The former boss of JP Morgan's investment bank will pocket a pay check of up to £8.2million as the new head of Barclays Plc in Canary Wharf .
Rumours about the appointment of James “Jes” Staley, also reported in The Wharf , had been circulating throughout October.
The Churchill Place-based bank confirmed on Wednesday, October 28, the American would take on the role of CEO from December.
His wage bill breaks down into a salary of £1.2million, a role-based “allowance” of £1.15million in shares, a cash allowance of up to £400,000 and up to £5.5million in annual bonus.
Staley will face a number of challenges ahead of Christmas, including building Barclays’ reputation after recent scandals, cutting costs and improving profitability.
He will also ponder how large the investment bank should be.
As reported on Yahoo online , Staley said he had his sights set on a complete restructure.
A memo read: “We will complete the necessary transformation and repositioning of the investment bank to a less capital-intensive model.”
“Core to that objective is having relationships with regulators that are collaborative, not adversarial,” Staley said in the memo.
“We must therefore complete the cultural transformation of the group. There can be no retreat from becoming a values-driven organisation which conducts itself with integrity at all times.”
Barclays chairman John McFarlane told Yahoo that Staley had the right leadership skills and could improve shareholder value and take the bank forward.
He said the pair shared views on how to take Barclays forward.
He said: “In particular, he understands corporate and investment banking well, the re-positioning of which is one of our major priorities.”
The bank, which is just over halfway through a three-year plan to cut 19,000 jobs, including 7,000 in the investment bank, still faces litigation issues and is trying to improve returns.