Barclays Shareholders Want To Know Why Jes Staley Hasn’t Fixed It Yet

It's not like the bank was in terrible shape when he got there or anything.
Author:
Publish date:
Updated on

You're all fired.

I mean, he’s had three whole months, and it’s not like the bank is that big a mess.

Investors are getting impatient. The bank’s stock has slumped 40% in the past 12 months….

Barclays is a difficult ship to right. A cultural rift remains between its U.S. investment bank, largely acquired from the carcass of Lehman Brothers, and its profitable but staid U.K. retail business. Employees at the bank complain of a continuous churn of managers and byzantine bureaucracy. For instance, one consultant was surprised to discover the bank still paid cellphone subscriptions for staff that had quit the lender months earlier.

Don’t worry too much about Jes, though. He must have expected this, knowing before even getting to Barclays that investors in banks are pretty stupid. And so he’s ready to keep firing people for as long as necessary to get things in order.

Impatient Barclays Investors Await CEO’s Plan [WSJ]

Related