- British executive at £184bn broking arm hid damning report on bullying
- Intimidated staff forced to flout rules in pursuit of 'revenue at all costs'
- Huge blow to Barclays reputation as new CEO struggles to relaunch bank
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.
The Mail on Sunday’s revelations come at an acutely embarrassing time for Barclays, as bosses try to regain public trust after a series of deeply damaging scandals.
The report which Mr Tinney suppressed paints a devastating picture of incompetence and arrogance at the bank, showing that executives:
- Pursued a ‘revenue at all costs’ strategy.
- Fostered a culture of fear and intimidation.
- Were ‘actively hostile’ to the idea of compliance with banking rules.
- Presided over a ‘broken culture’ where problems were ignored or buried.
- Allowed the business to spin ‘out of control’.
Last Monday, his colleagues learned that he had quit as chief operating officer of Barclays Wealth, where he received a package worth around £5 million a year in salary, bonus, share options and incentive payments.