(29 October 2015 – United Kingdom) Barclays has announced the appointment of James “Jes” Staley as its new chief executive, following the July departure of Anthony Jenkins.
The former JPMorgan investment bank boss will start at the beginning of December, and stands to earn up to £8.24 million (A$17.7 million) a year after appointing the former JPMorgan as head of the U.K.’s most prominent bank.
In a statement to bank employees following the announcement on Wednesday, Staley said he planned to complete a restructuring of the investment bank and Barclays must avoid an confrontational relationship with industry regulators.
“We will complete the necessary transformation and repositioning of the investment bank to a less capital-intensive model,” Staley said in a memo to staff.
Barclays Chairman John McFarlane said of the appointment: “He understands corporate and investment banking well, the repositioning of which is one of our major priorities.”