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Ex-banker with $14m payout shows strange frugality

Insider Jerry Del Missier's new office?

Maybe Jerry Del Missier has run out of money. Maybe he’s bored. Maybe he’s had long enough to recuperate from his previous role. Either way, the former COO Of Barclays is back. And he’s not displaying the accoutrements of success.

Financial News reports that Canadian-born Del Missier is opening a new private equity-style company to invest in, ‘existing financial institutions or high growth entrants.’ Del Missier earned $22.3m for 2010 and received $14m in deferred bonuses even after leaving Barclays in June 2012.

However, there’s little sign of Del Missier’s Barclays wealth in the location of his new venture, Copper Street Capital. Copper Street is currently being run from serviced offices in Maidenhead, an inauspicious suburb of London near Heathrow Airport. Its neighbours include a taxi firm and a chilled food distributor. This hasn’t dissuaded Joseph McNeila, a former MD from Goldman Sachs, from getting in at the start as CIO.

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Quote of the Day:

“Fancy jewelry, like a thick gold chain emblazoned with diamonds, were just loaners, he testified. “I borrowed them,” he said, adding he only owns “a few gold chains” and “three or four watches,” including the Casio he was sporting in court,” 50 Cent reveals his rich lifestyle was all an act.

AUTHORSarah Butcher Global Editor

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