Barclays CEO Jes Staley Not Ready to Hand Over the Reins -- Financial News
23 Ottobre 2020 - 2:42PM
Dow Jones News
By Paul Clarke
Of Financial News
Barclays PLC chief executive Jes Staley said he hopes to be at
the helm of the U.K. lender during "kinder winds" and expects to be
in charge for at least at least two years, as speculation has grown
around a leadership change at the bank.
Mr. Staley said he was "sure I'll be here another couple of
years" when asked about his future at the top of Barclays during a
call with journalists accompanying the bank's third quarter
results, which came in ahead of analyst expectations with profits
at 611 million pounds ($799.4 million).
He added that Barclays had a "unique opportunity" to come out of
the Covid-19 crisis and "I hope I'm here as part of it."
In February, Barclays kicked of the search for Mr. Staley's
successor, bringing in headhunters Spencer Stuart and Egon Zehnder
to look to potential candidates, the Financial Times reported.
Meanwhile, the bank's largest shareholder Sherborne Investors
called for Staley to step down in March over his past business
links to convicted sex offender Jeffrey Epstein.
Mr. Staley cited Brexit, a "once in a century pandemic" and the
need to overhaul the business and offload non-core business units
at the beginning of his tenure. "It would be nice to be here in
more kinder winds," he said.
In September, Barclays elevated Mr. C S Venkatakrishnan, the
group's chief risk officer, to global head of markets and made Paul
Compton, its chief operating officer, the head of its investment
banking unit. Both men were also named as co-presidents, prompting
speculation that they were being primed as potential replacements
for Mr. Staley.
Edward Bramson, who heads Sherborne Investors and holds a 5.9%
stake in Barclays, has previously called on the bank to ensure a
supply of internal candidates to replace Staley. Both Mr. Compton
and Mr. Venkatakrishnan worked with Staley at JPMorgan.
Mr. Staley said they were "talented bankers" and that it was
important for senior Barclays staff to gain experience of running
some of its largest business units. However, he added he was "not
quite ready to push off the dock" from his role at the helm of the
U.K. lender.
Website: www.fnlondon.com
(END) Dow Jones Newswires
October 23, 2020 08:27 ET (12:27 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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