Roger Jenkins (banker)
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Roger Allan Jenkins (born 30 September 1955) 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.
Roger Allan Jenkins
30 September 1955
|Alma mater||Heriot-Watt University |
ifs School of Finance
|Occupation||Defendant, previously banker|
|Spouse(s)||Larissa Andrade Jenkins|
|Relatives||David 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.
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. 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.
Background, education and sportEdit
Jenkins was born in England, the son of an oil refinery manager. He attended Edinburgh Academy 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. Both Roger and his brother David feature prominently in the book A Life In A Day In A Year by Peter Hoffmann which describes their athletics training at Meadowbank Sports Centre, Edinburgh, and their racing careers between 1973 and 1978.
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.
Jenkins worked briefly at BP and joined Barclays as a graduate trainee in 1978. 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. He rejoined Barclays in 1994 to set up a group advising companies on risk management.
Structured Capital MarketsEdit
Jenkins developed an expertise in structuring and analysing the tax regimes of various countries. His group became Barclays Capital Structured Capital Markets. It recruited beyond banking and included Iain Abrahams, a former lawyer at Slaughter and May. 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."
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". The same source suggested that tax avoidance "was so big it became the engine of growth for the whole of the investment banking arm". 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.
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".
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. 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. 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. Speculation suggested that the personal reward for Jenkins was perhaps upwards of £30 million. "With contacts like that", said one Barclays employee, "you just name your price." Sheikh Mansour Bin Zayed Al Nayhan subsequently sold his stake for a profit of over £2.25 billion.
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.
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. Nonetheless, Elkstone Capital closed in December 2011 without doing any deals.
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.
Jenkins first married Catherine McDowell, a financier and banker at Barclays, and had one daughter. 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. 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". They have two children.
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.
Jenkins lives near Tuna Canyon Park, approx halfway between the town centers of Santa Monica and Malibu, California.
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