Barclays chief Jes Staley ‘could earn £8m a year’

New Barclays boss James “Jes” Staley could earn up to £8.2 million a year, it was revealed.

Barclays said Jes Staley will become chief executive from 1 December. Picture: Debra Hurford Brown/Barclays/PA Wire

The bank confirmed Staley as its new group chief executive from 1 December, in a widely expected announcement.

He is set to earn an annual salary of £1.2m, but his total remuneration package could rise to the much higher figure if he hits all targets and receives his full bonus.

Staley previously worked at investment bank JP Morgan for more than three decades before quitting in 2012 to join the hedge fund BlueMountain Capital Management.

Staley said yesterday that Barclays was a “very valuable franchise”, ranging from its retail and commercial banking presence in the UK, its strength in cards and payments, its strong position in Africa, to its investment bank.

The new man replaces Antony Jenkins, who was sacked in July for lacklustre revenue growth and a flat share price ­performance.