Barclays hires Jes Staley as CEO
He will join the bank’s board on 1 December and earn a basic salary of £1.2m, although if all his bonuses are met he could net £8m a year.
Staley’s predecessor Antony Jenkins was ousted from Barclays in July 2015 after struggling to restore the bank’s reputation over its involvement in the Libor rigging scandal.
Staley departed investment bank JP Morgan in 2013 after 30 years before working for hedge fund BlueMountain Capital Management.
In a memo to staff Staley said: “I feel keenly we must continue to strengthen trust in Barclays.
“The trust of our customers and clients, reciprocated in our commitment and service to them, is the foundation of our success, the most valuable quality we can nurture and the key to unlocking shareholder value.
“We must therefore complete the cultural transformation of the group. There can be no retreat from becoming a values driven organisation which conducts itself with integrity at all times. My ambition is to restore Barclays to its rightful standing – successful, admired and well regarded by all.”
Barclays is currently going through a restructuring process which will see 19,000 jobs cut.
John McFarlane, Barclays’ chairman, said: “Appointing an individual with the business scope, seasoning and track record is a difficult challenge. 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.
“He is a man of enormous integrity, and someone who both understands the business, but also the importance of cultural reform and the need to conduct our business in a way that we can all be proud of.
“I look forward to working with him in what will be an exciting and important period for our company as we seek to accelerate the delivery of improved shareholder returns.”