Staley Says Barclays Must Complete Investment Bank Repositioning
- New CEO seeking a ``less capital intensive'' securities unit
- Staley to be paid as much as 8.25 million pounds a year
Barclays Names Former JPMorgan Banker Staley as CEO
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Within minutes of his appointment, new Barclays Plc chief Jes Staley set out his vision for the lender’s investment bank, pledging to continue shrinking the division and restore a “collaborative” relationship with regulators after the firm paid billions in misconduct fines.
“We will complete the necessary transformation and repositioning of the investment bank to a less capital-intensive model,” as well as “the cultural transformation of the group,” the 34-year veteran of JPMorgan Chase & Co. wrote in a memo to staff Wednesday. “There can be no retreat from becoming a values-driven organization which conducts itself with integrity at all times.”