Barclays set to start search for new CEO
By Caoimhe Toman
Date: Monday 24 Feb 2020
(Sharecast News) - Barclays is readying itself to start the search for its new Chief Executive Officer who will replace Jes Staley.
According to reports from the Financial Times on Monday, two people close to the matter confirmed the bank's plan.
The move follows UK financial regulators's (Financial Conduct Authority and the Bank of England's Prudential Regulation Authority) investigation into potential links between Staley and US financier Jeffrey Epstein, who committed suicide while awaiting trial on sex trafficking offences.
Staley has been CEO at Barclays since 2015 and expects to leave the bank by the end of 2021. He could stand down at the annual meeting in May 2021, sources said.
Barclays will appoint an external headhunting firm to find potential successors and this process could take up to a year, said the FT. The report said it was likely that the firm appointed would be Spencer Stuart or Egon Zehnder.
The lender's search will focus on executives with experience in investment banking as the bank derives roughly half its revenue from its corporate and investment bank.
"Given the business model of Barclays, the candidate needs deep experience of investment banking," the person told the Financial Times. "This raises the question of whether you can pay, whether you can buy out, if you go outside for an external candidate."
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