World Economy

Barclays to Appoint New CEO

Barclays  to Appoint  New CEOBarclays  to Appoint  New CEO

Barclays is set to appoint former JP Morgan banker James “Jes” Staley as its new chief executive, BBC reported. It is understood the Barclays board has approved the appointment of Staley and that a formal announcement will be made in the next fortnight. Barclays’ previous chief executive, Antony Jenkins, was fired from the bank in July after falling out with board members. Staley currently works for US hedge fund Blue Mountain Capital Management. BBC business editor Kamal Ahmed told the Today program that previously “there had been big tensions within the bank” between the retail and investment divisions. He added that investors were unhappy with the change of focus of the bank towards retail banking under Jenkins. The board of Barclays has agreed the appointment of Staley and the bank is now waiting for regulatory approval before making an official announcement. BBC’s editor added that with the troubles faced by the banking sector, including the taxpayer-funded bailout of Royal Bank of Scotland, some people within the City are concerned that London is losing its position as global banking centre. The appointment of Staley might be seen as trying to resurrect that position. Shares in Barclays were 2.8% lower at 249.20p in mid-morning trade following the news. James Staley, 59, is a former chief executive of JP Morgan Chase’s investment bank.