28th October 2015
Jes Staley has been appointed the new chief executive of Barclays with a total of up to £8.2m in pay and bonuses.
James Staley, known as “Jes”, joins from US hedge fund Blue Mountain Capital and replaces Antony Jenkins who was sacked in July after a disagreement with members of the bank/s board.
Staley starts on December 1 with a £1.2m annual salary plus nearly £400,000 per year pension contributions, up to £5.5m in annual bonuses and £1.15m in shares. He will get £1.93m in shares to replace those he owned in JP Morgan as a former employee.
In a letter to staff, the BBC reports that Staley indicated he would focus on areas of investment banking that did not require as much capital, which might include merger advice and trading in stocks.
In the letter, he says: “Our business in Africa gives us exciting opportunities in fast growing economies. We will complete the necessary transformation and repositioning of the Investment Bank to a less capital intensive model. And we will support the growth of our world leading payments business in Barclaycard.”
Research from Triodos Bank suggests customers are fed up with large bonuses being awarded to bank bosses. Over half (51%) of UK consumers want challenger banks to be different from the Big 5 by not paying bonuses.
Just under half (48%) want the banking sector to be more honest and show more integrity.
Two fifths (39%) are calling for greater transparency from the challenger banks than the Big 5 demonstrate.
Nearly two thirds (65%) would like to see a bank with more local branches, two fifths (41%) would like to see more online banks and nearly two fifths (39%) would like ethical and sustainable banks.