Barclays says it has named James E. Staley, a banker with 30 years of experience at J.P. Morgan, as its new chief executive officer.
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The appointment of Mr Staley is seen as answering investor criticism that the bank was losing its focus on investment banking.
Mr Staley said: “We will be committed to preserving and enhancing the trust that is the foundation of Barclays’ reputation”.
Barclays said Staley’s annual pay will consist of a salary of 1.2 million pounds, a role-based “allowance” of 1.15 million pounds in shares, a cash allowance of up to 400,000 pounds and up to 5.5 million pounds in annual bonus. They have increased about 2.6% this year after dropping 10% in 2014.
There was little doubt Staley would get the role, after reports surfaced earlier this month saying the former JPMorgan investment bank chief had emerged as the frontrunner for the role.
Barclays will also compensate him for the loss of a share award at JPMorgan that he forfeits by joining Barclays.
A former JP Morgan Chase banker, Staley now works for U.S. hedge fund Blue Mountain Capital Management. Staley will also receive standard benefits including medical cover, life assurance, and relocation assistance.
Jenkins – who became group chief executive in the summer of 2012 in the wake of the Libor scandal – was pushed from the top spot in July, after then deputy chairman Sir Michael Rake concluded new leadership was required for the bank. 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. According to the New York Times, Staley’s appointment showed a sharp U-turn for Britain’s second-largest lender, which fiercely tried to reshape its culture and trim its investment bank after its confession about conspiracy to influence the London interbank offered rate.
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“We will complete the necessary transformation and repositioning of the investment bank”, he wrote.
