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Barclays Incoming CEO Staley Buys $10 Million of Bank's Shares

  • Staley buys 2,790,000 ordinary shares at 233 pence apiece
  • CEO has requirement to hold four-times basic salary in stock

Barclays Plc’s incoming Chief Executive Officer Jes Staley bought 6.5 million pounds ($10 million) of shares to fulfill a requirement that top executives hold a sizable long-term stake in the company.

The CEO purchased 2,790,000 shares at Wednesday’s average price of 233 pence in his first acquisition of the bank’s stock before he takes over on Dec. 1, the London-based lender said in a statement Thursday. The CEO and Finance Director Tushar Morzaria have to hold at least four times their basic salary in stock to ensure their interests are aligned with investors, according to Joanne Walia, a company spokeswoman.