5th Nov 2015 10:46
LONDON (Alliance News) - Jes Staley got to work on improving Barclays PLC's share price even before starting as chief executive, with his purchase of GBP6.5 million of shares pushing the stock higher Thursday morning.
The former JP Morgan Chase & Co investment banker was named as the the successor to ousted retail banker Antony Jenkins in late October, when he stated his commitment to ensuring that Barclays' troublesome investment bank becomes less capital-intensive.
Staley is due to start as chief executive on December 1, and will have the potential to earn a total of GBP8.2 million per year.
In a statement, the bank said that Staley bought the 2.79 million shares at 233.00 pence each on Wednesday.
The new CEO informed Barclays of the purchase on the same day.
Barclays shares rose on the news, which was disclosed to the market at 1000 GMT, rising from a intraday low of 229.05 pence to a high of 231.85p. The stock then settled back slightly 231.55p.
The bank stock has been relatively stable of late, trading in a range between 219.54p and 289.90p in the past 52 weeks.
By Samuel Agini; [email protected]; @samuelagini
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