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Barclays announces new chief executive

Article By: ,  Financial Analyst
October 28, 2015 2:36 PM

Earlier in the month, sources reported that former JP Morgan banker James Staley would become the new chief executive of Barclays.

Now the bank has confirmed that Mr Staley, who currently works for US hedge fund Blue Mountain Capital Management, will be taking over on December 1st.

Experts say Mr Staley's can be seen as a response to investor criticism that the bank was not focusing enough on investment banking. That follows the firing of Barclays' previous chief executive, Antony Jenkins, in July after he fell out with the board.

Commenting on Mr Staley's appointment, Barclays chairman John McFarlane said: "In particular, he understands corporate and investment banking well, the re-positioning of which is one of our major priorities."

Mr McFarlane added that he believes Mr Staley will be an executive with the right leadership skills and experience to deliver value to shareholders and take the group forward in the right strategic direction.

Stability and long-term orientation

As well as his experience at Blue Mountain, Mr Staley is a former chief executive of JP Morgan Chase's investment bank and he spent more than 30 years at the firm.

In 2012, US business news broadcaster CNBC reported that he was one of the options being considered for the top job at Barclays, but Mr Jenkins took on the role instead.

In 2015, Mr Staley was elected to the board of Swiss bank UBS to serve on the bank's risk committee.

Commenting on his appointment at Barclays, Mr Staley said he would focus on trust.

"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," he said.

He added: "Barclays is a very valuable franchise: from its retail and commercial banking presence in the UK, its strength in cards and payments, its strong position in Africa, to its Investment Bank."

At 10:50 on Wednesday, Barclays share prices were down 0.28 per cent to 250.15.

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