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<ul><li>One of India's most-acclaimed film stars took the plunge into politics in early 2018 a year before the Parliamentary election in India.</li><li>In the last one year, he has been a regular in the Tamil version of the hit franchise Big Boss and started work on the sequel to Indian 2 is under production.</li><li>However, his annual revenue has fallen 20% and the annual profit after tax is down 25% in 2019 compared to a year earlier.</li></ul>One of India's most marquee personalities, Kamal Haasan, recently borrowed ₹25 crore (about $350 million) from a bank. In the process, much was revealed about his finances as his political venture is set to turn two soon. Kamal Haasan is one of India's most-acclaimed stars from the world of cinema who has three National Awards, movies in five different languages, and 59-year long career that is still waiting for the last movie. However, the prolific actor, writer, and director — whose Aalanvandhan <a href="https://indianexpress.com/article/entertainment/tamil/when-quentin-tarantino-was-inspired-by-kamal-haasan-5901680/" data-type="tilCustomLink" target="_blank">inspired the Manga scene in Quentin Tarantino's classic Kill Bill</a> — is is only two years old as a politician. Haasan took the plunge into politics in early 2018 a year before the Parliamentary election in India. Even while prepping his new-born political outfit, Makkal Needhi Maiam, for the big fight in 2019, Haasan remained a regular in the Tamil version of the hit television franchise Big Boss — <a href="https://www.businessinsider.in/entertainment/news/from-koffee-with-karan-to-big-boss-tamil-these-are-the-most-watched-indian-shows-on-hotstar-in-2019/articleshow/72467615.cms" data-type="tilCustomLink" target="_blank">one of the most-watched shows on Hotstar</a> last year. That kept the money flowing in as well as put him in people's living rooms every week ahead of the election. However, the party didn't win a single seat in Tamil Nadu but Haasan and his comrades continue to soldier on with an eye on the upcoming state assembly election in 2021. Meanwhile, Haasan also started work on the sequel to the 1996 blockbuster Indian and the movie is currently under production. As it were, while he preached that people <a href="https://www.thehindu.com/news/dont-sell-your-future-says-kamal-haasan/article5804250.ece" data-type="tilCustomLink" target="_blank">should not sell their votes for cash</a>, his annual revenue fell 20% to ₹20 crore in 2019 and the annual profit after tax went down 25% to ₹9 crore in 2019, compared to a year earlier, according to a <a href="https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/Kamal_Haasan_January_10_2020_RR.html" data-type="tilCustomLink" target="_blank">ratings report</a> released by Crisil. While rating a fresh bank loan of ₹25 crore (about $350 million) that will be payable in September 2024, the ratings agency described Haasan as "proprietorship firm with interests in directing, acting, and producing mainly involved in Tamil film industry." As a propreitorship firm is not separate from the owner, by definition. So what does the future look like for Haasan? Cash accrual is expected at ₹7 crore to ₹8 crore in the 'medium term' (usually means longer than a year), according to Crisil. However, more than half of that amount will be needed to repay debt before March 2020. In November 2019, <a href="https://www.republicworld.com/entertainment-news/bollywood-news/kamalhaasantheestimatednetworthofthechachi420actor.html" data-type="tilCustomLink" target="_blank">Haasan's net worth was estimated </a>at $100 million (₹700 crore). But according to Crisil's latest report, his debt is 1.64 times his net worth. Forbes, while ranking him at 56 in the list of India's richest celebrities, estimated his earnings for 2019 at ₹34 crore. By that metric, Haasan's net worth will be about ₹15 crore, assuming there are no loans other than one mentioned in the report. Attempts to reach out to Crisil for clarification on the disparity failed. The story will be updated with Crisil's response, if any. The good news is that he makes 12 times more money every year than what is required to cover the interest. On the other hand, "volatility in profitability and revenue, inherent in the film industry, will continue to impact the firm, since the income is based on the ongoing films and other programmes," according to Crisil. SEE ALSO: 
 
 
 
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 <div type="Article" hostid="261" msid="68368949" title="From ceiling fan to comb, Indian political parties woo voters with the strangest party symbols" mstype="2" mssubtype="0"></div>

Kamal Haasan's ₹25 crore loan revealed a lot about his finances after nearly 2 years in politics

The <keyword id="20161413" type="General" weightage="20" keywordseo="Indian-film-industry" source="keywords">Indian film industry</keyword> ranks among the world's largest producers. Although Hindi films traditionally hold sway over audiences, Southern language films have made notable inroads into the Hindi-speaking regions, garnering significant appreciation. In recent years, South Indian cinema has gained widespread recognition, captivating audiences nationwide with its dynamic narratives and action-packed plots. However, these films have enjoyed cult status across India for quite some time. Consequently, a surge of South Indian actors has made their mark in the list of the top 10 highest-paid Indian actors. Forbes has compiled data from IMDB to unveil the top 10 <keyword id="22030970" type="General" weightage="100" keywordseo="highest-paid-actors-in-India" source="Orion">highest-paid actors in India</keyword>, making for an intriguing list. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Rank </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Actor Name </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Approximate Fee Charged Per Movie </td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">1. </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Shah Rukh Khan </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Rs150 crores-250 crores </td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">2. </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Rajinikanth </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Rs150 crores-210 crores </td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">3. </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Joseph Vijay </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Rs130 crores-200 crores </td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">4. </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Prabhas </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Rs100 crores-200 crores </td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">5. </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Aamir Khan </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Rs100 crores-175 crores </td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">6. </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Salman Khan </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Rs100 crores-150 crores </td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">7. </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Kamal Haasan </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Rs100 crores-150 crores </td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">8. </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Allu Arjun </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Rs100 crores-125 crores </td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">9. </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Akshay Kumar </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Rs60 crores-145 crores </td></tr><tr><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">10. </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Ajith Kumar </td><td style="border-left:solid #000000 0.62499975pt;border-right:solid #000000 0.62499975pt;border-bottom:solid #000000 0.62499975pt;border-top:solid #000000 0.62499975pt;vertical-align:middle;padding:6pt 6pt 6pt 6pt;overflow:hidden;overflow-wrap:break-word;">Rs105 crores </td></tr></tbody><tbody></tbody></table><cmsannotation type="cmsannotation" annotationid="1. Shahrukh Khan" comment="subhead" text="1. Shahrukh Khan">1. Shahrukh Khan</cmsannotation> With an approximate net worth of Rs. 6300 crores, Shah Rukh Khan, often referred to as King Khan, has experienced his fair share of setbacks in his career. However, that hasn't hindered him from delivering two consecutive blockbusters in 2023, "Jawan" and "Pathaan," both surpassing Rs. 2000 crores worldwide. His latest release, "Dunki," continues to rake in significant earnings, showcasing his enduring star power. Shah Rukh Khan has painstakingly built his career, consistently shattering records and solidifying his status as the highest-paid Bollywood star. <cmsannotation type="cmsannotation" annotationid="2. Rajinikanth" comment="subhead" text="2. Rajinikanth">2. Rajinikanth</cmsannotation> With an approximate net worth of Rs. 430 crore, Rajinikanth stands as the <keyword id="6818153" type="General" weightage="20" keywordseo="Highest-paid-actor" source="Orion">highest-paid actor</keyword> in South India. Revered almost like a living deity in Southern India and beyond, his mere presence in a film draws enthusiastic crowds. he has predominantly worked in Tamil cinema. Rajinikanth's latest outing, "Jailer," an action comedy, proved to be a box office hit, for which he commanded a fee of Rs. 110 crores. <cmsannotation type="cmsannotation" annotationid="3. Joseph Vijay" comment="subhead" text="3. Joseph Vijay">3. Joseph Vijay</cmsannotation> Joseph Vijay Chandrasekhar, also known as Thalapathy Vijay, ranks among the highest-paid actors in South India with an approximate net worth of Rs. 474 crores. His career, which began at the age of 10 in 1984 as a child artist in the movie "Vetri," spans over two decades. Vijay stands as one of the most reliable performers in the South Indian film industry. Among his 2023 releases are "Varisu," which raked in around Rs. 300 crore worldwide, and "Leo," grossing over Rs. 612 crore globally. Remarkably, "Leo" emerged as the highest-grossing Tamil film of 2023. <cmsannotation type="cmsannotation" annotationid="4. Prabhas" comment="subhead" text="4. Prabhas">4. Prabhas</cmsannotation> Prabhas soared to true stardom following the release of SS Rajamouli’s historic Baahubali duology, leading to a remarkable 94 per cent surge in the actor’s net worth over the past eight years. Despite the controversial reception of his film Adipurush, his latest venture Salaar has achieved considerable success, boasting a domestic net collection of Rs369.37 crore. This surpasses Rajinikanth’s Jailer, which stands at a net of Rs348.55 crore, firmly establishing Prabhas's enduring influence in the industry. <cmsannotation type="cmsannotation" annotationid="5. Aamir Khan" comment="subhead" text="5. Aamir Khan">5. Aamir Khan</cmsannotation> Renowned for his meticulous approach to film roles, Aamir Khan has garnered a dedicated fan base, earning him the moniker ‘Mr. Perfectionist’ for his unwavering commitment to excellence. While his recent release, Laal Singh Chaddha in 2022, didn't achieve significant success, his upcoming project, Sitaare Zameen Par, slated for a 2024 holiday season release, continues his tradition of delivering fan-favorite hits like Dangal, PK, and 3 Idiots. This consistent track record has contributed to Khan's substantial net worth, currently estimated at Rs1862 crore. <cmsannotation type="cmsannotation" annotationid="6. Salman Khan" comment="subhead" text="6. Salman Khan">6. Salman Khan</cmsannotation> With a substantial fan base, Salman Khan has transitioned from the romantic roles of the 1990s to the endearing 'bhai' of recent times. His cinematic evolution has propelled him to become one of the highest-paid Indian actors. Notably, his latest blockbuster, Tiger 3, has amassed over Rs466.63 crore worldwide, contributing to Khan's estimated net worth of Rs2900 crore. <cmsannotation type="cmsannotation" annotationid="7. Kamal Kaasan" comment="subhead" text="7. Kamal Kaasan">7. Kamal Kaasan</cmsannotation> Kamal Hassan, a prominent figure from South India, boasts an impressive filmography of around 220 movies across multiple languages. Despite no releases in 2023, fans are eagerly awaiting his collaboration with director Mani Ratnam for KH 234, contributing to his estimated net worth of approximately Rs150 crore. <cmsannotation type="cmsannotation" annotationid="8. Allu Arjun" comment="subhead" text="8. Allu Arjun">8. Allu Arjun</cmsannotation> Arjun gained nationwide recognition for his lead role in Pushpa: The Rise, a highly acclaimed Telugu film released in 2021. With an estimated net worth of approximately Rs350 crore, his upcoming film is anticipated to break box office records with the sequel of Pushpa, slated for release in 2024. <cmsannotation type="cmsannotation" annotationid="9. Akshay Kumar" comment="subhead" text="9. Akshay Kumar">9. Akshay Kumar</cmsannotation> Known for his impeccable comic timing in films like Hera Pheri and Bhool Bhulaiyaa, Akshay Kumar has also taken on roles in socially relevant movies such as Toilet: Ek Prem Katha and Padman. Despite no major hits in 2023, his guest appearance in OMG 2 contributed to its global earnings of approximately Rs 221 crore. With an estimated net worth of around Rs2500 crore, Kumar continues to leave his mark on Bollywood. <cmsannotation type="cmsannotation" annotationid="10. Ajith Kumar" comment="subhead" text="10. Ajith Kumar">10. Ajith Kumar</cmsannotation> Kumar, another prominent South Indian actor among the highest-paid, garnered praise for his role in the 2023 film Thunivu, captivating audiences with his performance. The movie raked in a total of Rs130 crores in the Indian market. With an estimated net worth of around Rs196 crore, Kumar continues to make waves in the industry. <cmsannotation type="cmsannotation" annotationid="Frequently asked questions" comment="subhead" text="Frequently asked questions">Frequently asked questions</cmsannotation> 1. What is Shah Rukh Khan's approximate net worth, and what recent successes has he had? Shah Rukh Khan's approximate net worth is Rs. 6300 crores. He delivered two consecutive blockbusters in 2023, "Jawan" and "Pathaan," both surpassing Rs. 2000 crores worldwide. His latest release, "Dunki," continues to rake in significant earnings. 2. Who is Rajinikanth, and why is he revered in Southern India? Rajinikanth is a highly revered actor, almost considered a living deity in Southern India. He has predominantly worked in Tamil cinema and commands enthusiastic crowds due to his iconic status. 3. What are some notable films in Joseph Vijay's career, and how successful have they been? Joseph Vijay, also known as Thalapathy Vijay, has had a prolific career spanning over two decades. Notable films include "Varisu," which grossed around Rs. 300 crore worldwide, and "Leo," which grossed over Rs. 612 crore globally, emerging as the highest-grossing Tamil film of 2023. 4. How did Prabhas achieve stardom, and what recent successes has he had? Prabhas gained stardom following the success of SS Rajamouli’s Baahubali duology. Despite mixed reception for his film Adipurush, his recent venture Salaar achieved considerable success, boasting a domestic net collection of Rs369.37 crore. 5. What is Aamir Khan's reputation in the film industry, and what upcoming project is he involved in? Aamir Khan is renowned for his meticulous approach to film roles, earning him the moniker ‘Mr. Perfectionist’. His upcoming project, "Sitaare Zameen Par," slated for a 2024 release, continues his tradition of delivering fan-favorite hits like Dangal, PK, and 3 Idiots. SEE ALSO: <a href="https://www.businessinsider.in/meet-the-top-10-richest-actors-in-india/articleshow/69645149.cms" data-type="tilCustomLink" target="_blank">top 10 richest actors in India</a> <a href="https://www.businessinsider.in/entertainment/news/top-10-richest-actresses-of-india/articleshow/72018327.cms" data-type="tilCustomLink" target="_blank">Top 10 richest actress in India</a>

Top 10 highest-paid actors in India in 2024

<ul class="summary-list"><li>A Swiss court convicted four members of the UK's richest family of exploiting staff at their Geneva villa.</li><li>The family was given sentences ranging from four to four-and-a-half years.</li></ul>A Swiss court has convicted four members of the UK's richest family of exploiting staff at their Geneva mansion.The court found Prakash Hinduja, his wife Kamal, their son Ajay, and Ajay's wife Namrata guilty of exploitation and illegal employment, the <a target="_blank" href="https://www.bbc.co.uk/news/articles/c3ggl6pe52eo">BBC</a> reported.They were given sentences ranging from four to four-and-a-half years, the report said.More serious charges of human trafficking were dismissed.The ruling followed claims by three workers at the villa that the family had taken their passports, paid them as little as $8 to work 18-hour days, and barred them from leaving the house, which is located in <a target="_blank" href="https://www.businessinsider.com/train-ride-geneva-switzerland-to-milan-italy-worth-it-2023-12">Geneva's</a> wealthy Cologny neighborhood — a hot spot for wealthy buyers that has attracted the heirs to several fortunes, including Chanel and Peugeot, per <a target="_blank" href="https://www.mansionglobal.com/articles/with-elegance-and-cachet-cologny-is-geneva-s-most-attractive-suburb-100191">Mansion Global</a>.The workers, who were brought to <a target="_blank" href="https://www.businessinsider.com/category/switzerland">Switzerland</a> from <a target="_blank" href="https://www.businessinsider.com/category/india">India</a>, also received little or no vacation time and slept in the basement, sometimes on a mattress on the floor, <a target="_blank" href="https://apnews.com/article/hinduja-switzerland-geneva-human-trafficking-exploitation-india-b0a40f9872ea096c4722754c1267490b">the Associated Press reported</a>.Lawyers representing the family said they would appeal the decision, per the BBC.Robert Assael, a lawyer for the family, said outside the court: "I'm shocked. We're going to fight it to the bitter end."<h2 id="a897e166-d7b2-4551-b968-e94f32ab96cf">The Hinduja family</h2>The family has a net worth of £37.196 billion, which is just over $47 billion, making them the UK's wealthiest family, according to the Sunday Times Rich List 2024.Prakash and his three brothers lead a family conglomerate that has interests in finance, healthcare, real estate, media, energy, and information technology, among other areas. Their companies operate across 48 countries, per the report.The family owns the five-star luxury Raffles Hotel in London, where the cheapest room usually costs more than £1,000 (around $1,200) a night, and the most expensive, the Haldane suite, can cost £25,000 (roughly $31,600) a night.The family also owns a 25-bedroom mansion on Carlton House Terrace, an exclusive street overlooking St James's Park in central London.In 2015, Gopichand Hinduja, Prakash's brother, told the Times of London that the family did not spend more than one in five nights at the 67,000-square-foot home due to fears that it may bring them bad luck."Indians are very sentimental, emotional and they believe in omens and good luck," Gopichand Hinduja said."Although this has been built for the whole family, my wife and the family don't want to move here because they say that [our old house] has good luck . . . I can tell you the occupancy [here] is not more than 20 per cent," he added.

4 members of UK's richest family convicted of exploiting servants at Swiss mansion

Entry based on a QR code messaged on personal mobile phones, colour-coded paper wristbands for access to different zones, and a medical response preparedness reserved for heads of state helped Asia's richest man Mukesh <keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword> wed his youngest son <keyword id="20472163" type="General" weightage="20" keywordseo="anant" source="keywords">Anant</keyword> to <keyword id="22391270" type="General" weightage="20" keywordseo="pharmaceutical-heiress" source="keywords">pharmaceutical heiress</keyword> <keyword id="20178843" type="General" weightage="20" keywordseo="Radhika-Merchant" source="keywords">Radhika Merchant</keyword> in the year's most extravagant wedding. Global <keyword id="19903563" type="General" weightage="20" keywordseo="celebrities" source="keywords">celebrities</keyword>, business tycoons, cricketers, filmstars and politicians of all hues attended the wedding at Ambani-family-owned Jio World Centre at Mumbai's BKC on Friday and a 'blessing ceremony' for friends and family members titled 'Shubh Ashirwad' on the following day. A wide range of guests - from employees to business associates - were invited for another reception, titled 'Mangal Utsav', on Sunday at the same venue. Prime Minister Narendra Modi visited the venue on Saturday to bless the couple. Three different invitations were sent out for the wedding and the receptions with top-run guests being sent a large red box that contained an intricate chest incorporating a mini silver temple featuring gold idols of various Hindu deities, including Lord Ganesh, Radha-Krishna, and Goddess Durga. The invitation revealed different cards for each wedding function with one crafted from silver and resembling the main gate of an ancient temple. It included several keepsakes, such as an embroidered cloth with the initials 'AR' for Anant and Radhika, a blue shawl and a silver box filled with more gifts. The simplest invitation was in a laptop-sized box with silver statues of three Gods and invitation cards. The guests were asked to confirm their presence through an email or Google Form. Those confirming their presence received a message that read: "We have received your RSVP and we look forward to welcoming you... the QR codes will be shared 6 hours prior to the event." The QR codes messaged to the mobile phones and emailed were scanned to allow entry into the venue where different coloured paper wristbands were tied on the wrist of all the guests that gave them access to different zones depending on the colour. Several film stars and cricketers as well as business tycoons like Korean electronic giant Samsung Electronics Chairman Lee Jae-yong and his wife sported a pink wristband on their wedding day and a red one on Saturday. Employees, security and service staff wore different coloured wristbands. Ushers and a multi-layer security cover secured the sprawling venue, two sources aware of the matter said. Detailed fire and other emergency plans were worked out while an elaborate medical response preparedness resembled one reserved for heads of state. The medical response preparedness included doctors and paramedical staff with all emergency equipment at the venue. Ambulances had clearly demarcated routes to the nearest hospitals which had been primed in advance for dealing with any sort of medical emergency. "The Ambanis did not want to leave anything to chance," a source revealed. Another source said the time between the QR Code being sent and the actual event was cut this time as in the previous <keyword id="20727512" type="General" weightage="100" keywordseo="Ambani-wedding" source="keywords">Ambani wedding</keyword> some had "sold" the access to non-invited people. The dress code for all the events was Indian and international guests too wore designer traditional clothes such as embroidered sherwanis and bandhgalas. John Cena paired a powder-blue sherwani with white pants while Nick Jonas wore a pink sherwani and white pants. Samsung head too came dressed in a sherwani for the event. Most guests wore different clothes for the 'baraat' or wedding procession and the actual wedding on Friday. The Saturday event featured all the guests invited for the wedding as well as some additional important people. The guest list includes former British Prime Ministers Tony Blair and Boris Johnson, Saudi Aramco CEO Amin H. Nasser, reality TV star Kim Kardashian and her sister Khloe, Nigerian rapper Rema, and footballer David Beckham. Business tycoon Gautam Adani came to the wedding holding hands of his little granddaughter with his son Karan and wife Preeti in tow. Kumar Mangalam Birla too came with his family. Almost the entire top rung Bollywood actors -- from Amitabh Bachchan, Shah Rukh Khan and Salman Khan to Ajay Devgn, Ranbir Kapoor, Alia Bhatt, Tiger Shroff and Varun Dhawan -- were present, most with their families, while superstars Rajinikanth, Ram Charan and Mahesh Babu led the entourage from down south. <keyword id="20590484" type="General" weightage="20" keywordseo="Indian-cricketers" source="keywords">Indian cricketers</keyword>, including icons Sachin Tendulkar, Mahendra Singh Dhoni, Jasprit Bumrah, Hardik Pandya and Suryakumar Yadav, too were present. The notable persons missing were T20 World Cup winning captain Rohit Sharma who was watching the Wimbledon semi-final in London and Virat Kohli. Politicians who attended the wedding included Maharashtra Chief Minister Eknath Shinde, his deputies Devendra Fadnavis and Ajit Pawar, RJD chief Lalu Prasad Yadav, West Bengal Chief Minister Mamata Banerjee, Samajwadi Party President Akhilesh Yadav, his wife Dimple and Shiv Sena (UBT) head Uddhav Thackeray. NCP (SP) supremo Sharad Pawar, Congress leaders Kamal Nath and Sachin Pilot and Karnataka deputy chief minister D K Shivakumar were also among the attendees at the event. Shankaracharya of Dwarka Peeth Swami Sadananda Saraswati and Shankaracharya of Jyotirmath Swami Avimukteshwaranand as well as yoga guru Ramdev too attended the event. FIFA President Gianni Infantino, Andhra Pradesh Chief Minister N Chandrababu Naidu and his deputy Pawan Kalyan, too, were in attendance. The groom, Anant, 29, oversees the oil-to-telecom conglomerate <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="153" meta.entityid="Reliance Industries">Reliance Industries</keyword> Ltd's renewable and green energy expansion while the bride, Radhika Merchant, also 29, is the daughter of pharmaceutical tycoon Viren and Shaila Merchant and is the marketing director for his company, Encore Healthcare. The three-day wedding extravaganza is the final stop in a string of lavish parties the family has hosted since March. The couple got engaged in January 2023 and the Ambanis have hosted three lavish pre-wedding parties. First a three-day pre-wedding celebration was held in March in the group's refinery township of Jamnagar in Gujarat that hosted tech billionaires Mark Zuckerberg and Bill Gates, Ivanka Trump and Jared Kushner in the 1,200-strong guest list, and had an exclusive performance by Rihanna. David Blaine did magic tricks and the festivities also involved a trip to Ambani's 'animal rescue centre' housing exotic animals. In May, the Ambanis set off on a four-day Mediterranean cruise starting in the Italian city of Palermo, featuring on-deck concerts from the Backstreet Boys, Pitbull, and David Guetta, and a performance by Katy Perry at a masquerade ball at the Chateau de la Croix des Gardes in France. DJ David Guetta played at a toga party at sea. The cruise ended in Italy's Portofino, where tenor Andrea Bocelli serenaded the party in the town square. Last week, Justin Bieber performed at the 'Sangeet' or musical night. The Ambanis have not revealed how much Anant's wedding is costing. But the gala scale of the celebration included a Rs 5-6 lakh per piece select invitation box and three Falcon-2000 jets being rented to ferry wedding guests to the event. Anant Ambani gifted friends Audemars Piguet Royal Oak Perpetual Calendar limited edition watch. It was rumoured Rihanna had been paid USD 7 million for her performance and Bieber USD 10 million (close to Rs 84 crore). An email sent to <keyword id="19936674" type="General" weightage="20" keywordseo="reliance" source="keywords">Reliance</keyword> remained unanswered. Mukesh and Nita in the past had lavish weddings for their other children too -- Beyonce performed at daughter Isha Ambani's 2018 nuptials that boasted guests like Hillary Clinton and John Kerry, and a year later Coldplay's Chris Martin performed at Aaksh's pre-wedding bash in St Moritz, Switzerland, and Maroon 5 at his wedding in Mumbai. The 2018 wedding of Isha was billed as the most expensive wedding in India to date with some estimates putting the cost up to USD 100 million. Mukesh Ambani, 67, is at present the world's 11th richest man with a net worth of USD 119 billion, according to Bloomberg Billionaire Index. He spent the last two decades in transforming Reliance Industries, founded by his father in 1966 as a stodgy oil and petrochemicals giant, into a global empire spanning telecoms, retail, financial services, cricket and luxury fashion. Anant Ambani is the youngest of his three children, all of whom are on the board of Reliance Industries.

QR Code, colour-coded wristbands, standby medical teams secured the Ambani-Merchant wedding

New Delhi, Dec 22 () Following are the top business stories to be released on Sunday:
 
BIZ-WEF-INDIA
Union ministers, CMs to join over 100 CEOs at WEF's 50th Annual Meeting in Davos
New Delhi: Union ministers Piyush Goyal and Mansukh Mandaviya as well as three chief ministers -- Amarinder Singh, Kamal Nath and B S Yeddyurappa -- will join over 100 Indian CEOs in the Swiss ski resort town of Davos next month for the WEF's 50th annual meeting, which will be attended by thousands of rich and powerful from across the globe.
 
BIZ-YEAR-FPI
FPIs open fund floodgates for Indian markets; Net inflow crosses Rs 1 trn in 2019
New Delhi: Ignoring negative sentiments around falling GDP growth rate and some policy roadblocks, foreign portfolio investors seem to have flocked to the Indian capital market in a big way in 2019 with a net inflow of over Rs 1.3 lakh crore, including Rs 97,250 crore in equities -- the highest in last six years.
 
BIZ-YEAR-JOBS
Headcount expansion loses currency, companies to promote up-skilling in 2020: Experts
New Delhi: After taking a big hit from falling rate of economic growth in 2019, the job market may remain muted in the new year as well in terms of workforce expansion and salary hikes as more and more companies are expected to prefer up-skilling of existing staff rather than hiring new ones, experts feel.
 
BIZ-PROJECTS-COST OVERRUN
377 infra projects show cost overruns of Rs 3.94 lakh crore
New Delhi: As many as 377 infrastructure projects, each worth Rs 150 crore or more, have been hit by cost overruns of more than Rs 3.94 lakh crore owing to delays and other reasons, according to a report. MKJ MKJ

Business advisory

<ul><li><keyword id="559334" type="PERSON" weightage="20" keywordseo="actor-Rajinikanth">Actor Rajinikanth</keyword> announced that he will not be taking the political plunge and launching his own party as promised in 2021 citing a ‘warning from God’.</li><li>He was recently discharged from a Hyderabad hospital after being treated for blood pressure fluctuations.</li><li>The 70-year old asserted that he will continue to serve the people of Tamil Nadu in whatever way he can without entering electoral politics.</li></ul>Tamil Nadu is bracing for the state assembly election in 2021. A big chunk of the polity i.e. the fans of <keyword id="14509" type="PERSON" weightage="20" keywordseo="Rajinikanth">Rajinikanth</keyword> have already been disappointed by the Super Star, who has, once again, decided not to launch a political party. This wasn’t the first time the 70-year old actor⁠— who has enjoyed a demigod status in the southern state for decades⁠— has pulled back on the promise of a political party. However, his last declaration was that a new political outfit (with a “spiritual” ideology) would be born by year end. That has come to a nought. Rajinikanth’s decision to avoid the ring has left the upcoming election as a battle between the two large, entrenched parties ⁠— the incumbent All India Anna Dravida Munnetra Kazhagam (AIADMK), the biggest challenger Dravida Munnetra Kazhagam (DMK), and some emerging contenders like the Makkal Needhi Mayyam led by actor Kamal Haasan and Naam Tamilar Katchi led by director-turned-politician Seeman to name a few. Here’s the translation of Rajinikanth’s latest letter addressed to the people of Tamil Nadu: Greetings to the loving people of Tamil Nadu who have been the source of my life/livelihood. Having ignored the warnings from doctors, I had announced that I would notify my new political party in January, and headed for a film shoot in Hyderabad. The 120-member crew was tested daily for coronavirus and steps were taken to ensure social distancing and use of masks, as the shooting progressed. Despite the controlled environment, we found out today that four people had contracted the virus. Immediately, the director stopped the shooting and got everyone, including me, tested. While I tested negative for COVID-19, my blood pressure was found to be a bit volatile. Medical opinion says that having such sharp rise and fall in blood pressure for a long-enough time might badly affect my kidney that was recently transplanted. Therefore, as advised by my doctors, I had to spend three days in a hospital under supervision. Considering my health issues, the producer, Kalanithi Maran, has deferred the shooting for the rest of the film. Due to this, many people have lost their jobs, suffered losses worth crores, and all this has been caused by my poor health. I see this as a warning from God. Once I have started the party, campaigning through news channels and social media will not be enough to create awareness among people about my political ideology and win big in the election. It’s a fact that no one with experience in politics will deny. I would have to go out on campaign, meet people and draw thousands of people, maybe even lakhs, for my rallies. I had to spend three days under medical supervision in a hospital after COVID-19 struck us among just a 120-member crew. Now, this pandemic has a new strain and a second wave is looming large. Even after a vaccine is available, if I, who has to consume immunosuppressants, have any health issue during the campaign, it may cause a lot of trouble ⁠—physical, economic and mental⁠— to me, and to those who have placed their trust in me and my political journey. I do not want to use those who trust me as sacrificial lambs in the fear of criticism for having gone back on my promise that I wouldn’t worry about my life, and will start a political party. Therefore, I share with deep sadness that I won’t be able to launch a party and enter politics. Only I know how much it hurts me to say this. I seek forgiveness from all members of the Rajini Makkal Mandram and all the fans who have been disappointed/betrayed by my decision. Members of the Rajini Makkal Mandram have, over the last three years, bound by my words, acted with restraint, virtue and honesty, and continued to serve people even during the pandemic. The efforts will not go in vain. The fruits of your virtuous behaviour (punniyam) will protect you and your family. When we met on November 30, you all unanimously said that “my good health will be your priority and whatever decision I take, you will agree to it.” I will never forget it till I am alive. I bow in front of your love and affection towards me. Let the Rajini Makkal Mandram continue working as always. I want to share my heartfelt gratitude to the honourable Tamizharuvi Manian Ayya for supporting me and telling me to focus on my health for the last three years, in the face of every criticism. I am also duty bound to thank Arjun Murthy who left a responsible position in a big party to work with me. Whatever service I can provide to the people, without entering electoral politics, I will continue to do that. I have never been afraid to speak the truth. It is my earnest request to the fans, who love me and help me thrive, who care for truth, transparency, and my wellbeing, to accept my decision. Long live Tamils! May Tamil Nadu prosper! Jai Hind! Affectionately, Rajnikanth Superstar with a super impact Rajinikanth’s decision may be seen as a setback for the Bharatiya Janata Party (BJP) ⁠— to which Prime Minister Narendra Modi belongs ⁠— which has had little or no influence in the state so far. The party was hoping to ride on Rajinikanth’s popularity to create a bank of Hindu-nationalist vote in a state that has been led by the Dravidian ideology (atheist more in principle than practice) for over five decades. National parties, including the Indian National Congress, have only been marginal players in Tamil Nadu where local identities and leaders have found resounding support. “My own assessment is that those who would like to join the BJP may also join Rajinikanth’s party,” S Gurumurthy, the 71-year old editor of the iconic Tamil Magazine Tughlaq⁠— a board member at the Reserve Bank of India, and a long-time ideologue for Hindu majoritarian politics, the Rashtriya Swayamsevak Sangh (RSS) and the BJP⁠— <a href="https://www.thehindu.com/news/national/tamil-nadu/impact-of-rajinis-entry-will-be-similar-to-mgrs-says-gurumurthy/article33273887.ece">said earlier this month</a>. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/three-anil-ambani-companies-accused-of-fraud-ten-times-more-than-vijay-mallya/articleshow/80002892.cms">Three Anil Ambani companies have reportedly been accused of fraud by banks⁠ — the amount at stake is nearly ten times more than what Mallya owed</a> <a href="https://www.businessinsider.in/business/corporates/news/jack-ma-ant-group-asked-to-overhaul-its-business-model-by-china-central-bank/articleshow/79987683.cms">China's central bank wants Jack Ma's Ant Group to overhaul its business model</a> <a href="https://www.businessinsider.in/science/environment/news/top-10-most-expensive-natural-disasters-of-2020-in-the-world/slidelist/79986294.cms">Cyclone Amphan was the most expensive cyclone of 2020 and the fourth most expensive natural disaster overall</a>

A 'warning from God' makes Rajinikanth break the promise of launching a political party

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Barclays sacked CEO Antony Jenkins for effectively doing the job he was originally called in to do, sources tell Business Insider. When he took the top job in 2012, Jenkins was charged with repairing the tattered reputation of the bank by tackling its "toxic culture," downsizing the investment bank, and focusing more on retail operations.And he did just that - except maybe too quickly, and by too much. Crucially, he did it without boosting earnings at the same time. In the intervening years, Jenkins was given two nicknames by staff. The dual monikers reveal how Jenkins' reign split staff between those appreciated that he was trying to build a new, more ethical Barclays; and those who thought he was a wimpy do-gooder unsuited to lead the bank's aggressive investment arm: "Mr. Nice" was a nod to the how he was trying to drag the bank away from illegal practices like fixing interbank interest rates. "The Wet Handshake" was preferred by those who didn't like him, source tell us. (Some in the media also called him "St. Antony.")Ultimately, investment banking staff, shareholders and members of the board realised that even though they had asked the reformer to change their bank, they grew tired of the taste of the medicine they prescribed.Barclays' new executive chairman, John McFarlane, told CNBC TV that Jenkins "<a href="http://www.cnbc.com/id/102806725">hadn't done anything wrong ... he's just not the right person to take us forward.</a>""He (Jenkins) was good at executing what we asked him to do at that time. What we are asking him to do now is different and the board believes that the probability of my executing is higher."As McFarlane said in his interview with the BBC: "<a href="http://www.bbc.co.uk/news/business-33441683">it's not just a reduction in costs</a>, it's a change in the way we do things that's required here."After a few months at the helm of Barclays, Jenkins unveiled his "Transform" programme which he hoped to unravel the legacy issues from the bank and said "performances and rewards would be judged against a set of core values, including integrity and respect for others."He also confirmed that Barclays would gut the investment bank and cut 19,000 people out of its workforce by 2016, with around 7,000 to be borne from investment part of the bank. That kept the politicians and the public happy after Barclays became the first bank in 2012 to settle with US and <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> authorities over London Interbank Offered Rate (LIBOR) manipulation. Libor is a measure of the average interest rate banks are willing to lend to each other at and is used internally to set the price of financial products worth billions of pounds.But problem was that he didn't keep the staff and shareholders happy.Litigation costs and fines mounted up and the profit making centre, the investment bank, was being gutted from the inside out. What's left is underperforming. Since his departure, the markets rejoiced and the Barclays stock price rocketed rose by over 3% on the hopes his successor would bring the bank back to its soaring profit hey-days.<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div> Barclays wanted Diamond, politicians wanted JenkinsJenkins took over from Bob Diamond in 2012, under pressure from politicians following the LIBOR fixing scandal.Diamond, an American, was a rock star in the City. His motto was "earn success every day" and he was focused on growing Barclays into a global investment bank that could take on Goldman Sachs on Wall Street. Over the past few years, a number of Barclays employees told me how Diamond was "inspirational" and a "real leader." His motto was their war cry.Barclays was all about risk, high returns, and a focus on cutting-edge trading technology. Retail finance was a mere sidecar to keep consumer operations in order.However, Diamond was largely blamed for fostering a "<a href="http://www.independent.co.uk/news/business/news/exclusive-barclays-insider-lifts-lid-on-banks-toxic-culture-7920809.html">toxic culture</a>" which led to the bank's Libor fixing fine. In July 2012, British politicians called Diamond and the bank "<a href="http://www.ibtimes.co.uk/barclays-bob-diamond-treasury-select-committee-tsc-359450">rotten</a>," and the former Barclays boss "grossly incompetent" and "complicit and negligent" in a Treasury select committee grilling, following the Libor fixing fine.So Barclays looked to hire the polar opposite of Diamond - and Jenkins was waiting in the wings. Jenkins had run the group's retail operations for several years, and has long been dubbed "The Mr. Nice" of British banking by the UK press. Even his motto was radically different to Diamond's - "helping people achieve their ambitions, the right way."<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>He even abstained from taking his £1 million ($1.5 million) bonus the first year after taking over from Diamond in 2012. <a href="http://uk.businessinsider.com/barclays-boss-antony-jenkins-gives-staff-another-annual-holiday-2015-6">He even gave staff an extra day of holiday a year, just so they could do something to help them pursue their own personal goals</a>.But his effect on the staff and shareholders was nothing like as inspiring compared with Diamond's, say some employees. One Barclays employee repeatedly referred to Jenkins, when talking to me, as "The Wet Handshake." Jenkins was not immediately available for comment but in his leaving statement he said: "In the summer of 2012, I became Group Chief Executive at a particularly difficult time for Barclays. It is easy to forget just how bad things were three years ago both for our industry and even more so for us. I am very proud of the <a href="http://www.investegate.co.uk/barclays-plc--barc-/rns/directorate-change/201507080700264440S/">significant progress we have made since then</a>. "Most of all, I am proud that we have defined our culture through a common set of values for the Group and that the progress we have made and the tough decisions we have needed to take have all been achieved by applying these values and by focusing on the needs of all our stakeholders.""I want to thank the people of Barclays for their tireless efforts and support in achieving these results and for my own part I am looking forward to the professional opportunities that lie ahead."He implemented the bank's restructuring programme, "Transform," which cost a lot. <a href="http://www.barclays.com/content/dam/barclayspublic/docs/Microsites/Transform/TransformUpdates/full-year-results-Transform-110213.pdf">Barclays estimates that the total price will range between £1.7 billion ($2.6 billion) to £16.8 billion ($25.8 billion) by the end of this year</a>. So effectively, Barclays is paying to lose money - cutting the profit-making centre and paying large costs to clean up the mess of the past. "I reflected long and hard on the issue of Group leadership and discussed this with each of the Non-Executive Directors," <a href="http://uk.businessinsider.com/barclays-ceo-antony-jenkins-leaves-2015-7#ixzz3fIKOe5hh">said Barclays' deputy chairman Sir Michael Rake.</a> "Notwithstanding Antony's significant achievements, it became clear to all of us that a new set of skills were required for the period ahead. This does not take away from our appreciation of Antony's contribution at a critical time for the company."Barclays chairman John McFarlane even confirmed later, in no uncertain terms, <a href="http://www.bbc.co.uk/news/business-33441683">the bank fired Jenkins</a>. While the bank wanted and needed to cut jobs and scale back some businesses, the criticism came from not focusing on making the operations the bank does have, more efficient."Barclays is not efficient, we are not productive, we are cumbersome," said John McFarlane to the BBC. "We have [a] very large bureaucracy and personal accountability is not as high as we need it to be. And so it's not just a reduction in costs, it's a change in the way we do things that's required here."Jenkins cut too much of Barclays, too quickly<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>While Barclays' PR staff lauded Jenkins with nice blurbs about how well he did over the last few years, most people in the banking industry knew that some senior executives felt they had created their own Frankenstein's monster - someone who was cutting jobs at the investment bank at such a speed that it was making the bank unprofitable and inefficient. <a href="http://www.bbc.co.uk/news/correspondents/kamalahmed">BBC's Kamal Ahmed said today</a>:Senior sources have told me that Sir Mike Rake, the deputy chairman of Barclays, approached the new chairman, John McFarlane, to say that a number of board members were unhappy with the speed of change at the bank.They wanted cost cutting to go further and more attention paid to the investment bank which is seen as under-performing. It is thought that Sir Mike [Rake] wants Barclays to retain its global presence as a major investment bank whilst Mr Jenkins felt it should be cut back.Employees told Business Insider just how happy they are that Jenkins has left.One Barclays employee, who works in the FX department, told me: "I am cautiously optimistic. There could be a real opportunity for reform that will strengthen the investment bank. Jenkins seemed to only care about retail operations, so it will be interesting to see if the new guy will rip up his legacy or choose to maintain it."Another member of staff, who also works in the investment bank in trading operations, added: "I think a lot of people are excited about what this means for Barclays, particularly those in the investment bank. I hope it means change for the better, especially as it seems that the disagreement was about the lack of focus on the investment banking side. This seems to be the general feeling too."Meanwhile, according to job ratings website Glassdoor, Jenkins' overall CEO approval rating has fallen since 2013:<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div> Barclays needs to make money tooIt's easy to see why people were getting fed up with Jenkins' approach to turning around the bank.In Diamond's hey-day, around 2006 (prior to the credit crisis) and a year after he became president of the group, the bank posted a massive 25% rise in net income to £21.6 billion ($33.2 billion). Profits before tax also shot up by 36% to £7.2 billion ($11.1 billion).<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Now fast-forward to Barclays' most recent statements.In 2014, Barclays reported<a href="http://www.home.barclays/content/dam/barclayspublic/docs/InvestorRelations/ResultAnnouncements/2015%20FY%20Results/Barclays_FY_2014_Results.pdf"> pretax profit tanked by 21% to £2.26 billion</a> ($3.47 billion) from the year before. Its first quarter results were even more devastating - <a href="http://www.nytimes.com/2015/04/30/business/dealbook/barclays-first-quarter-profit-1q-earnings.html">profit fell 52% £465 million ($714 million) because of the litigation costs and fines</a>.When Jenkins took over he had to deal with some major scandals, which eventually spilled over into his tenure.For example, in May, Barclays was fined <a href="http://www.dfs.ny.gov/about/press/pr1505201.htm">a total of £1.5 billion ($2.4 billion) by the US Department of Financial Services</a> and the UK's Financial Conduct Authority, in connection with the LIBOR currency market and interest rate rigging scandal.The regulators noted that between January 1, 2008, and October 15, 2013, Barclays' systems and controls over its FX business were inadequate, which enabled traders to rig the markets.Barclays is also battling New York Attorney General Eric Schneiderman. In June last year, Schneiderman filed a securities fraud lawsuit against Barclays. He claimed that the bank gained an unfair edge through its high frequency trading (HFT) and "dark pool" trading practices. HFT allows you to buy and sell large quantity of trades incredibly quickly, via automated software. Dark pools are trading platforms that allow these trades to be bought and sold anonymously before the wider market becomes aware of them.All these lawsuits are costly. For instance, it paid out £3.7 billion ($5.7 billion) in currency market manipulation litigation costs in 2014 as well as costs associated with dealing with a number of retail investor mis-selling scandals and writedowns from property loan portfolios.Effectively, Barclays is continuing to pay to solve legacy issues and restructuring the bank, but at the same time it is dismantling the area that generates the profits that fuel those payments - the investment bank. So what now?Barclays' executive chairman John McFarlane said:Arriving at Barclays with a fresh perspective, it is evident that we have a standout brand with first-class retail, commercial and investment banking businesses. Nevertheless, we are leaving value on the table and a new approach is required. As a Group, if we aspire to bring shareholder returns forward, we need to be much more focused on what is attractive, what we are good at, and where we are good at it.We therefore need to improve revenue, costs and capital performance. We also need to become more externally focused and deal with the internal bureaucracy by becoming leaner and more agile. I have experienced good results in dealing with these matters elsewhere.So while it is highly unlikely that Diamond will return to Barclays, it is almost certain that Jenkins will be replaced with someone that has worked in investment banking and understands the importance of driving investment banking but to what it was, well, without the market manipulation. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/cristiano-ronaldo-spends-money-salary-fortune-real-madrid-2015-5">Here's how Cristiano Ronaldo spends his money</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="llMjZ5dDqpB7jsQJWbJ6u82dpovJ7vWo" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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