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Screenshot of a breaking news alert e-mail from Q2 2017
Barclays PLC (LON:BARC) has today sought to address recent media speculation about the potential appointment of James Staley, a name that is well known in the world of investment banking, as its new Chief Executive.
In a filing with the London Stock Exchange, the bank said that:
The process of appointing a new Group Chief Executive Officer has not yet concluded and Barclays will provide a further update once that is complete.
Barclays commenced a search process for a new CEO after the ousting of Antony Jenkins in July this year. While at Barclays, Jenkins faced criticism over his comments that bonuses had to be raised in 2013 when profits plummeted, in order to avoid a “death spiral” of staff quitting the bank. He faced numerous challenges, related to the investment banking business of Barclays, the source of a raft of scandals regarding pay and Libor.
If James Staley indeed joins Barclays, he will have a difficult task, as the Wall Street Journal notes. For instance, at JPMorgan Chase & Co. (NYSE:JPM), he ran businesses that Barclays is currently looking to trim, as it seeks to reduce the reliance on its investment bank.
An eventual appointment of Mr Staley as Barclays’ CEO still requires regulatory approval and could be weeks away, the WSJ says, referring to a person familiar with the matter.
To view Barclays’ statement regarding the recent press speculation, click here.