Is Barclays CEO Jes Staley ready to panic yet?
London — Barclays CEO Jes Staley said he would not panic after one bad trading quarter. Now he has had three. The British bank posted a 34% drop in fixed-income revenue in the third quarter, according to a statement on Thursday. It trailed most Wall Street rivals that reported an average 22% decline, but performed better than Deutsche Bank, which posted a 36% fall. The run of bad results will make it harder for Staley to win over those investors sceptical of his strategy to build up the investment bank, which has long been Barclays’s least profitable unit. It also increases pressure on Staley, who is under investigation by the UK’s Financial Conduct Authority for attempting to unmask a whistle-blower last year and has presided over a 16% drop in the shares since becoming CEO in 2015. "The third quarter was clearly a difficult one for our markets business," Staley said in the statement. "A lack of volume and volatility in fixed income, currency and commodities hit markets revenues ha...
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