[LONDON] British bank Barclays Plc has appointed James 'Jes' Staley as its new chief executive and said the former JPMorgan investment bank boss will be paid up to 8.24 million pounds (US$12.6 million) a year.
Staley will take the Barclays helm at the start of December. He had been widely expected to be appointed after sources and other media reports this month said he had been chosen and he just needed regulatory approval.
Barclays Chairman John McFarlane said on Wednesday Staley had the appropriate leadership talent and wide-ranging experience to deliver shareholder value and to take the bank forward strategically. "In particular, he understands corporate and investment banking well, the re-positioning of which is one of our major priorities," McFarlane said.
Barclays said Staley's annual pay will consist of a salary of 1.2 million pounds, a role-based 'allowance' of 1.15 million pounds in shares, a cash 'allowance' of up to 400,000 pounds, and up to 5.5 million pounds in annual bonus.
He will be granted about 1.9 million pounds of Barclays shares to compensate him for an unvested share award granted to him by JPMorgan which is forfeited when he starts at Barclays. He will also receive standard benefits including medical cover, life assurance and relocation costs.
Staley is currently managing partner of US hedge fund firm BlueMountain Capital Management. He previously spent 30 years at JPMorgan, where he served as CEO of its investment bank.