Email exchanges have emerged in which the American banker lavishes praise on the bank’s chairman, John McFarlane, and thanks him for his support at the annual general meeting on Wednesday.
Jes Staley has apologised to Barclays shareholders for the “error” that the bank’s chief executive admitted he had made in trying to uncover the identity of a whistleblower.
Mr Staley told shareholders on Wednesday: “I made a mistake in becoming involved in an issue which I should have left to the business to deal with”.
Last month, we reported on an investigation into Barclays CEO James Staley’s handling of a whistleblower’s complaint at the British banking and financial services giant.
“Some day I want to see anad lib guitar run.You have all the fearlessness of Clapton”, Staley said, referring to the guitarist Eric Clapton. But I do not believe that is what should happen.
While Barclays has only given him a formal reprimand and has said that it would make a “significant” cut to its pay, he could still lose his job should regulators decide to bar him from the financial sector.
Barclays chairman John McFarlane told investors that while the group was close to completing its overhaul, “further challenges remain”.
Having already felt the wrath of the chairman and the board, Staley faced some pretty frustrated shareholders earlier this week.
Meanwhile, Sir Ian Cheshire, who will chair the bank’s ringfenced United Kingdom operations, came under pressure, despite the lender announcing before the AGM that he would be reducing his commitments amid investor unrest.
CEO Jes Staley was back in the headlines Friday, only days after surviving a shareholder movement for his ouster, after he was reportedly the victim of an email hoax that subsequently went public.
Corporate governance body Pirc has advised investors to vote against the bank’s remuneration report.
Some 11.98 per cent of votes cast were against his appointment.
It said Mr Staley’s pay past year was 49 times higher than that of the average Barclay’s employee and therefore “inappropriate”.
The meeting, at the Royal Festival Hall, took place just a fortnight after the bank revealed that profits for the first quarter nearly doubled on the same period previous year, despite a weaker-than-expected performance from its investment banking arm.