Barclays' new CEO, Jes Staley, is planning to power through the mounting pile of regulatory investigations the bank is facing, a move expected to see him risk taking bigger fines, in exchange for quicker deals with the authorities.
The Daily Telegraph reports that as a result, the bank may end up paying hundreds of millions of pounds in additional fines to regulators. However, it hopes to be on the road to recovery and a clean regulatory sheet more quickly, helping repair its battered reputation and share price.
Staley joined the bank in December and has already increased the pace of structural reforms at the bank, including last week’s decision to sell off its African operations.
He was hired to speed up the turnaround in the hope that the bank can get back on a steady footing as rapidly as possible, putting the legal, regulatory and structural problems firmly in the past.
To access the complete Daily Telegraph article hit the link below: