Barclays chief fights off job threat

FURIOUS shareholders attacked Barclays boss Jes Staley at a stormy AGM for his efforts to unmask a whistleblower.

The embattled chief executive sought to identify the author of a letter sent to the board attacking the decision to hire his friend Tim Main, who had suffered health problems when they worked together at JP Morgan.

It was a breach of rules which will likely cost Staley more than £1m in bonuses. But yesterday, investors blasted Staley’s behaviour and, in a further blow to his credibility, more than one in ten shareholders who voted on his reelection failed to back the boss.

Campaigning investor Michael Mason-Mahon called on Staley to resign. ‘Mr Staley, for the sake of Barclays and the shareholders and the investors, don’t bring any more embarrassment to our name,’ he said. ‘Will you now act with integrity and honour, and resign today?’

Chairman John McFarlane responded that the mistake was partly down to 60-year-old Staley’s lack of experience as a chief executive. But Mason-Mahon shot back: ‘It may have been a schoolboy error, but he’s not a schoolboy.’

Activist Joel Benjamin, who was also in the audience, mocked the bank and highlighted the impor- tance of staff who work to expose the truth. ‘In my pocket I have a whistle,’ he said. ‘I’m not going to blow it, because I know what the bank does to whistleblowers.’

McFarlane said there had been a three- hour board meeting before Staley’s misdeed was made public, and it was decided a substantial bonus cut would be sufficient disciplinary action.

Staley repeated his previous apology for what happened.