Top Barclays banker begged for his bonus

A BARCLAyS executive begged senior bank boss Rich Ricci for a bonus hours after shareholders signed off the investment deal at the heart of a major fraud trial, a court heard.

Roger Jenkins, 63, is on trial with three other executives, accused of secretly funnelling a £322m commission fee to Qatari investors to sweeten a deal. The former investment banking chief said his role as negotiator had ‘ saved our a**** and jobs’, Southwark Crown Court heard.

A draft agreement of March 2009, showed Jenkins was to be paid £25m as a ‘ special award’ for his role. The prosecution has claimed that the four men on trial committed the alleged fraud to keep their jobs and large pay packets.

On Monday it was revealed the quartet – plus another executive Chris Lucas, who is too unwell to stand trial – received close to £100m in salaries and bonuses between 2007-08. Jenkins was in line to receive £64.5m of that and, the

court heard, had even asked about his 2008 bonus before the deal was put to shareholders in a ‘crucial’ vote.

in november 2008 he had told Ricci ( pictured) – then a Barclays Capital executive – that John Varley, former group chief executive, and Bob Diamond, former Barclays Capital chief executive, should lobby the bank’s remuneration committee. Writing to Ricci after the shareholder vote, Jenkins said: ‘So the vote goes through. This capital did the trick.

‘Why can’t Varley and Diamond go to remco [the remuneration committee] and say we need to make a special payment for this endeavour now? no one else at the organisation… did this. Did it four times this year to save our a**** and jobs. guys, you know the sell!’

Prosecutor Ed Brown

had previously told the jury: ‘you may think that some of these men were highly motivated to keep their jobs.’

The background was the 2008 banking crisis that saw scores of companies go under, it was said. Barclays was at risk of being forced to accept a bailout from the government, which could have cost the bank its independence and put a cap on executive pay.

Senior staff were under ‘extreme pressure’ to boost the balance sheet, which allowed the Qatari investors to drive a hard deal, the court heard. But to avoid other investors, including Abu Dhabi, asking for additional fees, a £322m sweetener was disguised as an ‘Advisory Services Agreement’, prosecutors claimed.

Former chief executive John Varley, 62, Jenkins, Tom Kalaris, 63, and Richard Boath, 60 all deny fraud by false representation. neither Diamond nor Ricci is on trial. The trial continues.