On the boardroom floor of the Barclays headquarters at Canary Wharf sit oil portraits of the bank’s Quaker founders.
Members of the English religious movement famous for its adherence to plain dressing, non-adornment and purity, stare down from the walls. It’s an incongruous spectacle anyway, old paintings in a building that is all gleaming steel and glass.
Odder, too, because of the nature of what their organisation became: a thundering global bank, a financial powerhouse raking in billions and paying out fortunes to its bosses.
What they would make of those who ran Barclays is anyone’s guess.
It was strange going there when Bob Diamond, the flashy, pugnacious American, ran the investment arm and seeing them looking down.
Diamond worked with a cast of characters who, presumably, would never dream of setting foot in a Quaker – or as they’re known, Society of Friends – meeting hall, like Roger Jenkins (schmoozer of the international rich and famous, several homes including one in Malibu) and Rich Ricci (pronounced “Richie”, given to wearing sunglasses, loud suits and hats, serial racehorse owner).
At least then, there was the more ascetic John Varley managing the entire show. In more recent years, there’s been Jes Staley, another American big hitter drafted in to take on the Wall Street giants, in charge. Most recently, in the past few days, they witnessed the difficult meetings called to discuss and approve Staley’s departure.
Staley, 64, is going because the directors became aware last Friday evening of the preliminary findings of a regulatory investigation into his links to the convicted US sex offender and financier, Jeffrey Epstein.
They got to know one another when Staley took charge of JP Morgan’s private banking operation in 2000. Epstein, who died in custody in New York in August 2019, was already a JP Morgan private client.
Staley’s task, as is the wont on that side of the industry, was to “get close” to the hugely well-connected, party-hosting Epstein. This he did, successfully, and soon Epstein was sending his wealthy chums to Staley and his team at JP Morgan.
There was nothing untoward with that – private finance is entirely reliant on personal relationships.
And no one had a better network than Epstein, as his later disclosed “black book” of contacts revealed. There, sure enough, under “S”, amid tycoons, politicians and film stars, were the details for Staley.
Fatally, Staley maintained contact after Epstein was convicted of child sex-trafficking in 2008. Epstein served nearly 13 months and Staley visited him at his office in Florida while he was on work release from jail.
'Sufficiently transparent'
In 2015, Staley joined Barclays and the UK bank assured the authorities their relationship was professional, no more.
Later, it transpired that shortly before he took over at Barclays, Staley had seen Epstein on his private island, Little St James, in the US Virgin Islands. Staley and his wife, Debora, were sailing their 90-ft wooden handcrafted yacht close by and dropped in on Epstein for a lunch lasting two hours.
There is no suggestion that Staley was involved in any of Epstein’s wrongdoing – rather it was whether theirs was closer than the distant relationship Barclays had portrayed.
Bankers are encouraged to befriend their clients, especially those who will bring them new business leads.
Indeed, sitting with them and listening to them name drop it is sometimes difficult to discern whether the person mentioned is a true “friend” or merely a business acquaintance – the lines are blurred.
The problem for Staley and Barclays is that the bank’s chief continued to see Epstein after he was convicted, when wiser folks might have ended the association. This, too, without the cache of emails between the pair handed over to the authorities from JP Morgan.
Barclays chairman Nigel Higgins confidently declared Staley had been “sufficiently transparent” with the bank about Epstein. Having probed, the watchdogs are begging to differ, so Staley has gone.
Incoming 'nice guy'
Barclays cannot maintain it was not warned. The bank had already been hit with a penalty of $15m by a US regulator after Staley was so incensed by a whistle-blower that he tried to have them unmasked.
It was a scandalous venture, and Staley, who was fined £642,000 by the UK Financial Conduct Authority, should have gone there and then. He stayed, and now look.
It’s not the end of it, either. Staley says he will contest the implication that he lied about Epstein, while shareholders vent their anger at his £2.5m payoff.
In the middle of this, it’s easy to forget, is a financial services behemoth with a new head, CS Venkatakrishnan or Venkat.
Barclays is actually in pretty good shape, thanks to booming investment banking. Staley’s strategy was to push that area, particularly equity trading, and it’s paid off.
The problem is that while it’s propelled the UK bank to six in the world investment bank rankings, displacing Credit Suisse, analysts question how long that ride can last, especially as much of the bonanza has derived from market turbulence caused by Covid-19 and from the central banks pumping in money to prop up their economies.
Investment banking accounts for 70 per cent of group earnings, up from 35 per cent before the pandemic. Should that falter, then Barclays appears markedly less robust.
That, of course, is down to Venkat to sort. He was one of a cadre of JP Morgan stars persuaded to move to Barclays. At JP Morgan, Venkat managed risk, flagging up the potential for massive losses from the derivatives trades that became known as the “London Whale” affair. He was right, they blew a $6.2bn hole in the accounts.
Venkat maintained the same role at Barclays. While others, notably Paul Compton, another JP Morgan poaching, head of investment banking and Staley’s right hand, were widely seen as more likely successors, the board went for Venkat.
They were far advanced in finding a replacement as Staley was expected to depart in the next year or so.
Venkat is low key, by common consent internally a “nice guy”, cautious, methodical, for continuity and evolution, not prone to histrionics and dramas. He’s a safety play. For that, the bank’s creators doubtless would give thanks.
Review: Tomb Raider
Dir: Roar Uthaug
Starring: Alicia Vikander, Dominic West, Daniel Wu, Walter Goggins
two stars
The%20Mandalorian%20season%203%20episode%201
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERick%20Famuyiwa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EPedro%20Pascal%20and%20Katee%20Sackhoff%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%C2%A0%3C%2Fp%3E%0A
Essentials
The flights
Return flights from Dubai to Windhoek, with a combination of Emirates and Air Namibia, cost from US$790 (Dh2,902) via Johannesburg.
The trip
A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company.
When to go
The cooler winter months, from June to September, are best, especially for game viewing.
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%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
The%20National%20selections
%3Cp%3E6pm%3A%20Barakka%3Cbr%3E6.35pm%3A%20Dhahabi%3Cbr%3E7.10pm%3A%20Mouheeb%3Cbr%3E7.45pm%3A%20With%20The%20Moonlight%3Cbr%3E8.20pm%3A%20Remorse%3Cbr%3E8.55pm%3A%20Ottoman%20Fleet%3Cbr%3E9.30pm%3A%20Tranquil%20Night%3C%2Fp%3E%0A
NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
Race%20card
%3Cp%3E6pm%3A%20Al%20Maktoum%20Challenge%20Round%201%20%E2%80%93%20Group%201%20(PA)%20%2450%2C000%20(Dirt)%201%2C600m%3Cbr%3E6.35pm%3A%20Dubai%20Racing%20Club%20Classic%20%E2%80%93%20Handicap%20(TB)%20%24100%2C000%20(D)%202%2C410m%3Cbr%3E7.10pm%3A%20Dubawi%20Stakes%20%E2%80%93%20Group%203%20(TB)%20%24150%2C000%20(D)%201%2C200m%3Cbr%3E7.45pm%3A%20Jumeirah%20Classic%20Trial%20%E2%80%93%20Conditions%20(TB)%20%24150%2C000%20(Turf)%201%2C400m%3Cbr%3E8.20pm%3A%20Al%20Maktoum%20Challenge%20Round%201%20%E2%80%93%20Group%202%20(TB)%20%24250%2C000%20(D)%201%2C600m%3Cbr%3E8.55pm%3A%20Al%20Fahidi%20Fort%20%E2%80%93%20Group%202%20(TB)%20%24180%2C000%20(T)%201%2C400m%3Cbr%3E9.30pm%3A%20Ertijaal%20Dubai%20Dash%20%E2%80%93%20Listed%20(TB)%20%24100%2C000%20(T)%201%2C000m%3C%2Fp%3E%0A
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
The%20Mother%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Niki%20Caro%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Jennifer%20Lopez%2C%20Joseph%20Fiennes%2C%20Gael%20Garcia%20Bernal%2C%20Omari%20Hardwick%20and%20Lucy%20Paez%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Sonchiriya
Director: Abhishek Chaubey
Producer: RSVP Movies, Azure Entertainment
Cast: Sushant Singh Rajput, Manoj Bajpayee, Ashutosh Rana, Bhumi Pednekar, Ranvir Shorey
Rating: 3/5
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
RESULT
Brazil 2 Croatia 0
Brazil: Neymar (69'), Firmino (90' 3)
Racecard
6.35pm: The Madjani Stakes – Group 2 (PA) Dh97,500 (Dirt) 1,900m
7.10pm: Evidenza – Handicap (TB) Dh87,500 (D) 1,200m
7.45pm: The Longines Conquest – Maiden (TB) Dh82,500 (D) 2,000m
8.20: The Longines Elegant – Conditions (TB) Dh82,500 (D)
8.35pm: The Dubai Creek Mile – Listed (TB) Dh132,500 (D) 1,600m
9.30pm: Mirdif Stakes – Conditions (TB) Dh120,000 (D) 1,400m
10.05pm: The Longines Record – Handicap (TB) Dh87,500 (D) 1,900m
A list of the animal rescue organisations in the UAE
More from Rashmee Roshan Lall
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
MATCH INFO
Chelsea 4 (Mount 18',Werner 44', Hudson-Odoi 49', Havertz 85')
Morecambe 0
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
Company name: Farmin
Date started: March 2019
Founder: Dr Ali Al Hammadi
Based: Abu Dhabi
Sector: AgriTech
Initial investment: None to date
Partners/Incubators: UAE Space Agency/Krypto Labs
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Company%20profile
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Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
The biog
Place of birth: Kalba
Family: Mother of eight children and has 10 grandchildren
Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken
Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah
Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
Diriyah%20project%20at%20a%20glance
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CONFIRMED%20LINE-UP
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