Nov 5, 2021
Staley’s departure from Barclays reminds CEOs not to believe their own hype
When Jes Staley rode to Barclays' rescue in 2015, the new chief executive promised to change the UK bank's culture and draw a line under its contentious relationships with regulators. Staley stepped down this week after the Barclays board learned the preliminary conclusions of an investigation into the way he characterised his relationship with disgraced financier and sex offender Jeffrey Epstein. Presumably the bank means that it has no evidence that Staley personally saw anything untoward, not even when he sailed his yacht to the sex offender's private island in 2015. The watchdogs are not happy with what Staley told an internal investigation after that arrest, which Barclays relayed to them. It would nice to believe that JPMorgan's Jamie Dimon, Morgan Stanley's James Gorman and Bank of America's Brian Moynihan have surrounded themselves with strong executives who can push back against bad ideas.
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