Barclays Chief Says Bonuses Are on the Line in Battle With Activist Investor
- Staley vows to cut bankers’ pay if weak conditions persist
- FICC gains beat Wall Street, but U.K. retail bank misses
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Barclays Plc shares slid the most in six months amid concern that Chief Executive Officer Jes Staley won’t get the investment-banking uptick he needs to meet his profitability targets.
As the British bank reported first-quarter earnings, its American-born CEO vowed to reduce expenses and cut bankers’ pay if tough conditions persist this year. That may not go far enough to placate critics like activist investor Edward Bramson, who wants a smaller investment bank -- and a board seat, which he is seen as unlikely to get at the annual meeting next week.