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Morning Coffee: Skip McGee richer than before. McKinsey’s stupid slogan for the Bank

"One Bank"

We've pointed out previously that it was the ex-Lehman bankers at Barclays in the U.S. who were responsible for the swollen bonus pool that's causing the fuss surrounding Barclays in the UK. Today there is further proof of that.

A new regulatory filing by Barclays has revealed that the bank set aside £31.8m in stock bonuses for 2013. Hugh 'Skip' McGee, the ex-Lehman banker in charge of the U.S. business, received the greatest portion of this. McGee's allocation of £8.87m far (far) outweighed the £3.82m in stock awarded to Antony Jenkins, who is chief executive of Barclays globally.

In a further sign of where Barclays' priorities lie, Eric Bommensath, the trading-focused co-head of the investment bank, didn't do too badly either. Bommensath received far more stock than Tom King, his co-head who focuses on the investment bank's smaller advisory-business. Bommensath was handed £8.56m of shares; King had to make do with £3.81m. King and Bommensath may want to treat their new awards as a valedictory gift: it was reported last week that Barclays plans to get rid of them later this year. 

Separately, McKinsey & Co. has worked its wonders at the Bank of England. After engaging the management consultancy firm last year, the Bank announced a new strategic plan yesterday, under which there will be new deputy governors, an enhanced research, analysis and data capability (for which there may be hiring), an enhanced bank supervision team (for which there may be hiring) and new policy and international directorates. The Times says it's the biggest shakeup in the Bank's history.

Sky Economics editor Ed Conway points out that McKinsey hasn't only shaken up the structure of the Bank: it's also devised a new and meaningless slogan. Henceforth, the Bank of England's staff will be rallied by the cry: "One Mission. One Bank." It only took 320 years to arrive at that, says Conway.


Shock as Bank of England hires a senior woman. (BBC)

Jefferies’ results suggest a massive increase in advisory revenues during the first quarter. Fixed income sales and trading was not so good. (Financial News) 

Barclays plans to sell its index unit, and could make $400m from it. (Bloomberg) 

Michel Barnier, EU financial services chief, warns EU lawmakers not to veto the EU’s bonus cap. It would be a “gift” to bankers, says Barnier. (Bloomberg) 

Moelis has started advising on IPOs in London. (Financial News) 

“The top three at Apollo got more money than my bank’s entire bonus pool.” (WSJ) 

If bankers worked 9 to 5, they might have to admit that finance is just a job. (AlJazeera) 

Related articles:

Yes, BAML is hiring in London. How to be 26 and drive a Bugatti, Lamborghini and Bentley

Upset as FX bonuses widely withheld. Banks may be incentivized to hire under 25s

End game at Barclays? How to avoid the six year bonus clawbacks






AUTHORSarah Butcher Global Editor

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