training at Meadowbank Sports Centre, Edinburgh, and their racing careers between 1973 and 1978.[10]

His brother David Jenkins is a convicted criminal who won a silver medal for Great Britain in the 4 × 400 metres relay at the 1972 Olympics, but was later convicted of drug trafficking in the United States and admitted taking steroids to win races during his athletic career, and received a 7-year federal prison sentence which he got reduced to 10 months by becoming an informant.[8]

Early careerEdit

Jenkins worked briefly at BP[11] and joined Barclays as a graduate trainee in 1978.[1] From 1982 to 1984 he was head of private placements at Barclays's investment banking division, Barclays de Zoete Wedd (BZW), in New York City, leaving in 1987 to work for Kleinwort Benson, where he stayed for seven years.[12] He rejoined Barclays in 1994 to set up a group advising companies on risk management.[13]


Structured Capital MarketsEdit

Jenkins developed an expertise in structuring and analysing the tax regimes of various countries.[11] His group became Barclays Capital Structured Capital Markets. It recruited beyond banking and included Iain Abrahams, a former lawyer at Slaughter and May.[13] One former colleague suggested that it was Abrahams who was "the brains behind the division", saying of Jenkins: "I wouldn't say he is brilliantly bright, but he is very good at internal politics."[1][3]

In 2009, The Guardian reported tales of a macho culture inside the Structured Capital Markets division, where, one source claimed, "the deals are so big you never say billion or million, you just say 16 bucks or 16 quid which meant billion".[14] The same source suggested that tax avoidance "was so big it became the engine of growth for the whole of the investment banking arm".[14] Some calculations had estimated that in 2002 Jenkins and his team generated revenues amounting to more than 100 per cent of Barclays Capital's profits, figures Barclays said were "gross exaggerations", adding that Jenkins was in charge of four businesses – tax-efficient financing being only one – and that those businesses generated less than 20 per cent of the bank's revenues.[1]

Controversy over claiming tax deductions twiceEdit

A 2006 investigation by The Wall Street Journal, alleged that in 2003, Jenkins and his team had set up a company co-owned by Barclays and the US bank Wachovia, Augustus Funding LLC, which was incorporated in Delaware but also had a London address and British directors. Although the company had no employees, products or customers, in 2004, it registered pretax profits of $317 million from assets such as Danish mortgage securities and U.S. Treasuries, on which it paid UK taxes of $94 million.

According to The Wall Street Journal, thanks to "elaborate structure and cash flows", both Barclays and Wachovia were able to take credit for a full payment of the tax, meaning the $94 million could be claimed twice (a so-called "double dip"). The report suggested that Augustus Funding was one of at least nine structures involving US banks set up by Jenkins and his team. Barclays called the account of the transactions "materially inaccurate", while a statement from Wachovia said that they had "complied with all applicable laws and regulations".[11][13]

As a result of The Wall Street Journal article, Parliament deemed the practice of "double dipping" to be unethical and banned it. Barclays and Jenkins referred to the practice as "tax arbitrage".

Recapitalisation and Middle Eastern connectionsEdit

In April 2008, Barclays appointed Jenkins executive chairman of Investment Banking and Investment Management for the Middle East.[4] In November his connections in the region were influential in securing £7.3 billion of investment in Barclays as the bank sought private funding to recapitalise following the financial crisis of that year. Jenkins delivered Qatari involvement in the deal worth £4.5 billion, with Qatar Holdings controlling 13 per cent of the bank and Challenger, an investment vehicle for Sheik Hamad, owning 3 per cent.[15] A further 14 per cent of Barclays was taken up by Sheikh Mansour Bin Zayed Al Nahyan of Abu Dhabi, who was advised on his investment by the financier and dealmaker Amanda Staveley.[5][16] Speculation suggested that the personal reward for Jenkins was perhaps upwards of £30 million.[16] "With contacts like that", said one Barclays employee, "you just name your price."[3] Sheikh Mansour Bin Zayed Al Nayhan subsequently sold his stake for a profit of over £2.25 billion.[17]


Jenkins played a key role in the selling of Barclays' iShares asset management business, Barclays Global Investors, to the US firm BlackRock for the cut-rate price of $13.5 billion in June 2009.[18][19][20]

After BarclaysEdit

Jenkins left Barclays in August 2009.[21] He retained a consultancy role with the bank while establishing his own advisory business based on his contacts in the Persian Gulf.[12][18][19][22][23]

In February 2010, Jenkins launched an advisory firm in Dublin, Elkstone Capital, looking at opportunities created by the Irish financial crisis. "If you are sitting in Dublin today, there are tremendous opportunities, from capital raising to restructuring to acquisitions," he said.[24] Nonetheless, Elkstone Capital closed in December 2011 without doing any deals.[25]

In October 2011, it was announced that Jenkins had joined BTG Pactual as a managing partner and would sit on the bank's global management and investment committees.[6][26]

Prosecution for bank fraudEdit

In June 2017, following a five-year investigation by the UK's Serious Fraud Office covering Barclays' activities during the financial crisis of 2007–2008, former CEO John Varley and three former colleagues, Jenkins, Thomas Kalaris and Richard Boath, were charged with conspiracy to commit fraud and the provision of unlawful financial assistance. Jenkins faces up to 22 years in prison if convicted.[27][28]

Personal lifeEdit

Jenkins first married Catherine McDowell, a financier and banker at Barclays, and had one daughter.[29] In 1999 he married Sanela Diana Ćatić, whom he had met in the gym at the Barbican, where Roger Jenkins was living after the end of his first marriage.[30] Diana is a Bosnian Muslim who moved to London from Sarajevo during the Bosnian war. Jenkins has said that they had "a bit of a hippy marriage".[31] They have two children.

In 2011 it was announced that their marriage had come to "a natural end" in 2009 and they jointly filed for divorce in late 2011.[32][6]

In February 2018, Jenkins announced his engagement to Larissa Andrade, a Brazilian actress living in Los Angeles and on 11 August 2018 they were married in Txai, Bahia, Brazil.[citation needed]

Jenkins lives near Tuna Canyon Park, approx halfway between the town centers of Santa Monica and Malibu, California.


  1. ^ a b c d Dunne, Helen. "Mysterious rise of Barclays banker Roger Jenkins", The Mail on Sunday, 3 October 2004. Retrieved 22 February 2011.
  2. ^
  3. ^ a b c d Milmo, Cahal. "Roger Jenkins: The banker everybody wants to be seen with", The Independent, 3 February 2009. Retrieved 22 February 2011.
  4. ^ a b "Roger Jenkins appointed Chairman, Investment Banking and Investment Management, Barclays, Middle East",, 10 April 2008. Retrieved 23 February 2011.
  5. ^ a b Blackhurst, Chris. "Amanda Staveley: a profile of the Barclays bank deal maker", This is Money, 5 November 2008. Retrieved 20 February 2011.
  6. ^ a b c Murphy, Megan. "BTG gains top banker as it eyes expansion", The Financial Times, 2 October 2011. Retrieved 3 October 2011
  7. ^ a b c Dovkants, Keith. "Britain's best-paid banker", This is Money, 19 January 2007. Retrieved 22 February 2011.
  8. ^ a b
  9. ^ ISBN 978-1973962663
  10. ^ "Meadowbank is the stadium of dreams for Peter Hoffman". Retrieved 4 May 2018.
  11. ^ a b c Cobain, Ian. "Roger the Dodger – £40m king of tax", The Guardian, 19 March 2009. Retrieved 23 February 2011.
  12. ^ a b Slater, Steve. "Top Barclays dealmaker Jenkins going solo", Reuters, 20 July 2009. Retrieved 23 February 2011.
  13. ^ a b c Mollenkamp, Carrick and Simpson, Glenn R. "How a UK banker helps US clients trim their taxes", Wall Street Journal, 30 June 2006. Retrieved 23 February 2011.
  14. ^ a b Lawrence, Felicity. "Macho poker bets, summary sackings and an 'electric chair'", The Guardian, 20 March 2009. Retrieved 23 February 2011.
  15. ^ Waples, John; Dey, Iain and Davey, Jenny. "Bailing out Barclays", The Sunday Times, 2 November 2008. Retrieved 23 February 2011.
  16. ^ a b Thomas Jr, Landon. "A Friendship’s Paying Off for British Banking Giant", The New York Times, 21 November 2008. Retrieved 23 February 2011.
  17. ^ Armitstead, Louise "Barclays saviour Sheikh Mansour makes £2.25bn from sale of bank stake", The Daily Telegraph, 8 October 2010. Retrieved 15 June 2011.
  18. ^ a b Treanor, Jill and Bowers, Simon. "Roger Jenkins, Barclays' £40m-a-year man, to quit bank", The Guardian, 19 July 2009. Retrieved 23 February 2011.
  19. ^ a b Werdigier, Julia. "Banker Who Helped Avert Bailout at Barclays to Leave", The New York Times, 20 July 2009. Retrieved 23 February 2011.
  20. ^ Press Association. "US giant BlackRock buys arm of Barclays bank", The Guardian, 12 June 2009. Retrieved 23 February 2011.
  21. ^ "Elkstone Capital: Our Team", Elkstone Capital website. Retrieved 23 February 2011.
  22. ^ Griffiths, Katherine. "Business big shot: Roger Jenkins of Barclays", The Times, 20 July 2009. Retrieved 23 February 2011.
  23. ^ Goodman, Matthew. "Roger Jenkins to quit Barclays and set up own venture", The Sunday Times, 18 July 2009. Retrieved 23 February 2011.
  24. ^ Dey, Iain. "Barclays star Roger Jenkins back hunting for banks", The Sunday Times, 7 February 2010. Retrieved 23 February 2011.
  25. ^ "Advertisement for Final Meeting", The Daily Mail, 15 December 2011. Link to article on InfoTrac National Newspapers Database (login required). Retrieved 25 June 2012.
  26. ^ Wilson, Harry. "The Sunday Interview: Roger and Huw Jenkins on the 'miracle' economy of Brazil", The Daily Telegraph, 26 November 2011. Retrieved 25 June 2012.
  27. ^ "Barclays charged with fraud in Qatar case - BBC News". 1 January 1970. Retrieved 20 June 2017.
  28. ^ Jill Treanor (1 January 1970). "Senior Barclays bankers charged with fraud over credit crunch fundraising | Business". The Guardian. Retrieved 20 June 2017.
  29. ^ Davidson, Gina. "Inside the life of city’s financial whizz Roger Jenkins", Edinburgh Evening News, 30 May 2012. Retrieved 15 June 2012.
  30. ^ Cadwalladr, Carole. "Diana Jenkins: Accidental Philanthropist", The Observer, 27 September 2009. Retrieved 22 February 2011.
  31. ^
  32. ^ Sawer, Patrick. "Celebrity socialite divorce: 'we're separating – try my energy drink'", The Daily Telegraph, 30 January 2011. Retrieved 22 February 2011.