Barclays should call time on golden hellos as it seeks a new CEO

The financial institution will probably want an investment banker to take charge but it shouldn’t fall into the trap of paying a lot of money upfront to get one, says James Moore

How much will a new CEO take out of the cashpoint? (Getty)

Is a CEO of Barclays taking on the most difficult job in banking? Or one of the most attractive?

The blue eagle has reportedly kicked off its search for the successor to Jes Staley, planning for a handover at the end of 2020, although that could be extended until the 2021 AGM.

Five years at the top of an institution like this one is about what you’d expect so it makes sense. But there’s a spanner in the works, one that could mess with the bank’s plans for a smooth handover. It is the enforcement investigation Britain’s financial watchdogs are conducting into Mr Staley’s relationship with Jeffrey Epstein, financier, friend of Donald Trump and convicted sex offending felon, which could force Barclays to either hasten the process or install an interim management team.