New Barclays to have “obsessive focus” on customers

The results come a day after Barclays confirmed the appointment of Jes Staley as its new boss.

Wednesday said Jes Staley has resigned from its board of directors after he was named Chief Executive of Barclays PLC.

Third-quarter pretax profit, including restructuring costs, fell 10 per cent to £1.43 billion from a year ago, the London-based bank said Thursday.

McFarlane, who has been running the bank since Jenkins’ exit, said he knew Staley well and the pair were in agreement on the way forward, in particular the need to accelerate the delivery of improved shareholder returns.

There was little doubt Staley would get the role, after reports surfaced earlier this month, saying the former JPMorgan investment bank chief had emerged as the frontrunner for the role.

Boston-born Mr Staley worked at JP Morgan for more than three decades before quitting in 2012 to join the hedge fund BlueMountain Capital Management.

He could earn incentive pay of up to 5.5 million pounds, including a 2.2. million-pound bonus in cash and shares, and a long-term incentive plan that could reach 3.3 million pounds in shares paid three years later, the spokesman said.

Staley also got 1.93 million pounds of Barclays stock to buy him out of his un-vested share award at JPMorgan, according to the statement.

The bank said it was setting aside £290 million after an internal review of rates given to a few customers of foreign exchange transactions between 2005 and 2012.

Echoing Jenkins, who pledged to clean up Barclays following a string of scandals, the American said “we must continue to strengthen trust in Barclays“.

James Staley, 59, is a former chief executive of JP Morgan Chase’s investment bank. We will update the market on our plans for structural reform after we have agreed them with the regulator. This is a huge, complex, and challenging role, leading one of the largest and most important financial institutions in the world, and my colleagues and I took the responsibility of finding an outstanding leader for Barclays extremely seriously. While it didn’t follow Lloyds Banking Group in taking another charge for wrongly sold payment protection insurance in the third quarter, the total Barclays has set aside for all United Kingdom customer compensation this year has now reached £1.3 billion, up from £910 million last year.

Disappointing Barclays results drag down market

Previous post

Boehner budget deal includes protections for Medicare B

Next post

PM Bhargava: The Scientist to return Padma Bhushan