Banking chief quits in sexism storm
UK Finance boss resigns over ‘unpleasant’ comments about financier Amanda Staveley
THE UK’s top banking lobbyist has resigned over highly derogatory comments made about Amanda Staveley at the height of the financial crisis.
Stephen Jones, chief executive of UK Finance, quit after a court heard he made ‘deeply unpleasant personal comments’ about the top female financier who is now embroiled in a high-profile £1.6bn case against Barclays.
The shock resignation came hours after the Mail successfully applied to the High Court for the transcripts of what exactly he said to be released.
At the time Jones was the managing director of Barclays Capital and was involved in the £7bn bailout deal with investors from the Middle East.
In a blockbuster case which is unfolding in the High Court in London, Staveley has accused Barclays’s top brass of ‘sexism and misogyny’ as they fought to save the bank from going under in autumn 2008.
She is suing the bank for £1.6bn in relation to an emergency fundraising. It had already emerged that Barclays’ top deal maker, Roger ‘Big Dog’ Jenkins (( pictured model Elle Macpherson ), called Staveley, who used to date Prince Andrew, ‘the tart’ in a phone call to a colleague, while another executive called her a ‘foxy blonde’.
Yesterday Jones said: ‘The comments I made at this time are wholly inappropriate.
‘I regret making these comments and I cannot defend them and will not seek to do so.
‘I feel at this time it is right I step down from my role at UK Finance.’ He added: ‘I have apologised to Ms Staveley and to my colleagues.’ Insiders said the board of UK Finance were furious and decided an initial apology, issued on Monday, was not sufficient and showed him the door. It is a major embarrassment for the industry as Jones was in charge of a series of measures to try to clean up banking’s battered image. He has backed gender equality initiatives during his time at UK Finance, which represents more than 250 financial institutions including Barclays. This has included a charter to help female bankers secure senior roles.
Last year he said: ‘As an industry we have a crucial role to play in ensuring we recruit, build and nurture a diverse and inclusive workforce.’
The comments about Staveley were made in October 2008 when financial markets were in turmoil and Barclays Bank was fighting for its survival.
The bank was desperate to raise £7bn in capital to avoid being bailed out by the Government, according to high court filings.
Staveley, whose firm PCP represented investors from Abu Dhabi, has claimed Barclays unfairly pushed her out of the deal by offering £346m of secret fees to investors from Qatar. Barclays disputes her claim for damages of up to £1.6bn, calling it ‘opportunistic and speculative’.
The trial has promised to reveal the dark side of the culture around international finance at the time. The court was told earlier this month that ‘deeply unpleasant personal comments’ had been made about Staveley.
Joe Smouha QC, representing PCP, told the court: ‘The case reveals the pre-financial crisis arrogance, ethical carelessness, focus on bonuses, on money and on jobs – and, unfortunately, sexism and misogyny.’
The transcripts of two calls made by Jones were handed to the judge as evidence by PCP. Yesterday the judge in the case, Mr Justice Waksman, ordered the transcripts to be released to this newspaper when Jones begins his evidence on July 15.
Bob Wigley, chairman of UK Finance, said: ‘ Stephen has rightly acknowledged that the comments he made in 2008 were inappropriate and do not meet the standards expected of leaders in our industry.’