Barclays news, updates and analysis | Page 5 of 7

Days after Barclays global general counsel (GC) of corporate and investment banking Judith Shepherd announced that she will be stepping down in the first half of this year, Barclays global head of the financial crime legal team Jonathan Peddie has quit the banking giant after nine years.

Peddie took responsibility of the legal team in May 2014 after Barclays overhauled its legal function to create a streamlined global litigation group that specialised in bribery and corruption, money laundering and international sanctions. Before this, Peddie was managing director of litigation and investigations since January 2011 and, prior to that, fulfilled the same role for the global retail and commercial banking side.

Before his time at Barclays, Peddie served as in-house counsel at Magic Circle firm Clifford Chance where he handled professional indemnity claims against the partnership. Overall, Peddie has around 24 years’ experience in the legal industry.

In an internal memo seen by Legal Business, the bank said: ‘Jonathan has played a significant part in many of the high profile legal matters affecting Barclays in recent years, ranging from consumer litigation to regulatory and criminal investigations. In his most recent role he has been engaged in building a financial crime legal team advising on key issues of money laundering, terrorist financing, bribery and corruption and international sanctions.

‘We are grateful for everything Jonathan has done for Barclays and ask that you join in wishing him well in his future career.’

The news follows the exit of Barclays global general counsel (GC) of corporate and investment banking Judith Shepherd who is set to step down in the first half of 2015.

jaishree.kalia@legalease.co.uk

Barclays global general counsel (GC) of corporate and investment banking Judith Shepherd (pictured) is to step down in the first half of 2015.

Since joining the organisation in 2006, Shepherd has risen steadily through the ranks having started as deputy group GC, then GC for global retail and commercial banking and most recently GC for the investment bank since 2010 with responsibility for Barclays corporate from July 2011.

She is also a member of both the executive committee of corporate and investment banking, as well as an executive sponsor of the investment’s bank’s women’s initiatives network in EMEA.

In an internal statement seen by Legal Business, group GC Bob Hoyt said: ‘Judith has built a world class legal team in strong and effective partnership with the business and as executive sponsor for WiN in the investment bank, she has also made a significant contribution to Barclays’ diversity agenda.’

Hoyt added, ‘Judith will continue to work closely with us over the coming months as we appoint her successor and ensure a smooth transition. We are grateful for everything Judith has done for Barclays and wish her the very best for the future.’

Judith joined Barclays from US firm Gibson Dunn & Crutcher where she was a partner specialising in M&A, particularly public takeovers and cross-border securities issues.

According to the Financial Times, in September last year Shepherd was one of a number of senior executives, along with ex-general counsel Mark Harding and ex-chief executive Bob Diamond, interviewed under caution by the SFO as part of a probe into the bank’s dealings with Qatar.

kathryn.mccann@legalease.co.uk, tom.moore@legalease.co.uk

He may have only replaced Mark Harding late last year but Barclays‘ recently appointed group general counsel Bob Hoyt has been awarded more than £700,000 in shares just four months into the role.

Following 2013’s controversial bonus round, the bank announced yesterday (18 March) that it is rewarding 12 of its top executives almost £32m in shares. This total is around 20% less than last year, when the bank paid out £40.2m in shares to nine of its executives.

The award saw Hoyt handed 302,596 in shares valued at 232.59p each, worth £703,808. From this, Hoyt sold 142,221 shares at 231.85p per share, equating to just over £329,739 to meet tax liabilities.

The largest payout was made to US chief Hugh ‘Skip’ McGee, who was given more £8.87m in shares, followed by co-chief executive of corporate and investment Eric Bommensath, who was awarded £8.6m, while chief executive Antony Jenkins received shares worth £3.82m.

Hoyt joined Barclays in October 2013 from PNC Financial Services Group, after a search to fill the big shoes of Harding, who announced plans to leave in February. By way of comparison, Harding received a huge £3.7m in shares under a long term incentive plan at 308.1p each for a total of 1.224m shares.

Barclays has attracted much criticism for boosting its 2013 total bonus pool despite its profits shrinking by 32% to £5,167m before tax, and an overall 4% reduction in income in 2013.

Last year, it began the biggest capital raising by a UK bank since 2009, on which Clifford Chance, Sullivan & Cromwell and Freshfields Bruckhaus Deringer  led on the initial £5.8bn issue, as the bank aimed to plug a £12.8bn funding gap.

In 2012, the Financial Conduct Authority (FCA) fined Barclays Bank £59.5m for misconduct relating to the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR) – the second largest fine since 2011.

Jaishree.kalia@legalease.co.uk