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Barclays star Jenkins to quit the bank to set up his own business

TOP Barclays dealmaker Roger Jenkins is understood to be leaving the bank to set up an advisory business targeting sovereign wealth funds.<br /><br />Jenkins, thought to earn around &pound;40m a year, was instrumental in securing the &pound;5.8bn investment from Middle Eastern state-backed investors that helped the bank steer clear of government control.<br /><br />The news comes as Lehman Brothers staff recruited by Barclays Capital (BarCap) as part of Bob Diamond&rsquo;s drive to build a global investment banking player prepare for bumper bonuses this year, in a move likely to stir anger among UK employees.<br /><br />BarCap will say in second quarter results due on 3 August that it has continued the strong start to the year that saw first quarter profits up 361 per cent to &pound;907m.<br /><br />Barclays&rsquo; investment bank is predicted to contribute around 70 per cent of a &pound;3bn quarterly group profit, on the back of increased revenues from government debt issuance, foreign exchange and derivatives.<br /><br />The unit&rsquo;s performance could see remuneration costs outstrip the &pound;2.3bn paid out at BarCap in 2008.