Barclays
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Barclays: The bet that paid off
Since Jes Staley took charge of Barclays at the end of 2015, he has faced constant questions over his ability to reposition the firm as a credible force in investment banking. Sticking to his guns in the face of activist shareholder pressure, he now looks vindicated, but growing from here presents a new challenge.
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Bob Diamond resigned from Barclays on July 3 and as I write this, some three weeks later, bankers are starting to talk in hushed tones about the "Libor rigging scandal" being the financial industry’s "tobacco moment". -
Scandal to test client loyalty; reputational and counterparty risks acute.
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Barclays has appointed a former chief macroeconomic policy and European affairs strategist in the French government to lead its European economics team, in a move that comes at a time when political events are increasingly driving financial markets.
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With Barclays still the target of invective as a result of the Libor scandal, Euromoney outlines the reasoning behind bestowing the UK bank with multiple accolades for its performance over the past year – a period which supersedes the Libor probe.
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Jerry del Missier, recently appointed chief operating officer of Barclays, has resigned - following the Libor scandal - in a blow to the group's investment banking franchise in the United States, in particular.
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The Libor scandal is unlikely to dent the group's earnings and could add impetus to chief executive Bob Diamond's belated cost-cutting drive.
