The Highest Paid Investment Banker In The World Is.........
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Never mind those Goldman traders who pulled in $100m each last year, Jenkins, 51, is said to have bagged $79m in 2005 - and, according to The Business, there's speculation that he might even have made as much as $148m.
As the newspaper says, a $79m payday would have made Jenkins the highest-paid employee of a FTSE 100 company in 2005, whereas a $148m wad equates to roughly the equivalent of the combined base salaries of the CEOs of all FTSE 100 companies. Nice work if you can get it.
Notwithstanding the fact that Jenkin's division is said to have generated over 100% of BarCap's 2002 profits, and maybe half the 2003 total, The Business reports that not everyone feels that he is worth the money he receives. Jenkins is said to have a cool deal down at Barclays Capital, as he is believed to receive a percentage of the profits generated by those in his charge. The newspaper quotes one unnamed banker who claims that Jenkins is most certainly overpaid, insisting that 'the same role within a competitor would probably be worth between $2m - $4m a year. Jenkins' position is unique. But in many ways it's ridiculous to pay someone so much money because, in all honesty, Jenkins could not operate without Barclays' balance sheet'.
The size of Jenkins' wad is also thought to have caused consternation at executive board level (his 2005 pay appears to have been at least three times the total comp of that illustrious Barclays body as a whole). The board is said to be considering the imposition of a pay cap.
A Barclays spokesperson would not be drawn on the matter, saying that 'we do not comment on an individual's remuneration unless we have as statutory duty to do so'. And, as Jenkins is not on the board, the bank is able to keep mum.
Source - The Business
