Apr 10, 2017
Barclays: pressure point
The pain threshold for Barclays investors must be high, given their casual reaction to news of regulatory investigations into both the bank and chief executive Jes Staley. Barclays said on Monday that the Financial Conduct Authority and the Prudential Regulation Authority were investigating the conduct of the bank and Mr Staley. Shareholders clearly think that a reprimand and a bonus cut for Mr Staley, plus a review of systems and co-operation with the two investigations, will limit any further damage. Even though the share price remains 8 per cent below when he joined, Mr Staley has done a creditable job in restructuring the bank - especially the investment bank - boosting capital buffers and improving profitability. Mr Staley made not one, but two attempts to identify the whistleblower.
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