Barclays to pay incoming CEO up to €11.4m a year

Barclays said it will pay incoming chief executive James “Jes” Staley up to £8.24m (€11.4m) a year after appointing the former JP Morgan investment bank boss to one of the most prominent posts in British business.

Mr Staley will join Barclays as CEO at the start of December, having been widely expected to be appointed after sources this month said he had been chosen and just needed regulatory approval.

Boston, Massachusetts-born Mr Staley, 58, faces a number of challenges at Barclays, including improving its reputation after a series of scandals, cutting costs to try and improve profitability, and deciding how big an investment bank it should keep in the wake of tougher regulations.