Apr 10, 2019

Throsby clashed with Staley over ‘sacrosanct’ Barclays targets

The former head of Barclays' investment bank was ousted after clashing with Jes Staley over the group chief executive's "Sacrosanct" profitability targets, according to people briefed on the circumstances surrounding his departure. Former JPMorgan executive Mr Throsby, who joined Barclays to much fanfare barely two years ago, struggled to boost profitability at the corporate and investment bank division he was hired to overhaul, leaving investors increasingly frustrated. Mr Throsby argued that the investment bank should be given some leeway on the targets to allow for tough market conditions, the people said, with rivals including JPMorgan and UBS warning of a difficult trading environment during the first quarter. Barclays announced Mr Throsby's departure last month as part of a wide-ranging management shake-up that handed Mr Staley much greater control over the day-to-day running of the investment bank. Mr Staley said at the time that return on equity at the investment bank "Was not yet where we need it to be".

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