Top City lawyer turned banker

Marion Dakers
ANTHONY Salz’s sprawling 244-page review of the culture at Barclays is the product of more than 600 interviews with staff, shareholders, industry groups and lawyers over nine months. For a man who announced his plans to retire almost a decade ago, the pace of work is impressive.

He began his career at Kenneth Brown Baker and Baker, before moving to Freshfields. His 30-year career in the law took in some of the City’s largest M&A deals, and led to a spell as senior partner.

Salz joined investment bank Rothschild in 2006, after stepping down from the top job at Freshfields. Rothschild was paid £1.5m for Salz’s time while he completed his report for Barclays.

Salz was approached about senior jobs at several other firms, including investment bank JP Morgan Cazenove, which was led at the time by David Mayhew.

The pair had worked together for decades, stretching back to Guinness’s infamous bid for Distillers in 1986.

Salz, a legal adviser to Guinness, was called as a witness during the trials for share price rigging, which saw three directors at the firm sent to prison.

Barclays deputy chairman Sir Michael Rake called Salz “the ideal individual to lead this review” when he was picked for the job last July.

As well as his legal and banking experience, Salz has run several of the kind of behavioural reviews Barclays wanted. He chaired two review groups on press self-regulation on behalf of the Media Standards Trust.