Dec 11, 2017

FCA’s Bailey and Barclays’ Staley square up for heavyweight bout

Jes Staley, the Boston-born chief executive of Barclays, is not literally going into hand-to-hand combat with Andrew Bailey, who heads the UK Financial Conduct Authority. Allegations in the letters related to Tim Main, a senior Barclays executive hired by Mr Staley. Mr Staley has already been penalised by the Barclays board via a "Very significant" pay cut. Troels Oerting, Barclay's head of information security to whom Mr Staley turned to for help in his mission, has been on a leave of absence and will not return to his job. Some investors worry that the senior ranks of the bank, many of whom are former JPMorgan executives who followed Mr Staley to Barclays, would not feel loyalty to another CEO. To add spice to Mr Bailey's decision, his own professional prospects may be influenced by the case.

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