Barclays to Announce New CEO Jes Staley
13 October 2015 - 9:44AM
Dow Jones News
By Max Colchester
Barclays PLC is preparing to name former J.P. Morgan Chase &
Co. executive Jes Staley as its next chief executive, as the
British bank once again turns to an American investment banker for
leadership.
The appointment, which is still subject to regulatory approval,
could be made in the coming weeks, a person familiar with the
matter said. The move would put a three-decade veteran of J.P.
Morgan in charge of a bank that has been looking for a CEO since it
ousted its former leader, Anthony Jenkins, in July amid concerns
about lackluster performance and slow progress on
restructuring.
Mr. Staley, who formerly ran J.P. Morgan's investment bank, is
currently working at BlueMountain Capital Management LLC.
If Mr. Staley gets the nod, it would be the second time in five
years that Barclays is turning to a U.S. investment banker to
revive its fortunes. It also marks the latest J.P. Morgan alumni to
find a top job at a British bank. Former J.P. Morgan executive Bill
Winters was named as chief executive of Standard Chartered PLC
earlier this year.
Other names on Barclays' short list of potential candidates
include Morgan Stanley executive Colm Kelleher and Barclays
recently appointed chief operating officer Jonathan Moulds,
according to people familiar with the matter.
The 58-year-old Mr. Staley will face challenges as he looks to
re shape the investment bank into a position it can compete with
U.S. peers. At an earnings conference earlier this year Mr.
Macfarlane said that U.S. investment banks had become dominant and
were the only one who could now claim to be "truly global."
Although his first name is James, Mr. Staley known as "Jes" to
his colleagues and friends.
While well-versed in asset-management and investment banking,
Mr. Staley will be entering new territory with Barclays' big retail
presence. Like other banks, Barclays is navigating technological
changes as its customer base moves away from physical branches to
embrace mobile and online methods of banking.
Mr. Staley would also assume command at a time when Barclays and
other large European banks are shrinking their balance sheets,
retreating from some of the riskier investment-banking businesses,
and tempering ambitions to be global players. Their returns now
lagging their U.S. counterparts.
"Jes has had a long career in banking doing a lot more than the
securities business," said Roy Smith, a professor at New York
University and a former Goldman Sachs Group Inc. banker. "But
that's a tough part of the Barclays' business for it to get right.
Jes's experience at the top levels of J.P. Morgan can only
help."
Mr. Staley also owns a stake in BlueMountain, which he acquired
when he joined the firm in 2013. It isn't clear whether he will be
forced to sell that stake as a result of his new job.
He also holds a board seat at Swiss banking giant UBS.
Robin Sidel and Justin Baer contributed to this article.
Write to Max Colchester at max.colchester@wsj.com
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(END) Dow Jones Newswires
October 12, 2015 18:29 ET (22:29 GMT)
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