Apr 11, 2017

Barclays chief mounts charm offensive after reprimand

Hours after Barclays announced that its chief executive was under investigation for breaching whistleblowing rules, Jes Staley went to the bank's sprawling canteen in its Canary Wharf headquarters to pick up some soup. Some observers said Mr Staley nevertheless faced a risk to his reputation and his capacity to continue to push through the kind of change he wants to oversee at Barclays. The reason was simple - for a transformation like that at Barclays to succeed, the chief executive needs the support of his tens of thousands of staff, the vast majority of whom will never know the precise details of what the whistleblower was alleging or Mr Staley's motivation and actions. Re Spicer, professor of organisation behaviour at Cass Business School, said Mr Staley's behaviour was a backward step for culture at Barclays. Eric Moore, a fund manager at Miton Group, which holds Barclays shares, said the "Moral high ground" had been a big piece of the bank's communication, both internally and externally.

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