Market Overview

Barclays Begins Process To Look For A New CEO, Report Says

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Barclays PLC (NYSE: BCS) is set to search for a new CEO to take over from Jes Staley.

Barclays is looking for a change in leadership as Staley, who has been the CEO since 2015, prepares to exit. The Financial Times reported the 63-year-old may announce his resignation at the annual meeting scheduled for May 2021.

An external headhunting firm, most likely Spencer Stuart or Egon Zehnder, would be appointed by Barclay’s board to find the next CEO.

Staley has been mired in controversy over his links to the disgraced financier Jeffrey Epstein. The exit of the CEO was planned even before Britain’s regulatory authorities began investigating the ties between Staley and Epstein. 

Why It Matters

The news of the search for a successor at Barclays comes as major European banks see a reshuffle in their leadership. UBS Group AG (NYSE: UBS), ING Groep NV (NYSE: ING), and Credit Suisse Group AG (NYSE: CS) have all said their chief executives are quitting.

It was reported last year that Barclays planned to cut Staley’s pension by half due to pressure by investors to align with industry rivals. HSBC Holdings Plc (NYSE: HSBC) and Royal Bank of Scotland Group Plc (NYSE: RBS) had both capped CEO pensions at 10% of base salary.

Barclays shares traded 5.6% lower in the pre-market session on Monday. Shares closed Friday's session 0.54% lower at $9.27.

 

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