Jes Staley, the newly appointed chief executive of Barclays, has spent £6.4m buying shares in the bank.
The former banker at JP Morgan and hedge fund manager will take over on 1 December and faces pressure from shareholders to set out plans for the troublesome investment banking business.
The 58-year-old has bought 2.8m shares at 233p – the lowest price at which they have traded since January. Barclays has a policy that directors should own shares worth four times their salaries, which Staley has now achieved as his salary is £1.2m.
However, his total remuneration package is worth £10m – which includes his salary, a fixed pay allowance to avoid the EU cap on bonuses, annual bonuses of up to £2.1m and a long-term incentive plan of £3.2m. It also includes an estimated £2m of shares to buy him out of bonuses at JP Morgan, although he is allowed to keep his stake in the hedge fund BlueMountain, which he is leaving to take up the post.
Staley replaces Antony Jenkins, who was ousted in July, and is expected to focus on growth at the bank, which has been trying to restore its reputation after a series of scandals.
The American banker – who will receive a relocation package to move to the UK – has told staff he hoped to improve the behaviour of bankers. “I feel keenly we must continue to strengthen trust in Barclays. The trust of our customers and clients, reciprocated in our commitment and service to them, is the foundation of our success, the most valuable quality we can nurture and the key to unlocking shareholder value,” Staley said.
He had been considered for the role when Jenkins was appointed in the aftermath of the Libor rigging scandal, which led to the departure of Bob Diamond. But political sensitivities and the cost of hiring him are said to have led the board to select Jenkins, who was running Barclays’ high street banking business.
This article was written by Jill Treanor, for theguardian.com on Thursday 5th November 2015 12.12 Europe/Londonguardian.co.uk © Guardian News and Media Limited 2010