Top Barclays executive 'to quit'

Barclays has managed to avoid direct government intervention

The top Barclays executive who was instrumental in the bank securing billions of pounds in overseas funding is set to quit, reports suggest.

Roger Jenkins, believed to be one of Barclays' best paid employees earning tens of millions of pounds a year, is reportedly starting a consultancy firm.

The bank managed to raise enough money last year to avoid having to take a handout from the UK government.

Mr Jenkins is expected to continue advising Barclays, the reports say.

Last week, a government commissioned report by Sir David Walker recommended stricter controls on top executive pay at UK financial institutions.

In response, Prime Minister Gordon Brown said his government would be bringing in new rules on pay and bonuses.

Last year, Barclays shareholders voted to approve a plan to raise £7bn, mainly from investors in the Middle East.

This cash injection meant the bank did not need a government bail-out and did not participate in the government's Asset Protection Scheme, designed to insure banks' riskiest assets against further losses.

Mr Jenkins joined Barclays in 1978.

He and his wife are seen as one of the City's most glamorous couples.