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.
Mr Staley said yesterday he planned to complete a restructuring of the investment bank and said Barclays must avoid an adversarial relationship with regulators.
His appointment is the second time in recent years Barclays has named an American investment banker as CEO, the last being Bob Diamond who quit in 2012 over the Libor scandal.
“We had warmed to Barclays on the basis that it was de-emphasising the relatively low-return investment banking business ... and we would see a material reversal of this strategy as a negative to the investment case,” Shore Capital analyst Gary Greenwood said.
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