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The Business: The £40m banker (17/01/2007)
How one man at Barclays Capital was paid more in one year than the total earned by the bank's executive board

...

Jenkins, 51, is not a member of Barclays' executive board; he is believed to receive a percentage of the profits generated by his division, which is the most profitable part of the investment bank by a considerable margin.

Indeed, such is the importance of his division that, in an unprecedented agreement, each time it completes a deal that saves money for Barclays, the bank pays a fee to its investment banking subsidiary.

...

Jenkins, nicknamed Dodger, joined Barclays as a graduate trainee in 1978, five years after representing Scotland in the 400 metres at the British International Games at Crystal Palace. He came third. Alan Pascoe came first.

...

Jenkins' division devises complex structures that are designed to improve the profitability of transaction carried out by other parts of the bank.

While the transactions can take many forms, their structures have one common aim - to reduce the tax liability of clients.

There is tax dodging, and then there is legal tax dodging. Reminds me of a diary on Acceptable market Manipulation.

"It's the statue, man, The Statue."
by Migeru (migeru at eurotrib dot com) on Fri Jan 19th, 2007 at 06:31:21 PM EST
[ Parent ]
Yup. Familiar with that.

But this

http://www.ft.com/cms/s/92f7ee6a-a765-11db-83e4-0000779e2340.html

is more worrying. Probably worth a Diary on its own.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Fri Jan 19th, 2007 at 06:58:27 PM EST
[ Parent ]

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