Barclays’ shares slipped 1% to 213p on the news. One bank analyst said: “If the end of the story is, say, a nominal regulatory fine and no managerial change then the impact on the investment case should be muted.”
John McFarlane, the chairman, said he was “very disappointed” that “this situation has occurred”. He insisted Staley has the “unanimous” support of the board. Staley (pictured) can earn up to £8 million a year depending on performance, making him one of the best-paid bank bosses in Europe.
Last year, he got £4.2 million, including a £1.3 million bonus.
Until this morning, he was regarded as having made a clean start to the job, shaking up the investment banking arm, selling off fringe businesses and offering a clear strategy to the City.
Barclays has been heavily implicated in most recent financial scandals, including Libor fixing.
Gary Greenwood at Shore Capital said: “This latest revelation represents a very significant embarrassment for the board. As for Mr Staley, it remains to be seen whether the PRA and FCA come to the same conclusion as the board in allowing him to remain in his post.”
