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January 21, 2013

Mail: Barclays Wealth boss quits after destroying damning report

By Spear's

Andrew Tinney, who was chief operating officer of the bank’s high-end private investment division, Barclays Wealth, destroyed the explosive dossier at his £5 million Surrey mansion after reading its shocking contents

A senior Barclays executive has quit after it was revealed that he secretly shredded a bombshell report that described a key part of the bank as ‘out of control’.

Andrew Tinney, who was chief operating officer of the bank’s high-end private investment division, Barclays Wealth, destroyed the explosive dossier at his £5 million Surrey mansion after reading its shocking contents.

He then misled banking regulators and Barclays chief executive Antony Jenkins – the man brought in to clean up the bank after the Libor rate-fixing scandal and the resignation of Bob Diamond – by pretending that the report had never existed.

But he finally owned up to suppressing it, and last week Barclays made an internal announcement that he had resigned from his job.

The dossier, seen by The Mail on Sunday, exposes a culture of fear, intimidation, bullying and mismanagement at the bank’s stockbroking and investment arm, which handles client assets worth £184 billion.

Read the full story at dailymail.co.uk

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