View more on these topics

Barclays appoints new chief exec


Barclays has announced that former JP Morgan boss James (Jes) Staley has been appointed as its new chief executive.

Staley will take up his role and join the bank’s board on 1 December, with a basic salary of £1,200,000.

He succeeds Antony Jenkins who was sacked by Barclays in July after he fell out with the board over its cost-cutting strategy.

Staley worked for more than 30 years at JP Morgan initially training as a commercial banker, before ultimately heading the company’s global investment bank. He is currently managing partner at hedge fund BlueMountain Capital.

Barclays chairman John McFarlane says: “In Jes Staley we believe we have an executive with the appropriate leadership talent and wide-ranging experience to deliver shareholder value and to take the group forward strategically.

“In particular, he understands corporate and investment banking well, the repositioning of which is one of our major priorities. After an extended process, I now know Jes well, and we are in agreement on the way forward.”

Staley adds: “We will be committed to preserving and enhancing the trust that is the foundation of Barclays’ reputation. Stability and long-term orientation are cornerstones for this great institution.

“We must recognise Barclays’ special obligation to those principles. We must also continue the focus on shareholder returns which John McFarlane has mandated.”



Barclays seeks ringfencing waiver

Barclays is seeking a waiver on rules which require banks to ringfence their retail operations from their riskier investment banking arms. Sky News reports Barclays is in talks with the PRA to request a transitional arrangement that will protect the credit rating of its investment bank. The rules apply to Britain’s largest banks and are […]


Serious Fraud Office in secret legal battle with Barclays

The Serious Fraud Office wants Barclays to hand over evidence as part of the agency’s criminal investigation into the bank’s £5.8bn cash call during the financial crisis. The Financial Times says reporting restrictions were lifted yesterday on a secret court hearing which is to decide whether Barclays must hand over evidence into its 2008 fundraising. […]

Creating opportunity out of change

By Denise Wond, marketing manager The buy-to-let market has recently been the subject of a raft of tax changes, all of which make it a less profitable and less appealing proposition for investors. In response, we’ve seen a dip in demand for BTL mortgages and that’s bad news for many advisers who will now be looking […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment