Barclays Management Shakeup Is a Win for Bramson
The activist investor may not have got his way yet, but he has managed to put CEO Jes Staley on a tighter leash.
Staley reveals another contrarian move.
Photographer: Simon Dawson/BloombergIn the tug of war that pits Barclays Plc Chief Executive Officer Jes Staley against activist shareholder Edward Bramson, the bankâs surprise management rejig shows the investor has pulled harder.
In the reorganization announced on Wednesday, Staley created a new position to oversee consumer banking and payments. He also put himself more directly in charge of the securities unit. Out goes the head of the business, Tim Throsby, who the CEO had brought in just two years ago. The business will now be split into three â global banking, global markets and the corporate bank â with the heads of each joining the executive committee, reporting to Staley.