Barclays Wealth senior executive steps down

Barclays issued a new code of conduct last week
Image caption Barclays issued a new code of conduct last week

A senior Barclays executive has left the firm amid allegations he attempted to suppress an unflattering report into practices at the unit, it has emerged.

Andrew Tinney, chief operating officer of the bank's wealth management division - Barclays Wealth - stepped down last week.

Barclays had commissioned consultancy Genesis Ventures to examine the unit and identify any problems.

"Andrew Tinney has resigned from Barclays," a spokesman told the BBC.

Barclays said it had announced Mr Tinney's resignation internally on 14 January, and that he had left to "pursue interests outside of Barclays".

The report from Genesis Ventures accused Barclays Wealth of pursuing "revenue at all costs," according to the Mail on Sunday.

Mr Tinney is alleged to have deleted a word document on the report's findings, and subsequently denied its existence when asked about it.

An anonymous email sent to then-chairman Marcus Agius about the report sparked an internal inquiry. Barclays subsequently appointed law firm Simmons & Simmons to investigate. Simmons & Simmons concluded that Mr Tinney had failed to tell his own bosses and US regulators about the Genesis Ventures report, even when asked directly about it, according to the Mail on Sunday.

Barclays said the independent report was commissioned in early 2012 for Barclays Wealth in the US to identify areas in the business where change was required.

"These types of exercise never result in comfortable reading, but we have been, and will, remain absolutely committed to taking the necessary steps to address the issues raised," the spokesman added in a statement.

Mr Tinney's resignation has emerged just days after new Barclays chief executive Antony Jenkins told the bank's 140,000 employees to sign up to a new code of conduct, or leave.

Mr Jenkins, who replaced Bob Diamond after he quit over Barclays' role in rigging the Libor rate used in trillions of pounds of financial contracts, said that performance would be assessed "not just on what we deliver, but on how we deliver it".

Mr Tinney could not be contacted for comment.

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