CompaniesOct 28 2015

Barclays appoints new group chief executive

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Barclays appoints new group chief executive

Barlcays has announced today (28 October) that James E Staley has been appointed as group chief executive.

He will take up the role and join the Barclays boards as a director with effect from 1 December.

Mr Staley has nearly four decades of extensive experience in banking and financial services, having initially trained as a commercial banker at JPMorgan where he worked for over 30 years.

Later in his time there he advanced to the leadership positions in equities, private banking and asset management, ultimately heading the company’s global investment bank. At present, he is managing partner of BlueMountain Capital.

The move follows Antony Jenkins being pushed out as chief executive in July, with the board stating that new leadership was required to accelerate the pace of execution going forward.

Barclays chairman John McFarlane stated that appointing an individual with the business scope, seasoning and track record was a difficult challenge.

“In Jes Staley we believe we have an executive with the appropriate leadership talent and wide-ranging experience to deliver shareholder value and to take the group forward strategically. In particular, he understands corporate and investment banking well, the re-positioning of which is one of our major priorities.”

Mr Staley added: “I look forward to building on this heritage and to working with the company’s dedicated and deeply talented employees to deliver the highest quality financial services to the bank’s customers and clients, with integrity and skill.”

The bank’s half year report revealed 11 per cent growth in group adjusted profit before tax to £3.7bn, although it still had to set aside significant sums for litigation and redress on either side of the Atlantic.

Ongoing profitability weakness at Barclays is limiting the bank’s ability to absorb unexpected losses, according to a Moody’s Investors Service report published the following month.