Apr 14, 2017

Jes Staley’s setback shows inexperience in key areas

It is barely a month since Jes Staley, Barclays' chief executive, had five 7ft tall acetate tombstones removed from the lobby of the bank's Canary Wharf headquarters. On Tuesday Mr Staley, 60, was publicly reprimanded by Barclays' board, and told he would suffer a "Very significant" pay cut after breaching rules designed to protect whistleblowers who alert banks to problems. After taking over as Barclays' CEO in late 2015, Mr Staley had quickly built a loyal following within the bank, having taken bold decisions on strategy and boosting morale. Relations with JPMorgan have been strained from the start of Mr Staley's tenure at Barclays in late 2015. In his email to staff this week, Mr Staley wrote: "I got too personally involved in this matter . . . This was a mistake on my part and I apologise for it." Regulators have yet to say whether that apology will suffice and whether they will allow Mr Staley to continue in his job.

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